Biotechnology Market Share , Size , Analysis , Growth , Trends and Forecasts to 2024 | Hexa Research
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Biotechnology Market Share , Size , Analysis , Growth , Trends and Forecasts to 2024 | Hexa Research
" Increasing usage in therapeutics , commercial application and basic research are the factors expected to trigger the growth of biotechnology market over the forecast period ."
The global Biotechnology Market is driven by high investments , favorable government support , and rapid proliferation of biotechnology firms worldwide . Based on the principles of biology , biotechnology utilizes biomolecular & cellular processes for developing products that lead to better health & quality of life . Molecular engineering , biomedical engineering , bioengineering , and biomanufacturing fall within the ambit of biotechnology . Growing popularity of therapeutics & diagnostics solutions is a key factor that fuels the Biotechnology Market . DNA sequencing , tissue engineering , and recombinant technology among others are examples of such solutions .
Paucity of conventional sources of energy ( fossil fuels ) and the ever increasing need for food may positively impact market demand during the forecast period ( 2016 to 2024 ). Rising cases of diseases , such as hepatitis B and cancer can also stimulate demand . A number of governments are increasingly focusing on biotechnology for enhanced economic progress .
Technologies , applications , and regions are the key parameters based on which the worldwide Biotechnology Market is segmented . The various technologies employed are cell based array , fermentation , DNA sequencing , tissue engineering & regeneration , chromatography , nanobiotechnology , PCR ( polymerase chain reaction ) technology , and others . Tissue engineering & regeneration dominated the overall industry in 2013 , with revenues touching nearly USD 88 billion .
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