New York, NY 14 Nov 2019 : The global biotechnology
market is estimated to reach USD 741.7 billion by 2026 growing
at a CAGR of 7.7% during the forecast period, according to a new study published
by Polaris Market Research. The report ‘Biotechnology
Market Share, Size, Trends & Industry Analysis Report, By Technology
(Fermentation, Tissue Engineering and Regeneration, PCR Technology,
Nanobiotechnology, Chromatography, DNA Sequencing, Cell Based AssaysOthers); By
Application (BioPharmacy, BioServices, BioAgriculture, BioIndustrial,
Bioinformatics); and By Regions: Segment Forecast, 2019 – 2026’ provides
an extensive analysis of present market dynamics and predicted future trends.
Growing hepatitis B disease, increasing interest of horticultural
items such as sugarcane, rice, beans, and wheat due from the increasing
populations in economies such as U.S., China and India are expected to push the
overall biotechnology market. The growth of this market is further propelled by
elements such as deficiency of water, low yield of items, insect attacks, and
constrained availability of agrarian land, which is promoting the companies to
invest and conduct R&D activities at a broader scale. Another factor which
is helping the market growth includes regenerative medicines. Existence of a
huge section of businesses concentrating on the advancement of regenerative
treatments is anticipated to push the market development through to 2026.
Technological developments in the areas of artificial intelligence in this
market is estimated to sustain progress with possible opportunities. The
companies are engaged in using artificial intelligence in order to understand
cancer cases, while working on the medical trials.
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Encouraging government policies associated with biological
advancements is also propelling the growth in this market. Established
economies such as United States and UK and growing economies such as China and
India are investing in the biotechnology R&D initiatives. Governments are
associating with private companies for expanding their research into this
domain.
Owing to technological improvements and prevalent applications of
biotechnology in healthcare is helping the market to gain a strong growth
during the forecast period. Companies are constantly introducing brand-new
biotechnological medicines and vaccines to deal with diagnosis and
biopharmaceutical development within the healthcare sector, is approximated to
push the market further towards its growth. Bioinformatics is anticipated to
witness the fastest growth in the coming years. Developments in data
combination tools through cloud computing platform facilitate analysis and
assistance to process enormous next-generation sequencing information. These
advancements are approximated to greatly boost adoption of bioinformatics tools
in numerous life sciences applications in the near future. Application of
nanotechnology-based products is anticipated to improve development in this
sector. Reducing costs and increase in number of services related to
biotechnology are expected to drive the market with profitable avenues.
North American pharma and biotech organizations have experienced
excellent success in last couple of years resulting in a larger market share.
Universities and research institutes are also introducing various biotech-based
programs which would help the market to gain its much-required traction.
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The Asia Pacific market on the other hand is anticipated to
grow at the most significant rate due to improving and growing healthcare
infrastructure coupled with local companies in this region focusing on
developing advanced medicines to cure chronic diseases such as cancer with the
help of biotechnology. With strong government and federal assistance and
recruitment of extremely trained researchers has made it possible for countries
such as China and India to swiftly develop capacity for regenerative
medication.
Some of the major players operating in this market include Abbott
Laboratories, Agilent Technologies, Amgen, BioGen Medical Instruments, Bio-Rad
Laboratories, Danaher, F. Hoffmann-La Roche, Illumina, Merck, PerkinElmer,
Qiagen, Thermo Fisher Scientific, Gilead, Celgene, Novo Nordisk A/S, Novartis
AG, Sanofi Aventis, and Lonza.
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