Biotechnology In India: A Market Report
San Jose, CA (Vocus/PRWEB) April 05, 2011
The Indian biotechnology industry was adversely affected by the global economic downturn, and the resultant impact on the foreign exchange rate. There was a significant slowdown in the industry growth during the financial year 2008-09, with industry growth continuing to remain positive although at a decelerated pace. Major factor contributing to this slowdown is the heavy reliance of the Indian industry on exports. However, following a substantial slowdown due to the global economic recession, the Indian biotech industry emerged strong in 2010. The industry is poised to witness another period of high growth, as drug developers worldwide are looking to India as a low-cost destination for outsourcing their discovery and production work.
Biotechnology is touted as the next big thing for India on the global front, following a remarkable debut in the area of information technology. The area represents a fast-growing, knowledge-based sector in India, which plays an important role in the rapidly growing economy of the country. Biotechnology in India is a highly technology-based industry, which presently accounts for a share of about 2.0% in the global biotech industry. The industry ranks among the leading 12 biotech industries globally, and is the third largest in Asia, next to Japan and South Korea. Despite its low share in the global market, the Indian biotech industry has a remarkable potential for growth in the ensuing years, given its skills, knowledge, cost-effectiveness, and infrastructure facilities. The Indian government, on its part, has been both proactive and supportive in driving innovation in the Indian biotechnology sector. Most of the support from the Indian government has been in the form of regulations, grants for fledging companies, and tax incentives among others.
Exports continue to account for the largest share in the revenues of the Indian biotech industry, reflecting the continued focus of Indian biotech companies on the international markets. While segments such as bio-pharma, bioinformatics and bio-services represented a substantial chunk of the export market, bio-industrial and bio-agriculture generated a major share of revenues serving the domestic market. Western India’s domination in the Indian biotech industry continues, accounting for the largest share in the industry in terms of revenues. However, the southern region, with biotech hubs such as Bangalore and Hyderabad, represent the largest in the country when it comes to the number of companies. The number of companies in the Southern region reached 172 in 2010.
Bio-Pharmaceuticals represents the largest sector in the Indian biotechnology industry, as stated by the new market research report on Biotechnology In India. Bio-Services trails behind Bio-Pharmaceuticals. Growth in the market is primarily expected to emerge from Bio-Agriculture sector, which is forecast to emerge as the fastest growing sector in terms of revenues during the analysis period.
The Bio-Pharmaceutical sector in India, which primarily comprises therapeutic drugs, vaccines, animal biologicals, insulin, diagnostics and statins, continues to account for the largest share in total revenues of the biotech industry in the country. Within the biopharma sector, vaccines including animal and human vaccines, account for the largest share. Owing to awareness about the disease prevention, education, government participation and higher disposable income, the vaccines market is expected to continue driving growth in the biopharma segment. The bio-agriculture sector in India rides on the success of Bt Cotton, which remains the only commercially approved crop in the country. As of 2008, there were 30 seed companies in the market producing 374 Bt cotton hybrids. Meanwhile, the bio-services sector continues to flourish, deriving a major chunk of its revenues from exports. Several companies have swarmed into clinical research and contract research services areas over the past five years. The trend is expected to continue further, due primarily to the strong potential this sector has to offer and remarkable growth experience in the recent years.
Over 350 companies operate in the biotechnology sector in India. Leading the suite include Biocon, Serum Institute of India, and Panacea Biotech. Major players profiled in the report include Biocon, Serum Institute of India, Panacea Biotec, Nuziveedu Seeds, Reliance Life Sciences, Quintiles, Rasi Seeds, Novo Nordisk, Shantha Biotechnics and Mahyco.
The research report titled “Biotechnology In India: A Market Report” announced by Global Industry Analysts Inc., provides a comprehensive review of the Indian Biotechnology Industry, current market trends, key growth drivers, overview of major sectors, recent product approvals, recent industry activity, and profiles of major/niche global as well as regional market participants. The report provides revenue estimates and projections for biotechnology industry in India for the years 2009 through 2017 by the following sectors – Bio-Pharmaceutical, Bio-Agriculture, Bio-Industrial, Bioinformatics, and Bio-Services. Also, a six-year (2003-2008) historic analysis is provided for additional perspective.
For more details about this comprehensive market research report, please visit – http://www.strategyr.com/Biotechnology_In_India_Market_Report.asp
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world’s largest market research publishers. The company employs over 800 people worldwide and publishes more than 1200 full-scale research reports each year. Additionally, the company also offers thousands of smaller research products including company reports, market trend reports, and industry reports encompassing all major industries worldwide.
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