North American biotechnology market is projected to grow at a significant CAGR of 7.3% during the forecast period. The increasing popularity of 3D cell culture in drug discovery, cancer treatment, vaccine production has promoted the funding of cell-based research, however, the funds required for cell-based research is very high due to which funding for these researches has been encouraged in a very few of the developed nations such as the US. The NIH is the largest source of funding for biomedical research globally. More than 83% of the NIH funds are distributed through competitive grants to over 300,000 scientists employed at universities, medical schools, and other research institutions in all 50 states.
A full report of North American Biotechnology Market is available at: https://www.omrglobal.com/industry-reports/north-american-biotechnology-market
NIH the largest federal agency spent half of the biomedical funds on cell-based research. Research supported by NIH has also extended the understanding of the molecular roots of various cancers and led to important awareness as to how microbial communities affect a range of chronic diseases including obesity and diabetes. It has led to the development of innovative technologies and created entirely new global industries. Investment in biomedical research funded by NIH has supported discoveries that reduced mortality and disability from polio, heart disease, and cancer, prolonging life and reducing suffering. NIH-funded research is continuing to produce the awareness that is needed for improvements in health care in the future.
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Market Coverage
- Study Period- 2019-2026
- Base year- 2019
- Forecast period- 2020-2026
- Segments Covered- By Type
- Countries Covered- US and Canada
- Key Companies Profiled- Amgen Inc., Novo Nordisk A/S, CSL Ltd., Bristol-Myers Squibb Co., AstraZeneca PLC, Merck & Co., Inc., Johnson & Johnson Services Inc., and Pfizer Inc.
Key questions addressed by the report
- What is the market growth rate during the forecast period?
- Which segment/region dominates the market in the base year?
- Which segment/region will project the fastest growth in the market during the forecast period?
- How COVID-19 will impact the market growth in 2020 and coming years?
o Recovery Timeline
o Deviation from pre-COVID
o Most affected region/segment
o Recommendations
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
North American Biotechnology Market – Segmentation
By Type
- Healthcare
- Crop Production and Agriculture
- Industrial
- Natural Resources & Environment
- Others (Bioinformatics)
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