06 BIOTECHNOLOGY
Thailand is gearing up to become Asia’s biotechnology centre Thailand Board of Investment (BOI) Defining biotechnology
Global scale, universally significant
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.
Based on its applications, the global biotechnology mar ket is divided into the bio-phar maceutical, bio-ser vices, bio-agriculture, bio-industrial segments. In 2015, the entire market was valued at approximately baht 11.56 trillion (US$ 330.3 billion), and was expected to reach baht 14.5 trillion (US$ 414.5 billion) by the end of 2017, and upwards of baht 27 trillion (US$ 775.2 billion) by 2024, which was an average annual growth rate well into double-digits, according to a new research report by Global Market Insights, Inc.
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 the impact of farming on the environment.
UPDATE 1/2021
Increasing demand for agricultural and food products due to the growing population is having a positive impact on the growth of the industry. Factors such as limited availability of agricultural land, water shortages, low-yielding crops, and pest invasions are encouraging researchers to develop innovative agricultural technologies through extensive research and development (R&D) activities. According to BCC Research, the global mar ket for agricultural biotechnology was expected to reach baht 1.6 trillion (US$ 46.8 billion) by 2019, with a five-year compound annual
growth rate of 11 per cent. The biotechnology tools category, the fastest growing segment of the market, is growing at a phenomenal 49.9 per cent CAGR. An increase in government funding and widespread technological advancements has allowed Thailand’s biotechnology industry to experience a high growth rate in recent years. According to Mr. Rutjawate Taharnklaew, Vice-President of the Betagro Research and Development Centre, there are three major segments of this industry in Thailand which have been growing significantly and still have
