The biotechnology market is expected to witness a higher CAGR during the forecast period, 2019 to 2026. Factors such as rising incidences of cancer and diabetes is likely to propel the market growth. Moreover, the high population in developing economies offers lucrative opportunities in terms of value.
The field of biotechnology is vast that encompasses generation of novel drugs and fine quality crops originating out of genetic engineering. The genetic engineering techniques have created engineered microorganisms cells, molecules in order to discover new genes and determine their functionality. In this process, techniques such as gene sequencing and DNA cloning have found a great importance. Although, the industry has been divided into agriculture and medical markets, there is no doubts that biotechnology is a wonder for industrial domain. For instance, though biotechniques are used in the chemical industries for bioremeditation and chemical production, the techniques are highly specialized and find a limited approach.
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For medical industry, the biotechnology strongly offers a novel approach to drug development that came up with eradication of conventional techniques as centered by pharmaceutical companies. Within the evolution in 1970s, companies like Genetech and Cetus rose to prominence in the Silicon Valley. Along with this, several other biotechnology companies formed a hub in the San Francisco bay, and in the overall years, endless startup companies have been functional in the market. Since then, U.S. being a major hub for biotech companies, the trend spread across other major cities such as Seattle, San Diego, Boston, Philadelphia and North Carolina’s Research Triangle Park. While in other parts of the world like Europe, the cities such as Munich, Heidelberg and Berlin witnessed major developments in biotechnology.
