Biotechnology Market - Competitive Analysis & Forecast 2010 - 2017
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The long lab-to-market phase of biopharmaceutical drugs is a major inhibitor for the market. It takes anywhere between 12 to 15 years for a drug to be commercially sold. In addition, social and ethical issues with clinical trials also act as a restraint for the development of the biotechnology market.
North America is the largest market for biotechnology due to the higher adoption of biopharmaceuticals and increased preference towards bioservices due to higher cost in the region.
Biotechnology finds application in segments such as pharmaceuticals, downstream chemical processing, agriculture and bioservices among others. The biopharmaceutical segment mainly comprises of vaccines, insulin, monoclonal antibodies, generic and branded drugs. Biopharmacy is the largest segment of the biotechnology market. The bioindustrial segment is rapidly gaining market share in the overall biotechnology space due to increasing demand of bioenzymes and biofuels in various applications. The bioagriculture domain primarily focuses on bioseeds, genetically modified (GM) crops and biopesticides. This market is booming as the demand for food production is rising due to increasing population. North America is the leading consumer of GM crops.
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The bioservices segment is the fastest growing market in the Asia Pacific region due to low cost of clinical trials. Bioservices primarily comprise of CROs (Contract Research Organizations) involved in clinical trials, contract manufacturing and drug development. This has been a growing segment, especially in the Asia Pacific region with economies such as India and China registering growth of over 20%.
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