Asia-Pacific biotechnology market is estimated to grow at a CAGR of 7.1% during the forecast period. The biotechnology industry in Asia-Pacific was valued at $94 billion in 2019 and anticipated to grow significantly during the forecast period. Countries in Asia-Pacific that are contributing to the market growth include China, India, and Japan. The rising healthcare expenditure, the increasing R&D and investments by big pharmaceutical companies in life science research are some factors that are driving the market growth in the region. Asia-Pacific region despite the economic slowdown in economies such as in India; the increasing public health care programs including the increasing private wealth is expected to boost the region’s health care spending. Moreover, the growing demand for advanced healthcare facilities in emerging economies such as China, and collaboration among the market players for the development of innovative products are some other factors that are significantly contributing to the market growth.
Asia-Pacific biotechnology market is classified on the basis of type. Based on type, the market is segmented into healthcare, crop production and agriculture, industrial, natural resources & environment, and others. Among these applications, biotechnology finds its significant application in healthcare in the study of genes. Many organizations are now involved in collecting, processing, distribution, and storage of human tissues to aid investigators in biomedical research.
Geographically, the Asia-Pacific biotechnology market is analyzed for China, Japan, India, and the Rest of Asia-Pacific. China contributed the major share in the Asia-Pacific biotechnology market in 2019 and is expected to retain its position during the forecast period. The dominance of China in the Asia-Pacific market is mainly due to the presence of a substantial health workforce in the country. India is projected to exhibit a considerable CAGR in the Asia-Pacific biotechnology market during the forecast period, owing to the rising medical tourism in the country.
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Asia-Pacific Biotechnology Market Segmentation
By Type
- Healthcare
- Crop Production and Agriculture
- Industrial
- Natural Resources & Environment
- Others (Bioinformatics)
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Regional Analysis
- China
- Japan
- India
Rest of Asia-Pacific
Company Profiles
- Abbott Laboratories
- AbbVie, Inc.
- Alkermes PLC
- Amgen, Inc.
- AstraZeneca PLC
- Biogen, Inc.
- Bristol-Myers Squibb Co.
- CSL, Ltd.
- Hoffmann La-Roche, Ltd.
- Johnson & Johnson Services, Inc.
- Novartis AG
- Novo Nordisk A/S
- Pfizer, Inc.
- Regeneron Pharmaceuticals, Inc.
- Sanofi S.A.
- Thermo Fisher Scientific, Inc.
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