The Japanese biotechnology market is anticipated to grow at a CAGR of 6.8% during the forecast period (2020-2026). Japan’s geriatric population pool is rising continuously. According to the World Bank estimation in 2019, approximately 28% of the Japanese population is aged above 65. This, in turn, has created a huge demand for better healthcare facilities as well as provides new R&D opportunities to the companies working across the country. Therefore, the increasing requirement for better drugs owing to the large base of the geriatric population in the country is expected to be the major factor fostering the growth of the biotechnology market.
Browse the full report description Japan Biotechnology Market Size, Share & Trends Analysis Report by Application (Bio-Pharmacy, Bio-Services, Bio-Agriculture, Bio-Industrial, and Bio-Informatics), and Forecast 2020-2026 at https://www.omrglobal.com/industry-reports/japan-biotechnology-market
Additionally, several significant launches were witnessed in the biosimilar landscape of the country in the last few years. For instance, in August 2019, a South Korean firm Kyowa Hakko Kirin launched Nesp (darbepoetin alfa) in the country. Hence, the increasing biosimilar industry is anticipated to directly impact the growth of the biotechnology industry. Moreover, the presence of well-equipped R&D centers and globally recognized science institutes will also influence the biotechnology market expansion in the country. For instance, one such institute is Okinawa Health Biotechnology Research and Development Center that is government-funded and provides free research facilities to qualified biotechnology companies thus, working to improve the government-industry-academia collaboration.
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Japan Biotechnology Market Report Segment
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