An increase in government funding and widespread technological advancements has allowed Thailand’s biotechnology industry to experience a high growth rate in recent years.
Defining Biotechnology An increase in government funding and widespread technological advancements has allowed Thailand’s biotechnology industry to experience a high growth rate in recent years. At its simplest, biotechnology is technology based on biology. Biotechnology harnesses cellular and biomolecular processes to develop technologies and products that help improve our lives and the health of our planet. We have used the biological processes of microorganisms for more than 6,000 years to make useful food products, such as bread and cheese, and to preserve dairy products. Modern biotechnology provides breakthrough products and technologies to combat debilitating and rare diseases, reduce our environmental footprint, feed the hungry, use less and cleaner energy, and have safer, cleaner and more efficient industrial manufacturing processes. Currently, there are more than 250 biotechnology health care products and vaccines available to patients, many for previously untreatable diseases. More than 13.3 million farmers around the world use agricultural biotechnology to increase yields, prevent damage from insects and pests and reduce farming’s impact on the environment. Global scale, universally significant Based on its applications, the global biotechnology market is divided into the biopharmaceutical, bioservices, bioagriculture, bio- industrial segments. The entire market was valued at approximately at THB 11.56 trillion (USD 330.3 billion) in 2015, and is expected to reach THB 14.5 trillion (USD 414.5 billion) by the end of 2017, and upwards of THB 27 trillion (USD 775.2 billion) by 2024, which is at an average annual growth rate well into the double-digits, according to a new research report by Global Market Insights, Inc. Increasing demand for agricultural and food products due to the growing population is positively impacting the growth of the industry. Factors such as limited availability of agricultural land, water shortages, the lowyielding crops, and pests are encouraging researchers to develop innovative agricultural technologies through extensive R&D activities. According to BCC Research, the global market for agricultural biotechnology is expected to reach THB 1.6 trillion (USD 46.8 billion) by 2019, with a five-year compound annual growth rate of 11%. The biotechnology tools category, the fastest growing segment of the market is growing at a phenomenal 49.9% CAGR.