ALBANY, N.Y.--(BUSINESS WIRE)--The global biotechnology market is currently expected to grow at a CAGR of 11.6% from 2012 to 2017. Prior to this forecast, the market was worth US$216.5 billion in 2011. Analysts believe that if the CAGR holds, the global biotechnology market will be worth an estimated US$414.5 billion by the end of 2017.
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The research report, titled “Global Biotechnology Market by Application (Biopharmacy, Bioservices, Bioagri, Bioindustrial), by Technology (Fermentation, Tissue Regeneration, PCR, Nanobiotechnology, DNA Sequencing & Others) - Industry Analysis, Size, Share, Growth, Trends and Forecast, 2010 – 2017”, is currently available for purchase on the company website.
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According to the report, the international biotechnology market has so far been largely affected by the global recession. The market products are termed as non-essential and therefore have found little ground to grow in the recent past.
A few of the key players in the global biotechnology market have managed to grow significantly due to advancements in technologies that have led to new discoveries. Innovative products have found optimistic demand from the pharmaceutical and agricultural sectors.
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The report provides a segment-wise analysis of the global biotechnology market, through which it reveals biopharmaceuticals to have been the dominant segment of 2011 with 60% of the market shares. Key factors for its growth are named as increasing government investments, abundance of labor in emerging economies, and advancements in technology. Countries such as India, China, and Thailand have taken to healthcare contract research outsourcing in this market, aiding its growth.
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The dominant region in the 2011 global biotechnology market was North America, which held nearly 42% of the market share. The Asia Pacific region is expected to grow the fastest – at a CAGR of 14.1% – due to greater focus on renewable chemicals.
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About Transparency Market Research
Transparency Market Research (TMR) is a U.S. based market intelligence company driven by high-pedigree consultants and researchers. TMR leverages its Syndicated Research, Custom Research, and Market Consulting expertise to help businesses make accurate decisions. TMR’s exclusive blend of quantitative forecasting and trends analysis draws on proprietary data sources and techniques, while their data repository is continuously updated to reflect the latest trends.
