Indian biotechnology market to reach over $11 billion by 2017

The Indian biotechnology market is set to reach over $11 billion by 2017, according to a new report available on companiesandmarkets.com. The market will be driven by foreign investment, growing R&D and infrastructure investment, an emerging contract research market, drug discovery and growth in manufacturing outsourcing to India.

Biotechnology In India: A Market Report

The Indian biotechnology market accounts for around 2% of the global market and ranks amongst the leading twelve biotechnology industries globally. The Indian biotechnology market is the third largest in Asia, after Japan and South Korea.

Exports continue to account for the largest share in the revenues of the Indian biotechnology industry, reflecting the continued focus of Indian biotech companies on the international markets. While segments such as bio-pharma, bioinformatics and bio-services represented a substantial chunk of the export market, bio-industrial and bio-agriculture generated a major share of revenues serving the domestic market.

Western India's domination of the Indian biotech industry continues, accounting for the largest share in the industry in terms of revenues. However, the southern region, with biotech hubs such as Bangalore and Hyderabad, represent the largest in the country when it comes to the number of companies. The number of companies in the Southern region reached 172 in 2010.

Over 350 companies operate in the biotechnology sector in India. Leading the suite include Biocon, Serum Institute of India, and Panacea Biotech. Major players profiled in the report include Biocon, Serum Institute of India, Panacea Biotec, Nuziveedu Seeds, Reliance Life Sciences, Quintiles, Rasi Seeds, Novo Nordisk, Shantha Biotechnics and Mahyco.