Biotechnology Market Size to Hit US$ 1,683.52 Billion by 2030

The global biotechnology market size is projected to reach around USD 1,683.52 billion by 2030 from valued at USD 793.87 billion in 2021, growing at a CAGR of 8.7% from 2022 to 2030.

 Growth Factors

The growing government initiatives and support to promote the growth of the biotechnology industry is the major driving force of the global biotechnology market. The modernization of the regulatory pathways, boosting up the approval processes, standardization of the clinical studies, and the development of favorable reimbursement policies are several significant initiatives that has exponentially propelled the growth of the global biotechnology market. The surging demand for the personalized and orphan drugs across the globe is expected to augment the demand for the biotechnology drugs in the forthcoming period.

The growing prevalence of various chronic diseases has fostered the adoption of biotech in the drug discovery and development. The rising adoption of the biotechnology in the various end use verticals such as pharmaceuticals, industries, informatics, and agriculture is further fueling the growth of the biotechnology market across the globe.

Report Highlights:

Based on the application, the global biotechnology market was dominated by the bio-pharmacy segment in 2021. The emergence of several biotechnology drugs that are efficient at curing several chronic diseases like cancer which were previously non-curable has gained a rapid traction across the globe. The rising investments in the research and development for drug discovery for the treatment of numerous gene related diseases and other chronic diseases is expected to ensure the dominance of the bio-pharmacy segment throughout the forecast period.

On the basis of technology, the nano-biotechnology was the dominant segment in 2021. This growth is attributed to the increased technological advancements in the nanotechnology field. Moreover, the rising investments in the integration of novel technologies like artificial intelligence (AI) and cloud computing that facilitates fast and accurate RNA/DNA sequencing is significantly driving the growth of the nano-biotechnology segment across the globe.

Region wise, North America was the leading biotechnology market in 2021. The government in the developed market like US has played a crucial role in the exponential growth of the biotechnology industry by introducing new regulations, compliances, and policies pertaining to the biotechnology. The presence of numerous biotechnology companies and the impressive investments by them in the research and development activities is fueling the market growth. Furthermore, there is a huge demand for the biotechnology medicines in US owing to the increased prevalence of various diseases such as diabetes, cancer, cardiovascular diseases, and respiratory diseases among the population. The availability of favorable reimbursement policies in the region has significantly contributed towards augmenting the demand for the biotechnology medicines in the region, which has ultimately led to the dominance of North America in the global biotechnology market.

Asia Pacific is witnessing the fastest growth rate during the forecast period. The rising FDIs of top biotechnology MNCs in the region owing to the cheap availability of various factors of production and favorable government policies is fueling the growth of the Asia Pacific biotechnology market. The surging adoption of the biotechnology in the pharmaceutical and agriculture industries is significantly fostering the market growth in the region.

Future of Biotechnology Market

The advent of the novel technologies in the biotechnology is expected to accelerate the market growth. The technologies such as 3D bioprinting and biosensors are getting a rapid traction in the life sciences and the healthcare sector across the globe. The rising usage of these technologies in the development of medicines and diagnosis is anticipated to have a significant impact on the growth of the biotechnology market.

COVID-19 Impact Analysis:

• The outbreak of the COVID-19 diseases had disrupted the supply chain and negatively impacted the growth of the global biotechnology market.
• During the COVID-19 pandemic, the biotechnology industry witnessed an increased investments towards the research and development for the discovery of safety against the COVID-19 infection. It is estimated that over US$13 billion was invested in the biotechnology industry across the globe in 2020.
• The increased investments in the development of diagnostics, drugs, and vaccines to counter the COVID-19 infection had a positive impact on the biotechnology market.

Key Developments in the Marketplace:

• In September 2020, F. Hoffmann-La Roche Ltd. acquired an Irish biotechnology company named Inflazome, which was engaged in developing inflammasome inhibitors.
• In September 2019, Bayer AG entered into an merger agreement of US$ 63 billion with Monsanto India for the formation of the Bayer CropScience Ltd.
• In April 2021, the Thermo Fischer Scientific acquired a clinical research organization.

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