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Biobased economy, bioeconomy or biotechonomy is an economic activity involving the use of biotechnology and biomass in the production of goods, services, or energy. The terms are widely used by regional development agencies, national and international organizations, and biotechnology companies.
The following table lists the largest biotechnology and pharmaceutical companies ranked by market capitalization in billion US dollars. The change column indicates the company's relative position in this list compared to their relative position in the preceding year; i.e., an increase would be moving closer to rank 1 and vice versa.
Rockville, MD, Nov. 11, 2024 (GLOBE NEWSWIRE) -- According to a new industry report by Fact.MR, a market research and competitive intelligence provider, the global biotechnology market is projected to reach a size of US$ 550.83 billion in 2024 and further touch US$ 2667.36 billion by the end of 2034.
The market size is defined through the market volume and the market potential. The market volume exhibits the totality of all realized sales volume of a special market. The volume is therefore dependent on the quantity of consumers and their ordinary demand. Furthermore, the market volume is either measured in quantities or qualities.
Biotechnology is the research and development in the laboratory using bioinformatics for exploration, extraction, exploitation, and production from any living organisms and any source of biomass by means of biochemical engineering where high value-added products could be planned (reproduced by biosynthesis, for example), forecasted, formulated ...
Market size can be given in terms of the number of buyers and sellers in a particular market [61] or in terms of the total exchange of money in the market, generally annually (per year). When given in terms of money, market size is often termed "market value", but in a sense distinct from market value of individual products. For one and the ...
Economists consider “science” as the search and production of knowledge using known starting conditions. [2] Knowledge can be considered a public good, due to the fact that its utility to society is not diminished with additional consumption (non-rivalry), and once the knowledge is shared with the public it becomes very hard to restrict access to it or use of it (non-excludable).
Biomanufacturing (or bioproduction) is a type of manufacturing or biotechnology that utilizes biological systems to produce commercially important biomaterials and biomolecules for use in medicines, food and beverage processing, and industrial applications.