Biotechnology Market size to exceed USD 775 billion by 2024: Global Market Insights Inc. Biotechnology Market size will reach USD 775.20 billion by 2024 at a CAGR of 9.9%; as per a new research report by Global Market Insights, Inc. Rising prevalence of chronic diseases have increased the demand for innovations similar to DNA sequencing, microassays and recombinant DNA technologies to develop therapeutic solutions. Government support for R&D has accelerated development of products and vaccines for such chronic ailments. Food scarcity in highly populated countries of India and China have resulted in urgent need for high yielding crop varieties through agricultural technologies. Researchers across the globe are developing GM crops to address the concern of limited land availability, inconsistent rainfall and pest attacks and produce high yielding crops that can sufficiently feed the growing population.
Rapid population growth has debilitated most of the naturally available nonrenewable resources. Some of the scarcely available resources used to fulfill growing population demand are available at exorbitant prices. Scientists are therefore, focusing on development of products such as biofuels, bioenzymes, etc. will drive global biotechnology market size. Strong R&D spending trends for synthetic biology to enable drug and vaccine development, including Europe NEST program will stimulate growth. Organizations including DBT (Department of Biotechnology) and NTBT (National Biotechnology Board) provide funding to promote biotechnology market share. BioBricks, a nonprofit organization delivers synthetic biology technologies for humanitarian purposes. Similarly, synthetic forum OpenWetWater offers conceptual training to researchers. U.S. biotechnology market size held dominant position in terms of industry revenue share followed by Europe with this trend likely to continue throughout the forecast period. U.S. will further see increased adoption of products based on these platforms due to growing preference for personalized medicine. India, China, Brazil hold excellent business growth opportunities due to large population base, increase in per capita income, better health care facilities, increasing government aid to promote biotechnology market share.
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