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.
Further key findings from the study suggest: �
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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.
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For the purpose of this study, report has segmented the global biotechnology market on the basis of application and region:
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Biotechnology Application Outlook
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Medical Gases BioPharmacy
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