Biotechnology has been driving the World with latest advancements in Food technology, Medical Research and Genetic Engineering, providing solutions for the problems faced by the mankind such as Food scarcity, Medical conditions, Diseases and Climate change.
The Biotechnology Market is estimated to reach revenue of $610.92 billion by 2025 from $430.92 billion in 2018, growing at a CAGR of 9.50 per cent during the forecast period 2019-2025. The growth of the Biotechnology market is due to the increasing demand for horticultural products such as wheat, beans, etc. Rising innovations in the field of artificial intelligence in the biotechnology sector are making a significant breakthrough in the technological field, as the pipeline of products undergoes technological improvement within a minimum timeframe. . The report covers Biotechnology Market size by type and applications, Biotechnology Market share by top 5 companies and also the market share by start-ups during the forecast period.
The increase in demand for food and agricultural products, including sugar cane, rice, beans and wheat, due to the growing population base in the United States, China and India, is expected to increase the value of these products. In addition, factors such as water shortages, low crop yields, pest attacks and limited availability of agricultural land encourage researchers to engage in extensive research and development.
The UK market for cancer biomarkers is expected to grow at around 11.7 per cent CAGR during the forecast period. High prevalence of cancer in the country, well-developed healthcare infrastructure and the presence of major market players in the nation are the main factors that are growing the market.
Decreasing DNA sequencing prices are expected to serve this sector as a high-impact driver of growth. Researchers and manufacturers are expected to increase R&D programs aimed at identifying genetic variations and developing therapeutic strategies for chronic diseases with a high global prevalence, such as cardiovascular diseases, diabetes and cancer.
The optimization of sequencers and their software, as well as the involvement of governments and collaborations between these companies and medical specialists, will be of utmost importance for the success of DNA-sequencing technology.