January 21, 2020
According to the research report titled ‘Biotechnology Market Size By Application (Biopharmacy, Bioservices, Bioagriculture, Bioindustries, Bioinformatics), By Technology (Fermentation, Tissue Engineering and Regeneration, PCR Technology, Nanobiotechnology, Chromatography, DNA Sequencing, Cell Based Assay), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Russia, China, Japan, India, South Korea, Brazil, Mexico, Argentina, Saudi Arabia, South Africa, UAE), Application Potential, Competitive Market Share & Forecast, 2019 – 2025’, available with Market Study Report LLC, the global biotechnology market is expected to cross USD 729 billion by the year 2025.
Increasing awareness pertaining to advantages of biotechnology is a key factor driving the biotechnology market growth. Rising adoption of unhealthy diet and sedentary lifestyle has led to growing occurrences of chronic disorders such as hypertension, respiratory disease, asthma, stroke, heart disease, and cancer.
Surging R&D activities in order to develop innovative techniques for neuro-disease and cancer biology are aiding the expansion of the market. Moreover, growing demand for tissue engineering, fermentation, recombinant technology, and DNA sequencing technologies are stimulating the industry outlook.
Based on application spectrum, the report cites that bioagriculture market segment held USD 35 billion in the year 2018 and is expected to register continuous growth during the estimated timeframe. Bioagriculture is widely used in developing vaccines, molecular diagnostics, molecular markers, and genetic engineering. Rising adoption of traditional techniques such as cross-pollination, grafting, and crossbreeding in plant reproduction helps to improve the behavioral patterns in plants, thereby facilitating the business scenario.
In terms of technology, the report states that the fermentation segment held 11% share of the biotechnology market in the year 2018. Fermentation helps in increasing the shelf life of edibles in food & beverage industry. Surging R&D activities in order to develop advanced fermentation technology is fueling the segmental growth.
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As per regional analysis, the report claims that Europe biotechnology market was worth USD 115 billion in the year 2018. Technological advancements pertaining to genome alterations in plants and animals are contributing towards the popularity of biotechnology solutions across Europe. Favorable government policies and increasing awareness regarding the use of biotechnology are further propelling the Europe biotechnology market.
The prominent companies operating in the biotechnology market are Thermo Fisher Scientific Inc., Qiagen, PerkinElmer Inc., Merck KGaA, Illumina Inc., F. Hoffman-La Roche Ltd., Danaher, Bio-Rad Laboratories Inc., Biogen Scientific, Amgen Inc., Agilent Technologies Inc., and Abbott Technologies.
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