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Biotechnology Market Is Expected to Reach USD 414.5 billion in 2017 : Transparency Market Research

(PRWEB) June 23, 2013

According to a new market report published by Transparency Market Research, "Biotechnology Market by Application (Biopharmacy, Bioservices, Bioagri, Bioindustrial), by Technology (Fermentation, Tissue Regeneration, PCR, Nanobiotechnology, DNA Sequencing & Others) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2010 - 2017," the global market for biotechnology was valued at USD 216.5 billion in 2011 and is expected to reach USD 414.5 billion in 2017, growing at a CAGR of 11.6% from 2012 to 2017.

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The biotechnology market is expected to show substantial growth over the forecast period owing to the government support offered to various companies operating in the biotechnology field. In addition, the increased demand for food in developing countries has spurred growth of the bioagriculture market. Bioseeds are expected to show exponential growth as compared to conventional seeds over the forecast period.

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Biopharmaceuticals dominated the global market, accounting for over 60% of the overall revenue in 2011. Bioservice applications are expected to register the fastest growth due to the operating cost benefits associated with emerging economies, particularly in terms of raw materials, labor and regulatory support.

Outsourcing of clinical trials, contract manufacturing and drug discovery has emerged as a key trend in developed countries, leading to the growth of the bioservices industry in the developing economies of India, Thailand, Malaysia and China. The developing countries provide superior research and trial facility at lower cost. The market for bioagriculture applications, including bioseeds, is expected to reach USD 27.46 billion in 2018.

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North America dominated the global market, accounting for over 42% of the overall biotechnology revenue in 2011. With increasing focus on renewable chemicals, Asia Pacific is expected to be the fastest growing regional market, at an estimated CAGR of 14.1% from 2012 to 2017.

Key players in the biotechnology market include Roche, Amgen, Novo Nordisk, Sanofi, Pfizer and Novartis. The detailed profile of these companies along with a global company market share analysis has been included in the report.

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