Biotechnology Market Size | Share and Trends 2024 to 2034

Biotechnology Market Size and Forecast 2024 to 2034

The global biotechnology market size accounted for USD 1.55 trillion in 2024 and is expected to reach around USD 4.61 trillion by 2034, expanding at a CAGR of 11.5% from 2024 to 2034. The North America biotechnology market size reached USD 521.02 billion in 2023.

Biotechnology Market Key Takeaway

• North America accounted for a revenue share of 37.79% in 2023.
• Asia Pacific has generated a revenue share of 23.99% in 2023.
• By application, the bio-pharmacy segment has captured 41.73% revenue share in 2023.
• The bio-industries application segment held a 24.33% revenue share in 2023.
• By technology, the tissue engineering and regeneration segment has garnered a 19.26% revenue share in 2023.

U.S. Biotechnology Market Size and Growth 2024 to 2034

The U.S. biotechnology market size was estimated at USD 246.18 billion in 2023 and is predicted to be worth around USD 830.31 billion by 2034, at a CAGR of 11.6% from 2024 to 2034.

Based on the region, the North American region dominated the global biotechnology market with revenue share in 2023. Several factors, including the existence of important competitors, strong R&D initiatives, and high healthcare expenses, have contributed to the North America region market growth. Furthermore, a growing number of businesses operating in the region are gaining drug approvals, which is fueling market expansion.

The Asia-Pacific is estimated to hit a growth rate of over 12.4% during the forecast period. The improvement of healthcare infrastructure, clinical trial services, and supportive government regulations are all contributing to the Asia-Pacific biotechnology market growth. Moreover, the international market players are partnering actively with local companies in order to accelerate the biotechnology market’s growth.

Growth Factors

Biotechnology is a branch of science that develops or creates products by utilizing biological systems, living creatures, or elements out of them. Biotechnology now encompasses a wide range of fields such as biochemistry, genetics, and molecular biology. Every year, new technologies and products are developed in fields such as medical, agriculture, and industrial biotechnology.

Due to the rise of the biotechnology sector in developing nations such as China, Japan, and India, the market is being driven by favorable government initiatives. The government activities are aimed at streamlining the medication regulatory pathway, standardizing clinical studies, enhancing reimbursement policies, and expediting the product approval process, all of which will provide the industry with lucrative growth potential.

Furthermore, agricultural input firms are concentrating their efforts on upgrading existing technologies, such as the development of new stacked features in crops and new germplasm through breeding innovations and gene sequencing. The key market players are concentrating their efforts on bringing agricultural innovations to market in order to boost production through long-term solutions.

The rising incidences of target diseases and genetic disorders, as well as continuous technological advancements in Polymerase Chain Reaction (PCR) technologies, the development of miniaturized portable instruments, and the incorporation of robotics, as well as increased investments, funds, and grants for research activities, are driving the growth of the biotechnology market during the forecast period.

The use of genomic analytic techniques such as microbial identification and detection of genetic changes in the diagnosis of major infectious diseases like HIV, malaria, and TB and genetic abnormalities has developed rapidly over the last decade. The expansion in the global prevalence of target diseases, together with the demonstrated usefulness of Polymerase Chain Reaction (PCR) analysis in the diagnosis and estimation of disease-causing bacteria, will drive up the use of clinical diagnostic tests and will ultimately boost the growth of biotechnology market.

The rising frequency of infectious and chronic diseases as well as increased research and development investments to develop breakthrough genomic techniques such as cell based assay and polymerase chain reaction (PCR), are likely to drive significant development in emerging countries. In developing regions, the biotechnology market growth will be aided by the rise in healthcare spending, the expansion of healthcare infrastructure, and lower procedural costs of disease diagnosis techniques.

The expansion of healthcare infrastructure in emerging countries is accompanied by rapid growth of healthcare facilities and modernization. This aspect is contributing to diagnostic laboratories’ increasing demand for clinical diagnostic procedures, which is leading in higher sales and revenue growth of biotechnologies in the market.

