Global Biotechnology Market is set to exceed USD 775 billion by 2024; according to a new research report by Global Market Insights. Growing incidence of chronic diseases will boost biotechnology market growth over the forecast timeline. According to the World Economic Forum 2017 data, with every chronic condition, annual healthcare costs increase. Additionally, with each chronic condition, average medical payments that are more than double, suggest that chronic conditions might interrelate to increase in healthcare costs. Ongoing developments and progress in various segments of biotechnology to overcome the burden of these chronic conditions should further foster biotechnology industry growth.
Innovations in biotechnology sector is expected to upsurge revenue size during the forecast period. Innovations such as growing human organs, laboratory grown plants and meat coupled with rising demand for novel biotechnological products will favor business growth. Moreover, increasing demand for agriculture based products should enhance biotechnology industry growth over the coming years. However, there are some negative effects and risks such as risk related to genetic data that can hamper biotechnology market growth over the forthcoming years.
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With the growing trends of industrialization and urbanization, people have been leading sedentary lifestyles of late. This has led to the rising prevalence of difficult-to-cure chronic diseases among various demographics, which has however, been quelled, owing to the emergence of biotechnology. The reason behind this can be attributed to the fact that therapeutic proteins created using DNA technology, which genetically modifies living cells, are used to treat chronic diseases. DNA sequencing also plays major role in gene therapy, gene-based diagnostic testing, and research tools. Undeniably, DNA sequencing is one of the most lucrative product segments of biotechnology market, which is anticipated to garner a profitable valuation over the coming years. The governments of various countries have also been investing heavily in R&D to accelerate the production of vaccines and products for chronic ailments, which will further stimulate global market.
Major biotech companies and private research institutes across North America have been taking initiatives to perform heavy research in the biotechnology sector. Pharma giants such as AstraZeneca and Novartis have also been encouraging their researchers to develop new and effective drug therapies by investing significantly into advanced technological innovations. In fact, according to a recent news snippet, Novartis has introduced a new cancer gene therapy that is likely to create ripples of anticipation in the medical sector, thereby influencing biotechnology market over the years. Amgen, Johnson & Johnson, AstaZeneca, Novartis, Abbott Laboratories, Sanofi, Celgene, Biogen, GlaxoSmithKline, Roche Holding AG, Lonza, Genzyme, Genentech, and Pfizer are some of the noteworthy players in biotechnology market. Pertaining to the surging awareness among people and the presence of biggies across North America, biotechnology industry is slated to expand favorably over 2016-2024.
Amgen introduces AMGEVITA in the European market
In October 2018, Amgen has reportedly publicized that AMGEVITA, an adalimumab biosimilar, will be launched in the European Biotechnology Market. Reportedly, AMGEVITA claims that it is the world’s first adalimumab biosimilar to attain approval by the European Commission. AMGEVITA has been authorized for treating inflammatory conditions in adults and pediatric inflammations. AMGEVITA’s launch would cover 28 member countries of the European Union along with Liechtenstein, Iceland, and Norway.
Bio-Rad Laboratories unveils NGC Fraction Collector
Bio-Rad Laboratories Incorporation has reportedly unveiled the NGC Fraction Collector to be used for NGC Chromatography Systems. The NGC platform augments purification efficacy and offers researchers consummate control over the processes. The NGC Fraction Collector enables researchers to elect how to gather and when to address the fractions. Reportedly, the system could be prompted to collect on the basis of pH, buffer percent from pump B, slope, and detector indications. Front-to-back dispensing offers ease of access to fractions before process completion for quicker downstream examination. It operates on ChromLab™ 5.0 Software and ensures no sample loss through auto sample tube calculation.
Key players operating in the global biotechnology market are F. Hoffmann-La Roche, Abbott Laboratories, Amgen, Agilent Technologies, BioGen Medical Instruments, PerkinElmer, Danaher, Illumina, Merck, Qiagen, Bio-Rad Laboratories, and Thermo Fisher Scientific. These key players implement strategic initiatives such as new product launch, geographical expansion, mergers and acquisitions to fortify their product suite and boost their standing in the market. A recent instance providing validation to the above claim is of Staten Biotechnology which has entered into a collaboration agreement with Novo Nordisk to jointly develop preclinical dyslipidemia candidate of Staten – STT-5058.
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Market, By Application (USD Billion)
Market, By Technology (USD Billion)
Tissue engineering and regeneration
Cell based assay