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Pharmaceutical Biotechnology refers to drugs, medicines or vaccines developed through biotechnology such as recombinant DNA technology, combinatorial chemistry, gene therapy, and monoclonal antibodies. The biotechnology-based drugs or genetically-engineered drugs are produced by microorganisms such as bacteria or biological substances such as enzymes.
According to TechNavio, the market for Pharmaceutical Biotechnology in the US is forecast to reach .1 billion in 2013 from .7 billion in 2009; thus, growing at a CAGR of 7.7 percent over the period.
Pharmaceutical Biotechnology represents the fastest growing sector in the Pharmaceutical market in the US. This could be attributed to the entrants of new generation biotechnology drugs, which are highly potential and effective in treating a wide range of diseases including age-related diseases. Further, there is an increasing demand for customized treatment, as a result of which, many biotechnology pharmaceutical companies are engaging in the development of drugs targeted at specific genes. Besides, the R&D spending by pharmaceutical companies has risen steadily.
However, the introduction of new drugs in Pharmaceutical Biotechnology market in the US continues to become more difficult due to extensive research costs and high consumption of time. Further, the stringent regulatory approval process of new drugs continues to be the barrier to entry into this US market.
This report forecasts the size of the Pharmaceutical Biotechnology market over the period 2009- 2013. It also highlights the scope of the market in US, along with trends, drivers, growth inhibitors and a few major vendors of the market.
For further information on this report please visit: http://www.technavio.com/content/europe-dash-navigation-systems-market-2009-2013