The global biotechnology marketwill surpass USD 775 billion by 2024; according to a new research report by Global Market Insights Inc. Growing incidence of chronic diseases will boost biotechnology market growth over the forecast timeline.

According to the World Economic Forum 2017 data, with every chronic condition, annual healthcare costs increase. Additionally, with each chronic condition, average medical payments that are more than double, suggest that chronic conditions might interrelate to increase in healthcare costs. Ongoing developments and progress in various segments of biotechnology to overcome the burden of these chronic conditions should further foster biotechnology industry growth.

Innovations in biotechnology sector is expected to upsurge revenue size during the forecast period. Innovations such as growing human organs, laboratory grown plants and meat coupled with rising demand for novel biotechnological products will favor business growth. Moreover, increasing demand for agriculture-based products should enhance biotechnology industry growth over the coming years. However, there are some negative effects and risks such as risk related to genetic data that can hamper biotechnology market growth over the forthcoming years.

The following are the findings of the report:

U.S. biotechnology market dominated North America region in 2017 and will continue to project similar trend with 11.1% CAGR during analysis timeframe. High growth is attributable to factors such as innovative technologies and presence of favorable government initiatives. Furthermore, advanced healthcare infrastructure and rising R&D spending should further spur revenue size.

India biotechnology market is projected to show lucrative and was valued at USD 15.9 billion in 2017 during forecast timeframe due to rising prevalence of chronic diseases in the country. According to the National Center for Biotechnology Information (NCBI) 2015 data, chronic conditions are on rise in India as well as on global level. Additionally, predominant intra-urban disproportions for access to healthcare services complexes the problems that are tackled by urban poor individuals. Moreover, high unmet needs and insufficient healthcare access are factors boosting demand for biotechnology thereby fostering business growth.

China biotechnology market is anticipated to achieve lucrative growth of 10.6% during the forecast period owing to increasing incidence of chronic diseases as well as innovative technologies in biotechnology sector and growing demand for bioagriculture products.

Bioservices segment will show 11.4% CAGR over forthcoming years and segmental growth will be accredited to rising clinical research initiatives by several pharmaceutical and biotechnology firms.

Bioagriculture segment was valued at USD 40.0 billion in 2017 and is estimated to grow significantly over the projected timeframe. Suring demand for agricultural products coupled with developments in bioagriculture field increases segmental revenue share.

Nanobiotechnology segment accounted for 10.6% revenue share in 2017. The segmental growth is attributable to growing demand in stem cell therapy, expansion capabilities in zones of forensic science and forensic diagnostics.

Global In-vitro Diagnostic Services market exceeded USD 44.0 billion in 2017 and is expected to witness 5.4% CAGR from 2018 to 2024 as rising number of cancer cases in Asian as well as western countries will propel the industry growth.

Cell Line Development Market crossed USD 3.3 billion in 2017 and is expected to witness over 13.0% CAGR from 2018 to 2024, driven by increasing prevalence of chronic diseases such as cancer in developed as well as developing countries.

Prominent business competitors operating in the biotechnology market include Agilent Technologies, Amgen, Abbott Laboratories, Bio-Rad Laboratories, BioGen Medical Instruments, Danaher, Merck, F. Hoffmann-La Roche, Illumina, PerkinElmer, Thermo Fisher Scientific and Qiagen. These competitors implement inorganic and organic strategic initiatives to strengthen their position in the market and enhance product portfolio.

India biotechnology market is projected to show lucrativenessand was valued at USD 15.9 billion in 2017 during forecast timeframe due to rising prevalence of chronic diseases in the country.