A recent market research report by TMR Research covers the global market for biotechnology. The report is titled “Biotechnology Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017–2025.” The market is surging and is likely to continue to expand at a promising pace over the forecast period as well.
A recent market research report by TMR Research covers the global market for biotechnology. The report is titled “Biotechnology Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017–2025.” The market is surging and is likely to continue to expand at a promising pace over the forecast period as well.
The mounting global demand for food is expected to be one of the key factors driving the market over the said period. The rising food scarcity globally has led to the vast rise in research and development activities surrounding the applications of biotechnology in the food sector with the aim of increasing the productivity of food crops, which will, in turn, help sustain the exploding global population.
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The massive rise in demand for biotechnologically improved seeds is also expected to emerge as a key driver for the global biotechnology market in the next few years, as emerging economies such as India and China are among the leading consumers of biotechnologically enhanced products. The market is also likely to benefit from the notable rise in the awareness regarding the vast benefits of biotechnology products and the vast range of industries that they can enhance.
However, certain concerns associated with the potential risks associated with genetically modified organisms, products, and crops and the ethical issues surrounding biotechnology trials could hamper the overall growth prospects of the global biotechnology market to a certain extent over the forecast period. A massive lack of understanding regarding biosystems also makes it difficult to predict the characteristics and the potential course of evaluation of organisms synthesized with the help of biotechnology experiments. Nevertheless, the rising set of applications of biotechnology in the treatment of chronic diseases could make way for more funds in the market.
From a geographical standpoint, the global biotechnology market is presently dominated by regional markets with developed economies such as North America and Europe. The encouraging investment scenario, large number of research and development activities, and rising set of applications of biotechnology in the pharmaceutical industry are the key factors strengthening the hold of these regions on the global biotechnology market.
Rising demand for food for meeting the unmet needs of the incessantly growing population across the globe and low availability of natural resources that are non-renewable is expected to fuel the growth of the global biotechnology market. Genetic modification and genetic engineering has applications in agricultural food items and is thus is likely to stimulate the adoption of biotechnology further. Moreover, declining prices of technologies related to DNA sequencing is anticipated to trigger the commencement of research and development activities in order to understand genetic variations better and developing therapeutic solutions.
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Over the next few years, the market in these regions is likely to expand at a healthy pace owing to the steady expansion of key end-use industries in the regions. However, the market in Asia Pacific is likely to outpace these regions in terms of CAGR over the report’s forecast period owing to a rising set of applications in the agriculture and pharmaceutical industries and a favorable regulatory scenario.
The pharmaceuticals industry has emerged as the main application area of biotechnology with biopharmacy surfacing as the leading segment of the global biotechnology market. The industrial application of biotechnology is also on the horizon with the rising demand for biofuels and bioenzymes in a number of applications. The agriculture sector is anticipated to primarily apply biotechnology for the genetic modification of crops and the production of bioseeds over the forthcoming years.
The vendor landscape of the market is largely concentrated and stiffly competitive. Some of the leading companies in the market are Johnson & Johnson, Sanofi, F. Hoffman La Roche, Lonza, GlaxoSmithKline, Novartis, Genzyme, Genentech, Biogen, Pfizer, AstaZeneca, Celgene, Amgen, and Abbott.
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