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Biotechnology is poised to be one of
the most influential industries of the twenty first century. We
apply our understanding of this challenging, fast-growing industry to help
clients maximize their profits. To request information on
how our biotech consulting can help you,
click here.
Despite some occasional difficulties
and setbacks, the global biotechnology industry continues to show
impressive promise. We expect world biotech product sales to reach
$133 billion by 2014.
The key to industry growth remains in human therapeutics, although
diagnostics, including work on bioterrorism detection and defense,
have recently gained in importance. CRC analysts expect U.S.
biotechnology product sales to grow at an average annual rate of
nine
percent over the coming decade.
Human Therapeutics
By far the largest of the five biotechnology categories, human
therapeutics will maintain this position well into the 21st century.
Over the next decade, biotech-based U.S. human therapeutics sales
should grow at an average annual rate of nine percent.
Human Diagnostics
This remains the second largest segment in the biotech industry. As
new genetics-based technologies are developed, human diagnostics
sales are expected to grow at an average annual rate of five percent.
Agriculture
Though this segment represents a much smaller biotech market than
both human therapeutics and diagnostics, it will grow somewhat more
rapidly. Consulting Resources expects U.S. agbio product sales to
enjoy an average annual growth rate of 11 percent. Although protests against the use
of GMO’s have occurred, this issue has continued to fade as public concern is
shifted towards more immediate threats. The use of genetically
modified corn in the United States is expected to remain relatively
steady, while the use of genetically modified soybeans is expected to
grow significantly in the next several years.
Specialties
Specialties are expected to grow at an average annual rate of ten
percent, making
this the second fastest growing segment in the U.S., after
agriculture. The sector is comprised of chemical and biological
products created using biotechnology, including enzymes and bioplastics.
Non-medical diagnostics
This sector constitutes the smallest of the five market segments. It
includes diagnostics for food contaminants, such as pesticides and
other hazardous chemicals. U.S. non-medical diagnostics sales are
expected to grow at an average annual rate of eight percent.
For more information regarding how we can help satisfy your
consulting needs in this and other industries covered by
Consulting Resources, please contact us
with your questions.
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