The report states that the global market for biotechnology, studied according to its application areas, shall grow at an average annual growth rate of CAGR 11.6% from 2012 to 2017 and reach a value worth USD 414.5 billion by the end of 2017. This market was valued approximately USD 216.5 billion in 2011.
Browse Full Biotechnology Market Research Report with Complete TOC: http://www.transparencymarketresearch.com/biotechnology-market.html
Simply stated, biotechnology is the branch of technology that is based on biology. By harnessing biomolecular and cellular processes for developing products and technologies that have the potential of improving our lives as well as the health of our planet, biotechnology presents before us an interesting fusion of the natural and the man-made world. Biotechnology has been employed by the human race for more than 6000 years now – since the time a variety of microorganisms were used for preparing breads, cheese, and for preserving dairy products.
However, the modern-world biotechnology has grown substantially and found applications in many complex processes such as manufacturing of vaccines that can effectively treat many previously untreatable medical conditions, for the production of biotechnologically cured seeds that substantially improve yields of crops across the world, for the sequencing of chromosomes to closely study DNA and understand their relation with many diseases in living beings, and many more.
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According to the new report on the global Biotechnology market by Transparency Market Research, this market is estimated to observe substantial growth during the forecast period, i.e. between 2010 and 2017. Global recession in the past five years had shadowed the biotechnology market and had shunned its growth. The demand for nonessential health products and funding for new biotechnology projects was vastly reduced.
Despite these factors, many biotechnological industries flourished by the virtue of technological advancements leading to new discoveries and rising demands from the pharmaceutical and agricultural sectors.
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According to the new market intelligence report by Transparency Market research, the growth of this industry is estimated to skyrocket during the forecast period as investments from around the world are anticipated to rise, especially from emerging economical regions of the world. As per the report, this would partly be supported by rise in government funding for various biotechnological research and development projects and partly by the ever increasing demand for food from these countries. In fact, it is estimated that in the coming years, the demand of bioseeds is deemed to rise multiple times as compared to conventional seeds, spurring growth of the bioagriculture market. According to the report, the market of bioagriculture, combined with that of bioseeds, is projected to reach a value worth USD 27.46 billion by 2018.
Application-wise, the field of biopharmaceuticals dominated the global biotechnology market and accounted for 60% shares of it in the year 2011.
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Rise in government funding, availability of cheap, eligible and abundant labor and widespread technological advancements has allowed developing economies such as India, Thailand and China in taking up healthcare contract research outsourcing works such as clinical research, clinical trials management, preclinical research, biopharmaceutical development, commercialization, etc.
Geographically, North America stood as the market leaders of this industry in the year 2011, accounting for an approximate 42% share of the global market. However, due to a rising focus on renewable chemicals, the region of Asia Pacific is estimated to grow at an annual CAGR of 14.1% during the forecast period.
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