Biotechnology Market Share, Size, Analysis, Growth, Trends and Forecasts to 2024 | Hexa Research
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Biotechnology Market Share, Size, Analysis, Growth, Trends and Forecasts to 2024 | Hexa Research
" Increasing usage in therapeutics, commercial application and basic research are the factors expected to trigger the growth of biotechnology market over the forecast period."
The global Biotechnology Market is driven by high investments, favorable government support, and rapid proliferation of biotechnology firms worldwide. Based on the principles of biology, biotechnology utilizes biomolecular & cellular processes for developing products that lead to better health & quality of life. Molecular engineering, biomedical engineering, bioengineering, and biomanufacturing fall within the ambit of biotechnology. Growing popularity of therapeutics & diagnostics solutions is a key factor that fuels the Biotechnology Market. DNA sequencing, tissue engineering, and recombinant technology among others are examples of such solutions.
Paucity of conventional sources of energy( fossil fuels) and the ever increasing need for food may positively impact market demand during the forecast period( 2016 to 2024). Rising cases of diseases, such as hepatitis B and cancer can also stimulate demand. A number of governments are increasingly focusing on biotechnology for enhanced economic progress.
Technologies, applications, and regions are the key parameters based on which the worldwide Biotechnology Market is segmented. The various technologies employed are cell based array, fermentation, DNA sequencing, tissue engineering & regeneration, chromatography, nanobiotechnology, PCR( polymerase chain reaction) technology, and others. Tissue engineering & regeneration dominated the overall industry in 2013, with revenues touching nearly USD 88 billion.
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