The global biotechnology market was estimated at USD 1,224.31 billion in 2022 and is expected to be worth around USD 3,210.71 billion by 2030 and poised to grow at a noteworthy CAGR of 12.8% from 2023 to 2030.
Access our Premium Real Time Data Intelligence Tool, Visit: Precedence Statistics
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 Size in 2023||USD 1,378.63 Billion|
|Growth Rate from 2023 to 2030||CAGR of 12.8%|
|Revenue Projection by 2030||USD 3,210.71 Billion|
|Largest Market||North America|
|Fastest Growing Market||Asia Pacific|
|Forecast Period||2023 to 2032|
|Segments Covered||Application, Technology, Region|
|Companies Mentioned||Lonza, AstraZeneca, Pfizer Inc., Gilead Sciences Inc., F. Hoffmann-La Roche Ltd., Biogen, CELGENE Corporation, Sanofi, Abbott, Novartis AG|
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 bio-pharmacy segment in the biotechnology market.
On the other hand, the bio-informatics is expected to grow at 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 aforementioned factors.
Global Biotechnology Market Revenue, By Application 2021-2030 (US$ Bn)
Based on the technology, the nano-biotechnology segment dominated the market with highest market share during 2022 with a CAGR of around 12.4% from 2022 to 2030. The investment in research and development (R&D) is a crucial component driving the growth of nano-biotechnology segment. The growing demand for treatments for essential diseases is driving the segment during the forecast period.
On the other hand, the polymerase chain reaction (PCR) technology segment is fastest growing segment in the biotechnology market. The increased desire for personalized and precision medicine, as well as technological developments and applications in drug development, are all driving the growth of the polymerase chain reaction (PCR) technology segment during the forecast period.
Global Biotechnology Market Revenue, By Technology 2021-2030 (US$ Bn)
|Tissue Engineering and Regeneration||211.43||236.90||598.08||12.3%|
Based on the region, the North America region dominated the global biotechnology market with revenue share in 2022. 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 13.7% 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.
Global Biotechnology Market Revenue, By Region 2021-2030 (US$ Bn)
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.
Some of the prominent players include:
PROCEED TO BUY :
ASK FOR SAMPLE
No cookie-cutter, only authentic analysis – take the 1st step to become a Precedence Research client