The Germany biotechnology market is anticipated to grow at a CAGR of 7.5% during the forecast period. The country has a strong presence of biology labs such as the Institute of Applied Microbiology, Berlin Institute of Technology, LOEWE Center for Synthetic Microbiology Marburg, and Ansbach University of Applied Sciences. In addition to this, a large number of global as well as domestic biotech companies are active in the country. Hence, the aforementioned factors are anticipated to significantly influence the market growth.
Additionally, the considerable application of biotechnology in the agriculture and animal husbandry sector of the country is also aiding to the growing market shares. The high spending on drug R&D by the country is also aiding to the growth of the market. As per the European Federation of Pharmaceutical Industries and Associations, around $8.3 billion was invested in pharmaceutical in 2017 in drug R&D in the country.
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The German biotechnology market is segmented on the basis of application into bio-pharmacy, bio-services, bio-agriculture, bio-industrial, and bio-informatics. Among these, bio-pharmacy contributed a significant share. Biotechnology is driving the capabilities of personalized medicine and enables in understanding genetics and develops a platform for diagnoses, safer medication prescribing, and therapies for the diseases. In addition to human therapeutic and diagnostic applications, biotechnology has significant applications in the industry and agricultural domains. Further, the industrial uses of biotechnology involve many different sectors such as industrial enzymes, cosmetic formulations, and the diagnostics for toxicity determinations.
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Germany Biotechnology Market Segmentation
By Application
· Bio-Pharmacy
· Bio-Services
· Bio-Agriculture
· Bio-Industries
· Bio-Informatics
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