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Biotechnology Market is Determined to cross a value of $775 Bn by 2024

Author : Rahul Sankrityayan | Published Date : 2019-03-15 

Global Biotechnology Market is set to exceed USD 775 billion by 2024; according to a new research report by Global Market Insights. Surging incidence of chronic ailments such as diabetes and cancer worldwide will increase the demand for biotechnology products over the forecast timeframe. According to the International Diabetes Federation, in 2017, diabetes affected more than 425 million individuals worldwide and is estimated to rise up to 629 million by 2045. Additionally, the proportion of type 2 diabetes in people is rising in many countries thereby, such high proportions are expected to boost the market growth.
 
Wide-ranging applications coupled with growing demand for effective drugs and vaccines should favor business growth. Improving healthcare access in areas of unmet medical needs and growing R&D expenses for biotechnology advances will spur revenue size. Moreover, rising demand for agriculture based products and growing demand for biotechnology practices in clinical research will endure to foster biotechnology industry growth. However, risks associated to genetic information can hinder the market growth in upcoming years.

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Biopharmacy segment dominated the overall market and accounted for 61.7% revenue share in 2017. Biopharmacy segment is anticipated to grow in forthcoming years due to increasing usage of bio-recombinant proteins in several vaccines to treat numerous diseases. Biopharma companies focus on advancement of personalized medicines that should further boost segmental growth. Bioindustrial segment is projected to show significant CAGR of 9.3% over the analysis timeline. High segmental growth is attributed to rising usage of bio enzymes and biochemical for various chemical procedures.

Tissue engineering and regeneration segment was valued USD 123.4 billion in 2017 and is projected to show similar trend during the forecast period. Increasing demand for tissue engineering and regeneration coupled with advances in tissue engineering filed boosts segmental growth. PCR technology segment held substantial revenue share in 2017 and is projected to witness 9.3% CAGR over forthcoming years. Widespread applications of PCR technology in the field of life science, forensic science and clinical diagnostics that is expected to foster business growth.

Abbott seeks new acquisition to develop treatment for diseased mitral valves

Abbott has reportedly exercised its option to acquire Cephea Valve Technologies Incorporation, a medical device maker fabricating a minimally-invasive cardiac valve replacement technology for patients suffering with mitral valve disease. This acquisition would further augment Abbott’s pinnacle position in the therapies market for mitral valve disease, a commonly occurring heart valve disease.

Amgen introduces AMGEVITA in the European market

In October 2018, Amgen has reportedly publicized that AMGEVITA, an adalimumab biosimilar, will be launched in the European market. Reportedly, AMGEVITA claims that it is the world’s first adalimumab biosimilar to attain approval by the European Commission. AMGEVITA has been authorized for treating inflammatory conditions in adults and pediatric inflammations. AMGEVITA’s launch would cover 28 member countries of the European Union along with Liechtenstein, Iceland, and Norway.

U.S. biotechnology market dominated North America region in 2017 and will continue to project similar trend with 11.1% CAGR during analysis timeframe. High growth is attributable to factors such as innovative technologies and presence of favorable government initiatives. Furthermore, advanced healthcare infrastructure and rising R&D spending should further spur revenue size.China market is projected to witness substantial CAGR of 10.6% during the forecast period. High growth is attributable to increasing incidence of chronic diseases as well as innovative technologies in biotechnology sector. Furthermore, growing demand for bioagriculture products and rising population base is anticipated to upsurge revenue size.

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Biotechnology Market, By Application (USD Billion)

Biopharmacy
Bioservices
Bioagriculture
Bioindustrial
Bioinformatics

 

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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