How to Start Biochemical & Biotechnology Industry
Biological chemicals are found in living, breathing organisms such as carbohydrates, nucleic acids, amino acids, proteins, and other enzymes. On the other hand, Biotechnology is a vital branch of science which deals with various researches, used to benefit the life of human beings.
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Biochemical has led to some great operations like bioinformatics, Nano-technology, protein engineering, and genomics. Similarly, Biotechnology has been discovered to be the most rapidly evolving field in India’s economy. As a result, this field covers; animal husbandary, medicinal plants, aquaculture, biofuels, etc.
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This field will keep on evolving even in the future without slowing down. This enormously benefits the agricultural as well as ecological environment of India. Biochemical and Biotechnologies are also working as a helping hand in farming as it is also becoming very advanced and improved due to which the future of farming in India will going to be super bright. New discovered drugs will also going to be applied in this field with the help of nano-technology.
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Regional Growth & Market Scope
According to a Market Researched Report, the global biotechnological market size was valued at USD 752.88 billion in 2020 and is expected to expand further at a compound annual growth rate or CAGR of 15.83% from the year 2021 to 2028 in future.
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The Agricultural-input companies are breeding innovations and gene sequencing to focusing on improvement in the existing technologies that includes the development of new crops and germplasm. Agricultural innovations are brought by these companies for improving productivity with sustainable solutions to the market.
Fig: Global biotechnology market share, by technology,2020 (%)
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For increasing technological advancement in the field of nanotechnology, Nanobiotechnology is anticipated to expand at a CAGR of 16.8% from the year 2021 to 2028 in future.
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The growth of the regional market of the Biochemical and Biotechnology Industry can attribute to so many factors such as the presence of key players, extensiveness in R&D activities, and high healthcare expenditures. The North American region was accounted for the largest share of 44.19% in 2020. Also, expanding area of many companies that operate in this region are receiving drug approvals, which are contributing to the Biochemical & Biotechnology market growth of this region.
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The Asian Pacific region is anticipated to expand at the fastest growth rate of 16.8% from 2021 to 2028 in the coming years.
According to the Global Biochemical Reagents Market Report, The global Biochemical market was valued at USD 12730 million back in 2019 and is expected to reach at USD 21790 million by the end of 2026, by growing at a CAGR of 7.9% during the forecasted period.
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Scope in Indian Market
According to the IBEF market report, the Indian biotechnology industry amounted to US$ 150 billion by the end of 2025, with a CAGR of 16.4%. The contributing of the Indian biotechnology industry to the global biotechnology market is expected to grow to 19% by 2025.
Increasing in the number of biotech incubators in India is expected to boost researches and promotes the growth of start-ups which is very important for the success of the Indian biotechnology industry.
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Some of the major manufacturers of the Biotechnology and Biochemical Industry
- Beckton
- Dickinson and Company
- Merck and Co., Inc
- Abbott Laboratories
- Agilent Technologies, Inc
- Waters Corporation
- AstraZeneca
- Gilead Sciences, Inc.
- CELGENE CORPORATION
- Biogen
- Abbott
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Reasons of Growth
Here are few growth drivers of biotechnology & Biochemical Industry:-
- Innovations in the industry
- Demand for cancer and other diseases like HIV, Alzheimer’s, multiple sclerosis, etc. treatments
- Strong research pipeline
- Demand for drugs
- Big pharmacy deals
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Conclusion
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