Growing at a faster pace, in comparison with the previous years, the Indian biotech industry witnessed YoY growth of 57.14 per cent in FY16; the total industry size stood at US$ 11 billionby FY16 and is estimated to reach US$ 11.6 billion by FY17
Fast-paced growth is likely to continue; the industry is expected to increase in size to US$ 11.6 billion by 2017, driven by a range of factors such as growing demand, intensive R&D activities and strong government initiatives
Bio-pharma accounts for majority market share
The bio-pharmaceutical segment accounted for largest revenue share of 64 per cent in India biotech industry, during FY16.
In FY16, the bio-services and bio-agri segments accounted for 18.0 per cent and 14.0 per cent of the biotech industry, respectively.
India is becoming a leading destination for clinical trials, contract research and manufacturing activities which is leading to the growth of bio services sector.