General biotechnology involves development, manufacturing and marketing of products and services based on advanced biotechnological research. For a decade, the global biotechnology market was adversely affected due to global financial crisis. However, it is currently experiencing strong growth, attributed to advancements in R&D of therapeutics and diagnostics solutions and favorable government initiatives enabling efficient application of biotechnology in medical science.
With rising prevalence of chronic diseases, increase in public-private funding is expected to further drive technological innovations in the market. Developments in biotechnology are categorized into three waves, namely green, red and white wave covering agricultural, medical and industrial applications of biotechnology respectively. Such biotechnological developments have now deemed to be propelling the market towards growth of various interdisciplinary streams like pharmaco- genomics and bioinformatics. Ethical and social issues with clinical trials, high investments for R&D and challenges concerning regulatory reforms remain the major factors stunting the growth of the market.
Biotechnology industry is highly dependent on technological advancements for its growth. Technologies such as tissue engineering, nanobiotechnology, DNA sequencing, PCR technology and cell-based assay are driving various segments of the medical industry. Tissue engineering has captured majority of the market due to its increasing application in repair of cells and organs. DNA sequencing, which provides support to various verticals of biology, medical, agriculture and geology is the second largest segment of biotechnology. Declining costs of DNA sequencing and rising demand for PCR technology and nanotechnology are expected to ensure the future growth of the industry.
By applications, biotechnology industry is segmented into biopharmaceuticals, bioservices, bioindustrial and bioagriculture. Biopharmaceuticals, which involves advanced and orphan drugs, recombinant proteins and monoclonal antibodies, controls a major share of the market. Bioservices market is witnessing collaborations in the forms of M&As, JVs or outsourcing partnerships with Contract Research Organizations (CROs). CROs generally deploy cost efficient models to manage rising clinical research initiatives.
ASDReport.com has an extensive collection of reports on biotechnology industry. The reports provide insights into biotech strategies, big biotech deals and other components of biotechnology, like, biotechnology reagents, biologics, biosimilars, DNA analysis, biopreservation, marine biotechnology, and much more.