Albany, NY -- (SBWIRE) -- 10/05/2012 -- Biotechnology is the procedure which involves the implementation of any technological application that engages biological systems, living organisms or their derivatives, to modify products or processes for a particular use.
Biotechnology assists in the development of some useful products from the utilization of living systems or organisms, commonly found in agriculture, food and medicine production with efficient utilization of available resources. Modern biotechnology involves the genetic modification of microorganisms, for e.g. E. coli and yeast which are used in the production of antibiotics and insulin.
Biotechnology empowers the human race to genetically modify plants and their DNA structure resulting in more efficient products. In its purest form, biotechnology is the procedure that immunizes human health and the environment with the help of living organisms.
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Biotechnology is further classified into Bio-pharmacy, Bio-services, Bio-agri, Bio-industrial, and Bio-informatics. Bio-Pharmacy has captured the majority of market share of 61.7% followed by Bio-services with 18% of market share. The CAGR of the biotechnology industry as found in F.Y 2011 accounted to 23.89%. Considering regionally, the CAGR of biotechnology market in the U.S. accounted for 6.96% in 2011.
The effects of pollution and nuclear reactors leads to mutated genes; this affects the genetic structure of the human DNA, making people vulnerable to diseases. Biotechnology genetically modifies the structure of the DNA and helps the organism to sustain itself in the most difficult conditions.
Ageing population of different demographic areas acts as one of the major growth factors for biotechnology, as it helps fight against even minor sickness in old age.
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The appropriate genetic improvements in plant species helps in the production of healthy plant breeds thus increasing the crop yield and supplying enough nutrition to consumers. It also reduces the usage of chemical pesticides, thereby lowering the environmental pollution through residual deposits.
The use of biotechnology has helped protect livestock across the globe from hog cholera and pests such as screwworm, helping in the production of good meat products.
With several boons comes the curse - the FDA after a research and survey have now concluded that genetically modified crop yield indirectly affects the life span and the growth of human species. High R&D costs acts as the major hurdle in the market growth of the biotechnology market.
The regulatory bodies USDA and FDA sanction the use of newly developed bio techniques only after they are completely satisfied that they are safe.
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The biotechnology market is booming across the world; it is experiencing enormous growth in the Asian regions pushing it to lead globally. The U.S., Europe, and Row are the demographic areas covered by the biotechnology market.
The key players impacting the biotechnology market worldwide are Amgen, Roche/Genentech, Lonza, Johnson & Johnson, Novo Nordisk, Eli Lilly, Sanofi-Aventis, Abbott, Merck KGaA, Schering-Plough and Wyeth. Amgen leads the market with 21.12% market share followed by Roche with 21.01% of market share across the globe. Amgen constituted a CAGR of 29% in 2011.The enormous growth in this market is mainly due the new innovative technologies introduced by Amgen.
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