How Big is Biotechnology?

Graduates of biotechnology programs need to know all the opportunities available in the biotechnology industry. A look at the size of biotechnology industry will help students who are considering a biotechnology career to know about their prospects as part of this industry.
Increasing demand for new technologies such as recombinant technology, DNA sequencing, tissue engineering, and fermentation is driving the size of the biotechnology industry. Scarce availability of nonrenewable natural resources and growing food demand to meet the ever-increasing population’s need are fueling global biotechnology market size.
Biotechnology is segmented into fermentation, tissue engineering and regeneration, PCR, chromatography, nanobiotechnology, cell-based assay and DNA sequencing. The tissue engineering and regeneration sector accounted for highest revenue. It was valued at more than USD 104.5B. However, fermentation, nanobiotechnology, and cell-based assay sectors are expected to experience lucrative growth due to rising R&D initiatives by many biotechnological and pharmaceutical companies.
In 2015, North America dominated the revenue share, with more than 137.4 billion. This part of the world boasts growing R&D initiatives by various industry players and increasing awareness among private and public research institute. Due to the introduction of healthcare benefits by government agencies and growing public health, Europe biotechnology market is expected to show a lucrative growth. The favorable regulatory environment should drive industry growth in these regions.
Inadequate agricultural land, pest attacks, low production of crops and water scarcity are prompting researchers all over the world to develop innovative agricultural technologies through extensive R&D activities. Increasing demand for food products in countries such as China, India, and U.S is one of the main factors driving biotechnology industry growth
References
http://scienceblogs.com/digitalbio/2017/08/16/how-big-is-biotech/
https://www.gminsights.com/industry-analysis/biotechnology-market

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