The global biotechnology market is projected to exhibit a significant growth, at a CAGR of around 6.1%, during the forecast period. Crop improvement is being considered as flourishing area in the agriculture industry due to shift towards scientific approach in the agriculture technologies, rising concerns of poor crop yield and irregular reaping process of flowers and vegetables. Gene modification is scientific development to alter the genes of crops, flowers and vegetables. Additionally, DNA modification is emerging at a considerable pace in aquaculture and livestock in order to fulfil the requirement for healthy and properly mature animals for various applications. Gene modification is actively pursued in developed agriculture industry of the US, European countries, and advanced economies of Asia-Pacific with the help of research activities.
Browse the full report description Global Biotechnology Market Size, Share & Trends Analysis Report by Technology (DNA Sequencing, Cell-Based Assay, Nanobiotechnology, Tissue Engineering and Regeneration, Fermentation, and Others) and by Application (Healthcare, Crop Production and Agriculture, Industrial Processing, Natural Resources & Environment, and Others) and Forecast 2020-2026 at https://www.omrglobal.com/industry-reports/biotechnology-market
These research activities are growing with the financial support of private and public investments. Funding for CRISPR technology is increasing since last few years at a rapid rate along with increasing number of projects. Research activities are multiplying to curb the stagnation of agriculture industry in various countries. According to FSA (Federation of American Scientists), NIH had sanctioned fund with the value of approximately $267.0 million, $603.2 million, $947.5 million, and $1,155.4 million in 2015, 2016, 2017, and 2018 respectively for the CRISPR related research activities and projects. The substantial growth in funding the US and other countries is propelling the global biotechnology market during the forecast period.
In order to increase access to nutritious foods across the globe, various biotech companies are utilizing or are looking forward to using CRISPR tools to increase food production through innovative breeding technologies. Each aspect of biotechnology, including molecular biology, genetics, oncology, immunology, agricultural, industrial, and even food technology is driven by CRISPR gene editing. In agriculture, CRISPR Cas9 tools play a diverse role in allowing industry in editing genomes in crops. The agricultural and plant breeding market for CRISPR Cas9 has immense potential to reduce global food shortages. At present, six companies grow CRISPR-modified crops in the US including Corteva and DowDuPont’s agtech. Corteva, DowDuPont’s agtech arm is expected to launch the first genetically modified crops in the US biotechnology market; these crops are supposed to be waxier than the existing waxy crops.
Additionally, the biotechnology market is being supported by products and research projects developed by companies operating in the agriculture industry. Companies such as BASF SE, Benson Hill Biosystems, Inc., Dow DuPont, Pairwise Plants, and others are procuring license agreements to develop genetically modified agriculture products. For instance, BASF SE had taken license agreement for gene modification from MIT and Harvard University in order to strengthen agricultural product portfolio for modified crops, livestock and aquaculture. The license procurement supports the research activities for various products to modify the product genetically. Therefore, with the launch and procurement of CRISPR technology by and from companies, the market is estimated to grow with considerable rate during the forecast period.
Global Biotechnology Market-Segmentation
By Technology
By Application
Healthcare
Global Biotechnology Market– Segment by Region
North America
Europe
Asia-Pacific
Rest of the World
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