Biotechnologies For Medical Applications - Global Markets
Biotechnologies for Medical Applications: Global Markets
The value of the market for biotechnologies for medical applications was an estimated $123.2 billion in 2010, but is expected to increase to nearly $223 billion in 2015, for a 5-year compound annual growth rate (CAGR) of 12.6%. The largest segment of the market, therapeutics, is projected to increase at a CAGR of 12.9% to reach $177 billion in 2015, after being valued at an estimated $97 billion in 2010. Revenues for diagnostics, which make up the second-largest segment, are estimated at $17.9 billion in 2010, and are expected to increase at a CAGR of 10.4% to reach nearly $29.3 billion in 2015. ( http://www.bharatbook.com/detail.asp?id=145094&rt=Biotechnologies-for-Medical-Applications-Global-Markets.html )
The third-largest segment, research, is expected to have a 5-year CAGR of 12.9%, with values of $8 billion in 2010 and $14.7 billion in 2015. The segment made up of medical devices is projected to have a CAGR of 23.5%, rising from more than $379 million in 2010 to nearly $1.1 billion in 2015. The smallest segment, consumables, is expected to reach $312 million in 2015 after increasing at a CAGR of 9.7% from $196 million in 2010.
Biotechnology is the manipulation of biological systems, living organisms, or parts or derivatives thereof to perform specific tasks, including medical research and the diagnosis and treatment of disease. Nonmedical applications of biotechnology date back to around 1750 BC, when the ancient Sumerians used yeast to brew beer. While medical applications of biotechnology are a much more recent development, there is evidence that the Chinese began the practice of inoculation for smallpox as long ago as the 10th century. (Inoculation was the precursor of the more modern practice of vaccination.)
The introduction of new commercial biotechnology applications has greatly accelerated in recent years, with a particular focus on healthcare. The global market for biotechnologies used in medical and healthcare applications is currently valued at nearly $125 billion, and biotechnology is the major engine of growth of some regional and national economies. This study covers only substances and devices that address a specific medical condition and for which a doctors prescription is required; over-the-counter products as well as so-called nutraceuticals are generally not included.
The report is intended especially for biotechnology marketing executives, entrepreneurs, investors, venture capitalists, and other readers with a need to know where the biotechnology market in the medical field is headed over the next 5 years. The report should also be of interest to biotechnology developers and vendors, and others seeking to understand the potential market for their products in selected medical applications.
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