Sellbyville, Delaware, Jan. 23, 2019 (GLOBE NEWSWIRE) --
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.
Global Biotechnology Market will surpass USD 775 billion by 2024; according to a new research report by Global Market Insights, Inc. Growing incidence of chronic diseases will boost biotechnology market growth over the forecast timeline. According to the World Economic Forum 2017 data, with every chronic condition, annual healthcare costs increase. Additionally, with each chronic condition, average medical payments that are more than double, suggest that chronic conditions might interrelate to increase in healthcare costs. Ongoing developments and progress in various segments of biotechnology to overcome the burden of these chronic conditions should further foster biotechnology industry growth.
Innovations in biotechnology sector is expected to upsurge revenue size during the forecast period. Innovations such as growing human organs, laboratory grown plants and meat coupled with rising demand for novel biotechnological products will favor business growth. Moreover, increasing demand for agriculture-based products should enhance biotechnology industry growth over the coming years. However, there are some negative effects and risks such as risk related to genetic data that can hamper biotechnology market growth over the forthcoming years.
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Bioservices segment will show 11.4% CAGR over forthcoming years and segmental growth will be accredited to rising clinical research initiatives by several pharmaceutical and biotechnology firms.
Bioagriculture segment was valued at USD 40.0 billion in 2017 and is estimated to grow significantly over the projected timeframe. Suring demand for agricultural products coupled with developments in bioagriculture field increases segmental revenue share.
Browse key industry insights spread across 150 pages with 138 market data tables & 07 figures & charts from the report, “Biotechnology Market” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/biotechnology-market
Nanobiotechnology segment accounted for 10.6% revenue share in 2017. The segmental growth is attributable to growing demand in stem cell therapy, expansion capabilities in zones of forensic science and forensic diagnostics.
India biotechnology market is projected to show lucrative and was valued at USD 15.9 billion in 2017 during forecast timeframe due to rising prevalence of chronic diseases in the country. According to the National Center for Biotechnology Information (NCBI) 2015 data, chronic conditions are on rise in India as well as on global level. Additionally, predominant intra-urban disproportions for access to healthcare services complexes the problems that are tackled by urban poor individuals. Moreover, high unmet needs and insufficient healthcare access are factors boosting demand for biotechnology thereby fostering business growth.
Prominent business competitors operating in the biotechnology market include Agilent Technologies, Amgen, Abbott Laboratories, Bio-Rad Laboratories, BioGen Medical Instruments, Danaher, Merck, F. Hoffmann-La Roche, Illumina, PerkinElmer, Thermo Fisher Scientific and Qiagen. These competitors implement inorganic and organic strategic initiatives to strengthen their position in the market and enhance product portfolio. For instance, in March 2018, in the press release Agilent Technologies announced its intent to acquire Advanced Analytical Technologies. This acquisition is intended to serve customers of both the firms with superior service and proficiency in analysis of nucleic acids and other biomolecules.
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