The United States Biotechnology Market Overview
Biotechnology is a branch of study that combines the concepts of subjects like chemistry and biology with technology-based modifications. Depending on the tools and applications, the value chain associated with this sector is linked with several scientific verticals. Biotechnology essentially employs biomolecular and cellular processes to develop products that can be applied in a range of industries.
The technology has widened the realm of science and opened avenues in sectors including genomics, recombinant gene techniques, and applied immunology. Biotechnology is also used for the development of pharmaceutical therapies and diagnostic tests. The subject was first mentioned in the year 1919 by Karl Ereky. The 2000s is coined as the Biotechnology Era due to the number of innovations reaped by this sector.
The United States Biotechnology Market Dynamics
The United States Biotechnology market is estimated to have a growth of market size of USD 108 Billion as of 2020. Owing to the pandemic, the United States Biotechnology Market is estimated to decline by a value of 4%- 6%. The growth in market revenue for the Biotechnology sector is anticipated to be slower as compared to the expansion of the U.S Healthcare and Pharmaceutical segment. Between the years 2015-2020, it was estimated that the United States biotechnology market grew by a value of roughly 0.8%. The advanced research-based infrastructure and the expanding value chain of this sector is a key driver for the United States biotechnology market. Industrial segments like agriculture, health care as well as energy are a part of the application section of this market.
Applications and growth associated with this vertical
The technology is also used in pipeline industries and verticals including industrial fermentation. Cells or components of cells are used to produce industrially useful intermediate products. These resultant products include crops, chemicals, biofuels, etc. Genetically modified microorganisms modify the diversity associated with the growth of market size of biotechnology.
Improving intellectual property legislation rights is a factor that promotes the biotechnology sector’s success. The strengthening of pharmaceutical demand for the aging and ailing population of the U.S has accelerated the growth of the market size. The rising demand for biofuels from the U.S Department of Energy is also expected to steadfast the growth of the market size. The country estimates that by the year 2030, ethanol fuel consumption could reduce the application of petroleum derivatives by roughly 30%.
Biofuels are essentially produced from crop segments. Therefore, the U.S farming sector acts as the supply segment for this market. A rise in the supply of corn and soybean is estimated as an input material since the application of biofuels in this market is anticipated to expand. To generate optimum crop output with respect to the agriculture segment, it is expected that the production units make use of genetically modified seeds that resist pests. Therefore, on increasing the farm-based productivity-biotechnology boosts biofuel production as well.
The Biotechnology industry in the US is the 7th ranked Healthcare and Social Assistance sector by market size and the 105th largest in the US. The research-based expenditure and the rising investment within this market drives its growth. The product life cycle associated with the end products relay that the research-based on Biotechnology is still in its growth stage. Global Market Database studies the growth of the industry and the expansion of the segments. The shift in line with the changing market trends is studied using the cloud-based market research platform.
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Key companies within the United States Biotechnology Market
Biogen Inc is an American Biotechnology based company that constitutes major shares within this market. The company is based in Cambridge, Massachusetts. The company specializes in the treatment and therapy associated with neurological diseases. The company was founded in Switzerland. It generated a revenue of USD 1.2 Billion in the year 2017. As a measure against climate change, the company achieved carbon neutrality in the year 2014.
The company plans to become fossil fuel-free by the year 2040. Biogen has initiated research collaborations with global leaders to address fossil fuels and their impacts. The enterprise has invested a value of USD 20 Million to eliminate fossil fuels across industrial operations as well as processes. The company aims on improving the health associated with the masses by addressing this global issue. Increased research regarding green technology would ultimately result in the formation of a circular economy.
