The global biotechnology market is expected to have a value of $398 billion in 2015, an increase of 59.3 percent since 2010, according to a new report.

Research firm said Monday that the global biotech market grew by 8.1 percent in 2010 to reach a value of $249.9 billion.

The largest segment of the global technology market is in the Medical/Healthcare category, accounting for 67.1 percent of the market’s total value while the Americas markets accounts for 46.2 percent of the global biotechnology market value.

The market value reflects revenues of companies within the biotechnology industry from product sales, licensing fees, royalties, and research funding.

Biotechnology Q&A

What is Biotechnology?

Biotechnology is a field of applied biology that uses microorganisms, such as bacteria, or biological substances, such as enzymes, to perform biological processes for industrial and manufacturing purposes. Applications including the production of certain drugs, synthetic hormones, and bulk foodstuffs as well as the bioconversion of organic waste and the use of genetically altered bacteria in the cleanup of oil spills, are all used to improve life.

“At its basis, Biotechnology is a combination of what we know about biology and technology, taking that knowledge and providing solutions for some of the world’s most pressing problems, some of which include diseases and environmental concerns,” said Jeff Joseph, a Vice President of Communications at Bio, which calls itself the world's largest biotechnology association.

What does the Biotechnology market consist of?

The biotechnology market, consist of the development, manufacturing, and marketing of products based on advanced biotechnology research.

Why is the largest segment of the global technology market involved in Medical/Healthcare?

“We represent companies, organizations, and institutions that are engaged in all areas of technology and the vast majority of our member ship is involved in the health and medical field,” said Joseph.

“The reason for that is because there is such great need to recognize one of the main differences between biotechnology and traditional pharmaceuticals, our industry is dealing with those really hard complex diseases, such as advanced cancers, diabetes, and a lot more complex diseases, so there is such great need to see a lot of investment and research” he added.

Why is the Biotechnology market growing so rapidly?

“If you look around at the great issues of the World there is a need to defeat a growing population of diseases, concerns about environmental health and so on…our industry holds the greatest promise to find solutions to some of those great challenges.”