GLOBAL BIOTECHNOLOGY INDUSTRY:

Continuous advances in molecular biology have resulted in the emergence of new scientific disciplines such as genomics, metabolomics, and proteomics. The development of therapeutic proteins and other medications has been aided by the growing use of biotech solutions. The need for medication discovery and development has grown as the prevalence of chronic diseases has increased. Due to the broad nature of the application, it is being employed more frequently in various industrial areas. The increasing use of organic products in agriculture is also contributing to market expansion. Biotechnology is an interdisciplinary, forward-thinking field that uses living creatures, biological systems, or derivatives to modify or develop processes and outcomes for the development of healthcare goods and medicines. It has a significant impact on a variety of industries, including medicine and pharmaceuticals, genetics, food and chemical production, and others. It offers a wide range of applications in solving crucial issues such as health and well-being, food and energy security, and environmental protection.

INDIAN MARKET OUTLOOK:

The biotechnology sector in India is predicted to grow at a rate of 16.4% every year. India is one of the top 12 biotechnology locations in the world. In the country, there are around 2,700 biotech start-ups and 2,500 biotech corporations. India has 665 FDA-approved factories in the US, 44 percent of global abbreviated new drug applications (ANDA), and over 1400 WHO-compliant manufacturing units. India was also one of the first countries to establish a Biotechnology Department. BIRAC was established by the Department of Biotechnology (Biotechnology Industry Research Assistance Council). This non-profit organisation serves as a link between developing biotechnology companies and the resources they need to conduct strategic research and innovation. Increased R&D expenditure stimulates new industry product creation, which in turn enhances industry revenue. The biotechnology sector’s growth is fueled by considerable investment in R&D pushing new pharmaceuticals and vaccines, disease-resistant crops, and enzymatic manufacturing methods.

GLOBAL MARKET OUTLOOK:

The global biotechnology market is predicted to develop at a 7.02 percent compound annual growth rate (CAGR). The rising prevalence of chronic diseases has raised the demand for medication research, which has resulted in the biotechnology business expanding. The biotechnology drug discovery process is critical for ailments including heart attack, cancer, asthma, and hypertension, among others. Market growth is being fueled by an increase in demand for diagnostics and therapies for these chronic diseases. As a result, biotechnology has proven to be beneficial in enhancing healthcare access and meeting medical demands in specific areas. Aside from that, due to the broad nature of the application, biotechnology is increasingly being applied in a variety of other industries. The rising use of biotechnology in agriculture is contributing to market growth, as is the growing demand for organic food items. Biotechnology is the use of biological systems to create new goods. Depending on the application, it frequently overlaps with allied branches of research. Biotechnology is a broad notion that encompasses a variety of product development techniques. It is also used to modify organisms for specialised goals, in addition to development. Traditional biotechnology uses biological creatures in their native state, whereas advanced biotechnology involves modification. Biotechnology’s rapid advancements have broadened its applicability in fields such as biochemistry, genetics, and molecular biology, among others. In the future, the confluence of artificial intelligence and biotechnology should create exciting potential. Biotechnology is rapidly being employed in the growth of crops such as rice, beans, sugarcane, wheat, and other grains. The researchers are concentrating on R&D operations aimed at improving agricultural output by lowering the influence of unfavourable factors such as water scarcity, pest assault, low yield, and so on. Furthermore, the market is predicted to increase due to the increasing development of therapeutic solutions for the knowledge of genetic variants and the preparation of tailored medicine.

TOP PLAYERS WORLDWIDE:

• Alexion Pharmaceuticals Inc. (ALXN)
• Serum Institute Of India
• Vertex Pharmaceuticals Inc. (VRTX)
• Biocon
• Jazz Pharmaceuticals PLC (JAZZ)
• Panacea Biotec Limited
• Incyte Corp. (INCY)
• Bharat Serums And Vaccines Limited
• Biomarin Pharmaceutical Inc. (BMRN)
• United Therapeutics Corp. (UTHR)
• Novozymes
• Alkermes PLC (ALKS)
• Ionis Pharmaceuticals Inc. (IONS)