India will soon occupy the top position in world biotechnology according to Director General of Council of Scientific and Industrial Research (CSIR).
On 30th September 2006 the Director General of Council of Scientific and Industrial Research (CSIR) said that India will soon occupy the top position in world biotechnology if the industry continued 40 percent growth. The director also told that for the past three years the Indian biotech sector has been recording an average annual growth rate of 40 percent.
He added, in 2005 the turnover of Indian biotech sectors was US$ 1.6 Billion and the country was placed No 2 among the Asia pacific countries in the same field.
According to industry analysts, India is on the 'threshold of biotech revolution' and has 280 biotech &180 bio suppliers contributing to the total biotech market worth US$ 100 Billion.
As per new market research report, "Indian Biotech Industry (2005)" by RNCOS provides that India is rapidly developing as a major market for biotech products as well as a source for cost effective development of state-of-the-art biotechnologies. Currently, the consumption of modern biotechnology products in India is in the order of US$ 1850 Million, which is expected to increase to US$ 4270 Million by the year 2010. Healthcare products account for upto 40 percent of the market, followed by agriculture 33 percent.
RNCOS analyst also found that Indian biotechnology companies are making a strong position, developing business models and improving product commercialization capabilities. With this India will, possibly, make a good US$ 5 Billion by the end 2010.
Related Market Research Reports:
Asia Pacific Biotechnology Market (2008-2012)
Booming Biotech Market in India
US Biotech Market Analysis
