Biotechnology market poised to reach $414.5B in 2017, says report

A new report from Transparency Market Research cites that the global biotechnology market was valued at $216.5 billion in 2011, and expects that it will reach $414.5 billion in 2017. Covering several market segments—including polymerase chain reaction (PCR), nanobiotechnology, and DNA sequencing—the report also forecasts a compound annual growth rate (CAGR) of 11.6% from 2012 to 2017.

Related: Biophotonics is growing, no matter how the market is defined

Related: DNA sequencing technologies: The next generation and beyond

The biotechnology market is expected to show substantial growth over the forecast period, owing to government support offered to various biotechnology companies.

Outsourcing of clinical trials, contract manufacturing, and drug discovery have emerged as a key trend, leading to the growth of the bioservices industry in the developing economies of India, Thailand, Malaysia, and China. The developing countries provide superior research and trial facility at lower cost.

North America dominated the global market, accounting for over 42% of the overall biotechnology revenue in 2011.

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