Biotechnology Market is Expected to be Valued at USD 604.40 billion by 2020 : Radiant Insights , Inc
The global market for biotechnology is expected to reach USD 604.40 billion by 2020 . Increasing application scope coupled with the rising demand for effective vaccines and drugs in an attempt to improve healthcare access to patients with unmet medical needs is expected to drive market demand over the next six years . In addition , the need to enhance agricultural productivity via the use of genetically engineered seeds is expected to serve this market as a driver .
Biopharmacy dominated the overall market , accounting for over 60 % of the total revenue in 2013 . High costs associated with the drug discovery process coupled with increasing healthcare expenditures in emerging markets such as India , China and Brazil are some of the factors augmenting biopahrmacy growth . Growing popularity of contract research outsourcing ( CRO ) services in an attempt to curb manufacturing and R & D costs are expected to drive bioservices demand , which is expected to be the fastest growing application market for biotechnology ..
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Further key findings from the study suggest :
North America was the largest regional market , accounting for over 40 % of global revenue in 2013 , with growth being driven by the presence of sophisticated healthcare infrastructure , high patient awareness levels and healthcare expenditure .
Asia Pacific is expected to register the fastest CAGR of 14.8 % during the forecast period owing to the presence of untapped opportunities in emerging markets such as India and China .
Tissue engineering and regeneration technology dominated the market in terms of revenue share in 2013 at 32.5 % on account of the rising demand for regenerative medicine .
Key industry participants include Novo Nordisk , Amgen , Gilead Sciences , Celgene , Biogen Idic , Teva Pharmaceutical Industries , Merck KGaA , CSL , Regeneron , Alexion Pharmaceuticals , Shire PLC , Vertex Pharmaceuticals , BioMarin Pharmaceutical , Elan , Actelion , Onyx Pharmaceuticals , Dr . Reddy ' s Laboratories , Seattle Genetics , Alkermes , Ariad Pharmaceuticals , Cubist Pharmaceuticals , United Therapeutics , Ipsen Group and DiaSorin .
For the purpose of this study , Grand View Research has segmented the global biotechnology market on the basis of application and region :
Biotechnology Application Outlook