Biotechnology refers to that of a science which is majorly related to the uses of living beings, organic systems, or by-products to modify or advance procedures and outcomes for the expansion of healthcare goods and drugs. Also, it has been observed that the biotechnology heavily impacts variety of businesses such as drug and pharmaceuticals, nutrition and chemical market, and many more.
According to the report analysis, ‘Biotechnology
Market: Current Analysis and Forecast (2021-2027)’ states
that some of the major players operating in the market include Abbott
Laboratories, Amgen, Bio-Rad Laboratories, Danaher, F. Hoffmann-La Roche,
Illumina, Merck, PerkinElmer, Qiagen, Thermo Fisher Scientific, etc. Several
M&A's which have been covered in the report at the various level with
multiple cross comparisons and product and services offered along with
partnerships which have been commenced by these players to enhance their
existence in different regions.
Moreover, report includes an in-depth analysis about the market
which has been further segmented majorly on the basis of technology and
application. Therefore, the biotechnology market has been further categorised
by Technology (Nano biotechnology, tissue engineering & regeneration, DNA
sequencing, cell-based assays, fermentation, PCR technology, chromatography,
and others), and by Application (bio-pharmacy, bio-services, bio-agriculture,
bio-industrial, and bioinformatics).
In addition to this, the growth of the biotechnology sector in
developing countries such as India and China have been largely driven by
favourable government initiatives. Government activities are intended at revolutionizing
the medicines supervisory system, regulating clinical trials, attractive
reimbursement rules, and accelerating the product sanction process, all of
which promise eye-catching development potential. Moreover, agricultural
companies are concentrating their efforts on bringing agricultural innovations in
the market to boost production through long-term solutions. For instance, BASF
said by 2029, they will launch more than 30 initiatives aimed at producing
novel seeds, traits, biological and chemical crop protection solutions, new
formulations, and digital products. However, it has been also observed that the
risks which are being associated with the genetic conditions can negatively
impact the market to grow.
In the near future, report also forecasts that the biotechnology
market will increase at a significant CAGR during the period 2021 – 2027
majorly due to the continuous advancements and wide range of applications
coupled with the growing demand for food with increasing population and rising
adoption of Genetically Modified (GM) crops is likely to fuel the
bio-agriculture segment.
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