New market place place in biotechnology
Industry Insights
The global biotechnology market size was valued at USD 270.5 billion in 2013 and is expected to grow at a CAGR of 12.3% owing to the increasing demand for diagnostics and therapeutics solutions such as recombinant technology, red biotechnology, and DNA sequencing. The increasing prevalence of diseases such as cancer, hepatitis B, and other orphan disorders is expected to serve as a high-impact rendering driver for this industry over the forecast period. Rising government initiatives owing to high significance towards growth of the economy are expected to boost the biotechnology market growth over the forecast period
Furthermore, the presence of organizations, such as the DBT, together with other government-funded institutions such as the NBTB and other autonomous organizations representing the biotechnology industry promotes funding to support R&D and product development exercises pertaining to the field and are expected to drive growth from 2013 to 2020.
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