Global biotech market to grow at CAGR of 16.7 percent.
ALBANY, N.Y. -- A report on the global market for biotechnology by application areas says it will grow at a compounded annual growth rate of 11.6 percent from into 2017 and reach a value worth $414.5 billion by the end of 2017.
The market was worth $216.5 billion in 2011.
Biotechnology harnesses biomolecular and cellular processes for developing products and technologies.
Biotechnology has grown substantially and found applications in many complex processes such as manufacturing of vaccines that can effectively treat many previously untreatable medical conditions, for the production of biotechnologically cured seeds that substantially improve yields of crops across the world, for the sequencing of chromosomes to closely study DNA and understand their relation with many diseases in living beings, and many more.
According to the report, this market will experience substantial growth between 2010 and 2017. Global recession in the past five years shadowed the biotechnology market and shunned its growth. The demand for nonessential health products and funding for new biotechnology projects were vastly reduced.
Despite these factors, many biotechnological industries flourished through technological advancements, to new discoveries and rising demands from the pharmaceutical and agricultural sectors.
According to the report, growth will skyrocket during the forecast period as investments from around the world are anticipated to rise, especially from emerging economical regions of the world.
This would partly be supported by a rise in government funding for various biotechnological research and development projects and partly by the ever increasing demand for food from these countries.
In the coming years, the demand for bioseeds will rise multiple times compared to conventional seeds, spurring growth of the bioagriculture market.
The market of bioagriculture, combined with that of bioseeds, is projected to reach a value of $27 billion by 2018.
Application-wise, the field of biopharmaceuticals dominated the global biotechnology market and accounted for 60 percent shares of it in the year 2011.
For more information, or to buy the report ("Global Biotechnology Market by Application, by Technology --Industry Analysis, Size, Share, Growth, Trends and Forecast, 2010-2017", Transparency Market Research, 115 pages, $4,595), visit the following link.
NOTE: This report was published in April 2013.
|Printer friendly Cite/link Email Feedback|
|Title Annotation:||Industry & Market Research|
|Publication:||Stem Cell Business News|
|Article Type:||Industry overview|
|Date:||Oct 6, 2014|
|Previous Article:||Global stem cell therapy market growing at 39.5 percent CAGR.|
|Next Article:||Stemgent sells reagent and services business unit.|