Biotechnology is a broad field that deals with the use of living organisms to create products that are beneficial to long-term development. It uses cellular and molecular processes to create products and technologies that may improve human life on Earth. It has a number of applications that are concerned with human welfare such as it has helped in reducing infectious disease rates; saving the lives of millions of children; changing the odds of serious, life-threatening conditions that affect millions around the world; tailoring treatments to individuals to minimize health risks and side effects; developing more precise disease detection tools; and combating serious diseases.
Moreover, to create microscopic manufacturing plants, biotech employs biological processes such as fermentation and biocatalysts such as enzymes, yeast, and other microbes.
Market players are focused on strategies such as partnerships, which is expected to contribute to the growth of the Middle East and Asia Pacific biotechnology market over the forecast period. For instance, in July 2021, Biocon Limited, an India-based biotechnology company announced a partnership with Tabuk Pharmaceutical Manufacturing Company, a leading pharmaceutical company in the Middle East and North Africa (MENA) to commercialize select specialty products that are some high quality, vertically-integrated generic formulations in the Middle East.
In addition, market players are engaged in enhancing their existing technology for production of biotechnology products, which is expected to positively impact growth of the Middle East and Asia Pacific biotechnology market over the forecast period. For instance, in February 2017, Jala Group, a China-based domestic cosmetic company successfully used its 3D bioprinting technology to print synthetic Asian skin for the first time, after conducting 98 experiments for the same.
Governments of countries in the Middle East and Asia Pacific are engaged in several activities such as supporting regulatory approvals of biotechnology products, making investments in research and development of novel biotechnology products, and others. These are expected to fuel the Middle East and Asia Pacific biotechnology market growth over the forecast period. For instance, in August 2021, the Central Council for Research in Siddha (CCRS), Government of India introduced its new startup initiative called Academia-industry Research Incubation for Value-chain Up-gradation (ARIVU), in order to motivate academia and industry to carry out research in industries such as biotechnology and nanotechnology.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.
*Key pointers provided are also applicable to other companies covered in the scope of the report.
*Browse 106 market data tables and 132 figures on “Biotechnology Market” – Middle East and Asia Pacific Forecast to 2030.