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Biotechnology is an interdisciplinary, innovative field that utilizes living organisms, biological systems, or derivatives to modify or develop processes and outcomes for producing healthcare-related products and therapeutics. It has profound impact on different sectors such as medicine & pharmaceuticals, genomics, and production of food & chemicals. It has comprehensive and significant use in solving critical challenges related to health & well-being, food & energy supply, and environmental protection.
The biotechnology services market consists of the sales of biotechnology services and related goods by entities (organizations, sole traders, and partnerships) that engage in conducting research and experimental development in biotechnology. Only goods and services traded between entities or sold to end consumers are included.
COVID-19 Impact Analysis
Top Impacting Factors
Market Trends
The outsourcing of clinical trials, drug discovery, and contract manufacturing has recently emerged as a trend in several developed economies. As a result of this, the bio-services market has grown robustly in developing countries such as China, Thailand, Malaysia, and India, as these countries are investing in the R&D projects for the development of innovative bio-services. The Bio-services have potential opportunities in emerging economies owing to the regulatory support by governments, easy raw material availability, and cheap labor. The global bio-service industry is likely to surge due to its low operating costs.
The market growth is further expected to be propelled by the rise in awareness among consumers with regard to bio-services and government initiatives in emerging economies.
In May 2018, Illumina, a U.S.-based biotechnology company serving in research, clinical, and applied markets, acquired Edico Genome for an undisclosed amount. The acquisition is expected to reduce sequencing data acquisition. Edico Genome's Bio-IT platform DRAGEN uses field-programmable gate array (FPGA) technology with software algorithms and helps in reducing data footprint and time for results. The DRAGEN platform complements Illumina's sequencing portfolio and helps the customer in reducing investment in IT infrastructure and improve overall efficiency. Edico Genome is an American company dealing in the field of genomics.
Key Benefits of Report
Questions Answered in the Biotechnology Services Market Report
Biotechnology Services Market Report Highlights
Aspects | Details |
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By Service Type |
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By Industry |
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By Application |
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By Region |
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Key Market Players | Sanofi S.A., BioAlps, Novartis AG, Sartorius, Aldevron LLC, Fisher BioService Corp, F. Hoffmann-La Roche Ltd., Novo Nordisk, Precision for Medicine, Pfizer Ltd |
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