Recent breakthroughs in medical science, genetics and biotechnology were recognized in a forum Wednesday rewarding the top innovations in the growing sector. The event, which was hosted by a panel of industry experts in Paris, France, generated a "Top 10" list of revolutionary innovations.

U.S.-based Pacific Biosciences was awarded the top ranking for a "gene sequencer" that is able to analyze an entire string of DNA, in real-time, from a single molecule. The technology is part of the emerging field of personalized genomics, which many hope will lead to a surge in individualized medical and pharmaceutical innovations, according to the Associated Press.

Most of the biotech firms at the conference are based in the U.S., including Cellular Dynamics International, a Wisconsin company credited with generating stem cells from existing connective tissue that is then used in producing new heart cells.

"The main purpose is for drug discovery," explained a company spokesman to the AP. "Cardiotoxicity is a serious problem in drug development and is the second biggest reason for drug withdrawal from the market."

The breakthroughs exemplify the recent growth in the biotech industry, but also confirm American dominance in the field. However, as markets in China, India, Japan and other nations begin to globalize and develop their own markets, biotech firms are adopting systems for managing their intellectual assets.