Asia-Pacific biotechnology market is projected to grow at a significant CAGR of 7.1% during the forecast period (2020-2026). Rising crime cases and the adoption of forensics for solving the cases is considered one of the major factors which are augmenting the adoption of biotechnology in the region. Along with this, the technical advancement in the forensics tool is expected to provide future growth opportunities to the market. In addition, various government initiatives support the biotechnology market. In order to fasten and ensure speedy justice in criminal cases, there is an increased demand for the development and adoption of modern technologies in forensic science.
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For instance, in August 2018, the Indian government asked forensic experts to adopt modern techniques for DNA profiling, and also the DNA Technology Regulation Bill 2018 was approved by the Indian government in order to encourage the forensic testing. The Malaysian government is also looking forward to the adoption of advanced systems for solving crime cases. in October 2019, the Malaysian government stated that more than 60 cases were solved using Forensic DNA Databank, by various DNA profiling. Thus, the increased adoption, as well as the need for advanced technologies, is expected to provide ample opportunities to the market during the forecast period.
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Asia-Pacific Biotechnology Market – Segmentation
By Type
- Healthcare
- Crop Production and Agriculture
- Industrial
- Natural Resources & Environment
- Others (Bioinformatics)
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