San Francisco, California (PRWEB) July 28, 2014
The global market for biotechnology is expected to reach USD 604.40 billion by 2020, according to a new study by Grand View Research, Inc. Increasing application scope coupled with the rising demand for effective vaccines and drugs in an attempt to improve healthcare access to patients with unmet medical needs is expected to drive market demand over the next six years. In addition, the need to enhance agricultural productivity via the use of genetically engineered seeds is expected to serve this market as a driver.
Biopharmacy dominated the overall market, accounting for over 60% of the total revenue in 2013. High costs associated with the drug discovery process coupled with increasing healthcare expenditures in emerging markets such as India, China and Brazil are some of the factors augmenting biopahrmacy growth. Growing popularity of contract research outsourcing (CRO) services in an attempt to curb manufacturing and R&D costs are expected to drive bioservices demand, which is expected to be the fastest growing application market for biotechnology..
The report “Biotechnology (Biopharmacy, Bioservices, Bioagriculture, Bioindustrial, Fermentation, DNA sequencing, Tissue Engineering, Regeneration) Market Analysis And Segment Forecasts To 2020,” is available now to Grand View Research customers and can also be purchased directly at http://www.grandviewresearch.com/industry-analysis/biotechnology-market.
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Further key findings from the study suggest:
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For the purpose of this study, Grand View Research has segmented the global biotechnology market on the basis of application and region:
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About Grand View Research
Grand View Research, Inc. is a market research and consulting company that provides off-the-shelf, customized research reports and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and energy. With a deep-seated understanding of varied business environments, Grand View Research provides strategic objective insights. For more information, visit http://www.grandviewresearch.com/.
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