(I-BusinessNews.Com, November 08, 2019 ) Market Overview:
Biotechnology is the use of biological processes, organisms, or systems to manufacture products intended to improve the quality of human life. The broad concept of ÂbiotechnologyÂ encompasses a wide range of procedures including genetic engineering, cell, and tissue culture technologies, nano-biotechnology and others. Red biotechnology is a branch of modern biotechnology which is utilized in the field of medicine.
The market for the biotechnology market is primarily driven by the growing incidence of chronic ailments worldwide. Other factors aiding the market growth are the advancements in novel technologies, the rise in demand for therapeutic and diagnostic solutions on principles of biotechnology, DNA sequencing, and recombinant technology.
The increase in initiatives from governments and private organizations, the rising global burden of major diseases, and the growth in GDP and disposable income is anticipated to fuel the growth of biotechnology.
However, the high operational costs of biotechnology and the risk associated with genetic data along with stringent regulatory frameworks may hinder the market progress.
By technology type, the global biotechnology market is segmented into DNA sequencing, nano-biotechnology, tissue engineering and regeneration, cell-based assay, PCR technology, and others.
Nano-biotechnology share dominates the market segment owing it to its major applications in drug delivery therapies for chronic disorders. It helps in optical imaging and drug delivery by molecular diagnosis and nano-biosensors, as they use nanoparticles. The increasing R&D by various companies in discovering new opportunities such as micro-fabricated systems is a key driving factor of this segment.
By application, the market is segmented into biomaterials, bioinformatics, drug discovery informatics, regenerative medicine, and others. Biomaterials share dominates the market segment owing it to the technological innovations in the field which are leads to the development of advanced products.
The rising numbers of geriatric population and the increasing prevalence of cardiovascular and orthopedic disorders provide a boost to the market.
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North America dominates the global biotechnology market, and it is primarily attributed to a large number of R&D investments concerning drug discovery and development. The increasing research funding and technological advancements are other factors that help the market see profitable growth.
Asia-Pacific region is expected to be the fastest growing market during the forecast period, owing to increase patient awareness and the regionÂs rapidly improving healthcare infrastructure. The rise in healthcare expenditure, improving IT infrastructure and the increasing government initiatives also boost the biotechnology market in the Asia Pacific region.
The key players in this market are F. Hoffmann-La Roche Ltd, Pfizer, Merck KGaA, Sanofi, Thermo Fisher Scientific and Others.
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