According to a report from Global Market Insights, the biotechnology market size was valued at over $330.3 billion in 2015, and is expected more than double to $775.2 billion by 2024, at a compound annual growth rate of 9.9 percent.
The report attributes DNA sequencing, recombinant technology, fermentation, tissue engineering, and the increasing demand of new technologies for chronic diseases as drivers to the growing biotechnology industry size.
The industry is segmented into biopharmacy, bioagriculture, bioservices, and bioindustrial based on application, and biopharmcy held the largest market share in 2015, with a revenue of over $199 billion.
The report also found that North America holds the dominant position in term of revenue, sitting at $137.4 billion due to increasing R&D spending. That is in part due to growing population and increasing demands for a more efficient healthcare industry.
Access Global Market Insights’ full report by clicking here.