As of 2018, the US biotechnology industry accounted nearly 30% of the global market ranking first. It was followed by Europe with overall 18% market share and thirdly by China at 14% respectively.
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Definition / Scope
The term 'biotechnology' means combining different advance technologies with biological systems or organisms themselves and in turn familiarize those technologies across various fields. The applications of biotechnology range from agricultural practice to medical sector.
The technology is important to develop microscopic and chemical tools as most of the tools produced under the scope of biotechnology are limited to a cellular level.
Some of the common types of biotechnology which is practiced in the US and around the world are:
Medical biotechnology: It is the use of living cells or other materials found in cells directed at improving human health. The technology is not only used in finding cures but also getting rid of diseases in advance. The science involves finding efficient ways to improve human health, understanding pathogen and human cell biology.
Other techniques to produce drugs involves study of bacteria, plant and animal cells to come up with effective solutions/products. Some of the common applications of biotechnology in healthcare & medicine sector include, pharmaceuticals & drugs, diagnostic testing, cosmetics and dietary supplements.
Some of the common biotech firms operating in this segment in the US are Johnson & Johnson, Pfizer, Merck, P&G, Abbott among others.
Agriculture biotechnology: The segment focuses on developing genetically modified plants to enable high crop yields and instill characteristics to those plants which allows them to resist stress factors such as whether or pests.
The practice allows scientists to identify a gene that causes it and transplant the gene to another plant so that it gains the same desirable characteristic and becomes more durable.
Some of the common applications produced in the US are: GM plants, animal & livestock medicine, herbicides & pesticides among others. Some of the common US firms operating in this space include, ADM, Cargill, Monsanto, Zoetis, Dow AgroSciences.
Industrial Sector: The application in industrial sector range to a large extent where production of cellular structures to production of biological elements are conducted.
For instance, replacing biological materials with concrete materials in construction industry, beer & wine manufacturing, replacing personal care, beauty & home care products with organic products. Some other applications include production of biofuels (renewable energy) and waste management & disposal.
US firms operating in this segment include, DuPont, Chevron, Renewable Energy Group (REG) and 3M.