Biotechnology is becoming more important since large amounts of data generated by techniques such as nucleic acid and protein acid sequencing require data interpretation and management for medical and future research objectives. Consequently, the biotechnology market is likely to be driven by increased demand over the forecast period.

Market Scope

Application Insights

Based on the application, the bio-pharmacy dominates the biotechnology market during the forecast period. The increasing prevalence of diseases is mostly responsible for the growth of the segment. Thus, the rising demand for medicines and drugs is driving the growth of the bio-pharmacy segment in the biotechnology market.

On the other hand, bio-informatics is expected to grow at a rapid pace of 12.6% during the forecast period. The rising demand for nucleic acid and protein sequencing, rising initiatives from private and government organizations, propelling the growth of proteomics and genomics, and rising research on molecular biology and drug discovery are all growth factors for the bio-informatics segment. The bio-informatics segment is predicted to increase rapidly during the forecast period as a result of the aforementioned factors.

Global Biotechnology Market Revenue, By Application, 2020-2023 (USD Billion)

Technology Insights

The tissue engineering and regeneration segment held the dominating share of the market in 2023. Tissue engineering and regeneration technologies are finding applications across a broad spectrum of healthcare domains, including orthopedics, cardiology, dermatology, and neurology. The versatility of these approaches in addressing diverse medical needs further strengthens their dominance in the biotechnology market. Regulatory agencies worldwide are increasingly recognizing the potential of tissue engineering and regeneration technologies and providing support for their development and commercialization. Clinical validation through successful trials and regulatory approvals has bolstered confidence in these approaches, paving the way for their widespread adoption and market dominance.

The chromatography segment is observed to grow at the fastest pace during the forecast period. Chromatography techniques offer unparalleled analytical precision, allowing biotechnologists to separate and analyze complex mixtures of biomolecules with high resolution and accuracy. This precision is crucial for various applications in biotechnology, including drug discovery, proteomics, genomics, and quality control. Chromatography techniques, particularly affinity chromatography, ion exchange chromatography, and size exclusion chromatography, are essential for protein purification in biotechnology research and production. These techniques enable the isolation and purification of target proteins from complex biological matrices, facilitating downstream applications in biopharmaceuticals, diagnostics, and research.

Global Biotechnology Market Revenue, By Technology, 2020-2023 (USD Billion)

Biotechnology Market Companies

• Lonza
• AstraZeneca
• Pfizer Inc.
• Gilead Sciences Inc.
• F. Hoffmann-La Roche Ltd.
• Biogen
• CELGENE Corporation
• Sanofi
• Abbott
• Novartis AG

Key Companies & Market Share Insights

The market is moderately fragmented with the presence of several local companies. These market players are striving to gain higher market share by adopting different marketing strategies, such as new product launch, investments, partnerships, and mergers & acquisitions. The companies are also spending on the development of improved products. Moreover, they are also focusing on competitive pricing.

In April 2021, the Thermo Fischer Scientific acquired clinical research organization.

The various developmental strategies such as acquisition, business expansion, investments, new product launches, partnerships,joint venture, and mergers fosters market growth and offers lucrative growth opportunities to the market players.

Segments Covered in the Report

By Application

• Bio-pharmacy
• Bio-industries
• Bio-services
• Bio-agriculture
• Bio-informatics

By Technology

• Fermentation
• Tissue Engineering and Regeneration
• Polymerase Chain Reaction (PCR) Technology
• Nanobiotechnology
• Chromatography
• Deoxyribonucleic Acid (DNA) Sequencing
• Cell Based Assay
• DNA Sequencing
• Others

By Geography

• North America
  • U.S.
  • Canada
• Europe
  • U.K.
  • Germany
  • France
• Asia-Pacific
  • China
  • India
  • Japan
  • South Korea
• Rest of the World