Global Biotechnology in Medicine Market Expected To Reach XX Million By 2025
According to a new report published by Reports Monitor titled, “Global Biotechnology Medicine Market, Growth Opportunities, Innovations and Forecast, 2018-2025,” the global biotechnology in medicine market was valued at XX million in 2018, and is projected to reach at XX million by 2025, growing at a CAGR of XX% from 2018 to 2025.
Biotechnology is widely used in agriculture, medicines, food production since ages. Some areas of biotechnology are Genetic Engineering, Protein Engineering, Bioinformatics, Plant Biotechnology, Animal Biotechnology etc. The growing list of biotechnology products includes medicines, medical devices as well as more-resilient crops, biofuels, biomaterials and many more. Modern biotechnology provides breakthrough products and technologies to combat rare diseases, reduce our environmental footprint which works in the favor of nature. Biopharmaceutical, Gene therapy, Pharmacogenomics, Genetic testing are some applications of biotech on medicines that have given eminent desired results. Nearly 5% of all approved drugs is currently produced using genetic engineering. According to the Association of Research-Based Pharmaceutical Companies, around one third of all drugs in the development pipeline are produced using genetic engineering. Biotech medicines are an important treatment option for patients having blood diseases, rheumatoid arthritis, cancer, cardiovascular disease.
Scientists are continuously striving in the research area to invent new drugs and vaccines to cures the diseases which were not easy to be treated in the past decades. It is befitting to say that Biotechnology is a field of miracle.
Growing Pharmaceutical Industry. Dependency of Pharmaceutical firms on R&D as well biotech is inarguable. Human and well established Academic Resources especially in the regions of North America. Another driver could be low or reduction in oil prices. Biotech drugs contain active pharmaceutical ingredients and these ingredients are based on petrochemical. Government regulations and inadequate funding can hamper the use of biotech, as biotech is quite expensive.
Wide range of disease based patients population gives an opportunity for clinical research. Partnership with Pharmaceutical firms can enhance the market growth.
The biotech in medicine is segmented on the basis of its application which includes Biopharmaceutical, Gene therapy, Pharmacogenomics, Genetic testing.
Furthermore, it is segmented on the basis of Product type as Gene recombinant drugs, Human Vaccines, Blood products.
Geographically the Biotechnology market is segregated in North America and countries of Europe like Germany. Germany is the leading player of Red Biotechnology with maximum number of companies that are engaged in development of drugs based on genetic engineering.
Some Asia Pacific countries like India, China are also associated with this industry. LAMEA has the considerable share in the market.
Some of the major market players are Amgen Inc., Beijing Tiantan Biological Products Co., Biogen Idec, Cephalon, Gilead Sciences, Medimmune LLC, Shenyang Sunshine Pharmaceutical Co. Ltd., Chiron Corporation, CSL Limited.
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