According to a new market research study titled ‘Biotechnology Market to 2025 – Global Analysis and Forecasts by Technology, and Application the global biotechnology market was valued at US$ 218,012.1 Mn in 2017 and is estimated to reach US$ 471,336.4 Mn by 2025. The report highlights the trends prevalent in the global biotechnology market and the factors driving the market along with those that act as deterrents to its growth. The increasing initiatives by private and government bodies help to improve the biotechnology sector, in their countries. However, dearth of skilled professionals and lack of complete understanding of biosystems are expected to act as major challenges hindering the market growth.
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The biotechnology market segment by technology into DNA sequencing, fermentation, cell based assay, nanotechnology, chromatography, PCR technology, tissue engineering & regeneration and other technologies. The biotechnology by type, the dominance of DNA sequencing segment attributes to basic and applied research studies and its applications. The technique helps to target the specific gene that can be used to design the drugs for the specific genetic diseases. Moreover, the DNA sequencing is used for the genetic testing for the paternity and other family relationship. Many companies such as Thermo Fisher Scientific Inc., Merck KGaA and Illumina, Inc. offer various kits and reagents for the DNA sequencing technique. Thus, the advantages offered by DNA sequencing and their use in the above mentioned applications are expected to robust the growth of the segment in the forecast period.
The rising future conferences and workshops is also anticipated to propel the growth of the biotechnology market in the forecast period. The conferences is the excellent opportunity for the envoys from institutes and universities to interact with the world-class scientists, researchers to discuss the major topics related to current scenario of biotechnology including pharmaceutical biotechnology in healthcare, industrial and microbial biotechnology, food biotechnology, agriculture biotechnology, plant biotechnology, animal biotechnology, environmental biotechnology and nanobiotechnology including their applications. For instance, in October 2018, Conference Series LLC Ltd announce to organize the 21st Euro Biotechnology Conferences in Moscow, Russia to focus on to provide an international forum for the distribution of research, new ideas and practical development to the researchers, professors and business giants across the globe.
The increasing business segments in biotechnology field, high growth geographies, acquisitions, new products launches, continue to reduce costs and improve operating efficiency and the quality are expected to propel the growth for the global biotechnology market. The technology platform, and other related resources are helping the companies to accelerate the development of the biotechnology market. The increasing number of product launches and acquisitions help the companies to expand their business. For instance, in March 2018, Danaher Corporation entered into agreement to acquire Integrated DNA Technologies (IDT). Additionally, in April 2017, Molecular Devices (Danaher Corporation) introduced SpectraMax DuoLuc Reporter Assay Kit to expand their product portfolio.
The key players operating in the field of biotechnology worldwide include Thermo Fisher Scientific Inc., Merck KGaA, PerkinElmer, Inc., Agilent Technologies, Inc., F. Hoffmann-La Roche Ltd., Danaher, QIAGEN, Becton, Dickinson and Company, Bio-Rad Laboratories, Inc., Illumina, Inc. and among others.
The report segments the global biotechnology market as follows:
Global Biotechnology Market – By Technology
Cell Based Assay
Tissue Engineering and Regeneration
Global Biotechnology Market – By Application
Food & Agriculture
Natural Resource & Environment
Global Biotechnology Market – By Geography
Asia Pacific (APAC)
Middle East & Africa (MEA)
South & Central America (SCAM)
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