Increasing usage in therapeutics, commercial application and basic research arethe factors expected to trigger the growth of biotechnology market over theforecast period.
Developing nations possess a huge potential market for biotechnology owing tothe continuous gaining popularity of biotechnological products and higheffectiveness.
Flourishing stem cell research is also likely to propel the growth ofbiotechnology market in coming few years By technology, the globalbiotechnology market is divided into nanobiotechnology, DNA sequencing,tissue engineering and regeneration, PCR technology, chromatography,fermentation, and cell based array.
Among these, the biopharmacy application market was the overall marketleader in 2013 in terms of revenue.
In 2013, North America was the most dominant market of biotechnology andexpected to continue its lead over the forecast period.
Free pricing nature in pharmacies market due to the strict norms relating topatents is also expected to drive this market.