The worldwide biotechnology market was forecasted to cross the 3,20,000 million dollar mark by the end of the year 2015, as per the reports provided by global market analysts. Industrial growth is propelled by economic recovery, enhance research & development funding, biotechnology, and government initiatives utilized in medical sciences and agriculture. Emerging economies like India and China are becoming key business market sectors in the fields of industrial biotechnology and agricultural biotechnology.The economic crises adversely affected the biotechnology industry and brought a decline in profits in European Union and the USA owing to limited wealth inflows and projects delay or cancellations. The industry has entered the recovery stage, with most of the biotechnology outfits producing profits due to new cost-effective and money-saving measures.
Business funding is on the rise on the flip side of more positive financial conditions, although this funding is focused in a less proportion of bigger outfits. Smaller firms are still struggling to increase research and development funds. The condition is predicted to increase as venture capitalists exercise higher caution in looking for more secure investment choices.
Key Market Sections
The biotechnology sector was further bifurcated in the year 2011, steered away from its conventional medicine focus and into other fields that included chemical production, cleantech, and BCC research points to concentrate on funding areas of low possibility of success like immunomodulating agents and antineoplastic as compared to other fields with higher potential for success like acute ailments or dermatology.
It represents a significant market if we take into consideration identification and analysis as the key to better healthcare quality. This section includes chromosome testing and gene abnormality or genetic changes related with inherited medical situations. The worldwide genetic testing market sector is passing through a strong growth phase. Its demand is propelled by the growing amount of genetic disorders, increased awareness about these disorders, and the rise in the old age population. The market was evaluated at 1500 million dollars in the year 2010, as per the reports.
The global genetic testing market was predicted to touch the 4000 million dollar mark by the end of year 2015. Genetic testing for cancer is predicted to observe one of the highest rates of growth, getting specific interest from the private sections and the scientific population at large. Direct-to-customer genetic testing is a market section that is expected to take off with most of the new outfits on the industry. Industry shapers include deCODE and 23andme.
The worldwide enzyme demand was predicted to grow with the biopharmaceuticals industry predicted to surpass 7500 million dollars in year 2010 as per the reports provided by a reputed market research firm. Many of the markets were estimated to register annual growth of more than 5% , except for the production of biofuel and few other small enzyme market sections. Growth rates of the regions were projected to be the utmost in MEA (Middle East and Africa) markets as well as in the markets of Central American and South American sub continents. The market growth was expected to be relatively low in developed economies of European Union and United States. The demand for enzymes in sub continent of North America was predicted to be adversely affected by a small switch over to biomass dependent biofuel yield. The demand for enzyme in markets of European Union was predicted to be adversely affected by the debt crises of European Union.
Geographical Market Share
United States of America dominated the worldwide biotechnology market. It was succeeded by European Union which included developed countries like France, Germany, UK and Spain as per the reports provided by global market analysts. Emerging economies such as India and China are predicted to register strong growth in industrial biotechnology as well as in agricultural biotechnology markets owing to rise in levels of disposable incomes and rise in population. Both these Asian nations are playing growingly vital part in the market of biotechnology medicines and drugs on the flipside of relatively low financial investment accompanied by high expertise level.
As per the global market analysts the growth in the global biotechnology market is predicted to be stimulated by enhanced healthcare services, improved healthcare infrastructure and rising interests of private sector industries in making maximum utilization of information technology to carry out their tasks, work & daily job activities. It is predicted that there merger and acquisitions events are likely to grow in future. It will be stimulated by blockbuster medicine patent expiration and healthcare rules put in place to regulate expenditure. Minor outfits are expected to divest their businesses to bigger outfits or depend upon in-licensing partnerships with more monetarily secured outfits owing to investment restrictions.
Technical modernizations, increase in stringent rules, public awareness and intellectual property rights are few of the aspects that will positively affect the biotechnology segment. Biotechnology uses and applications will continue to rise along with agricultural sector, medical sector, environmental sciences section, health sector and food segment as key end use domain segments .
Business investments in biotechnology sector will constantly strive and aim at making new medical discoveries, make new breakthroughs in methods of medical treatments and use or apply new methods of treatments in field medical research & development. This sector is led by specializations in field of inflammation, oncology and cardiology. Curative categories which includes hormone treatment and treatment for diabetes will receive enhanced focus from companies involved in business of biotechnology in relation and response to growing demand for these treatments from biotechnology market sectors.