The biotechnology market in the Asia-Pacific region has shown tremendous growth over the past few years. Varying epidemiology, growing population, and related industrialization along with rapidly rising biotechnology-related research are some of the factors that are promoting the growth of biotechnology in the market. Governments of these regions have realized the tremendous potential of biotechnology and the role that it can play towards the economic development, owing to which active measures are being taken up for promoting the sector, says our new research report “Asia Pacific Biotechnology Market (2008-2012)”.
research identified that Japan has been dominating the Asia-Pacific Biotechnology market but the industry has undergone several setbacks due to economic slowdown. As a result, opportunities in other economies, such as China, India, Singapore, and Australia were explored which have shown positive growth in recent times. It is however, expected that the biotechnology sector in the Asia-Pacific region will be governed by these countries in future. Other highly promising areas in the Asia Pacific have been the regions of South Korea, Taiwan, and Malaysia, which have posted a double digit growth and are expected to continue this trend in the future as well. Thus, Asia-Pacific biotechnology market is projected to grow at a CAGR 19% between 2010 and 2013.
The Asia-Pacific biotechnology market has become a highly lucrative option for development as it offers low labor costs and a very large pool of human resource at the same time. Also, the biotechnology infrastructure and education too is of ace quality here. Thus, this region is highly benefiting for foreign companies to set up their base and several multinationals have already setup their production and research facilities in the Asia-Pacific region. Clinical trials and contract manufacturing have shown particular growth in these regions. Amongst several biotechnology sectors in the market, biosimilars, agricultural biotechnology, and industrial biotechnology are expected to surge to the highest.
