The Japanese biotechnology market is anticipated to grow at a CAGR of 6.8% during the forecast period. The growth of the market is attributed to the cohesive government policies, innovations in healthcare, deregulation of various healthcare policies, robust healthcare expenditure on R&D, among others. In addition, the country’s well-developed healthcare infrastructure coupled with the increasing requirement for better drugs owing to the large base of the geriatric population in the country drives the growth of the biotechnology market in the country.
Furthermore, Japan’s significant focus on regenerative medicines is also aiding in the growth of the market. As per the Japan Agency for Medical Research and Development (AMED), around $150 million budget was offered to the Japan Regenerative Medicine Project, in 2016. Additionally, the presence of various R&D centers and academic institutes such as Okinawa Health Biotechnology Research and Development Center is providing new opportunities for business development and collaborations hence, fuelling Japan’s biotechnology market growth.
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The Japan 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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Japan Biotechnology Market Segmentation
By Application
· Bio-Pharmacy
· Bio-Services
· Bio-Agriculture
· Bio-Industries
· Bio-Informatics
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