Global Biotechnology Market Report and Forecast 2024-2032

Global Biotechnology Market Size

The global biotechnology market was valued at USD 1292.5 billion in 2023, driven by a rising focus on personalized medicine and advancements in gene editing technologies across the globe. The market is expected to grow at a CAGR of 19% during the forecast period of 2024-2032, with the values likely to rise from USD 1538.2 billion in 2024 to USD 6189.9 billion by 2032.

Global Biotechnology Market Outlook

• The rising demand for biologics (monoclonal antibodies, vaccines, and cell and gene therapies), along with the growing interest in regenerative medicine (stem cell therapy and tissue engineering) are contributing to the sustained market expansion.

• The surge in merger and acquisition activities and increased investments in the biotech sector are the major biotechnology market trends.

• DNA sequencing technology covers a large market share owing to its expanding applications in healthcare and clinical research, and its critical role in the advancement of personalized treatment approaches.

Global Biotechnology Market Dynamics

Biotechnology is the amalgamation of biology and technology to facilitate a better understanding of cellular and biomolecular processes in order to develop new technologies and products for enhanced human health. It has spanned across several domains like pharmaceuticals, agriculture, food, and forestry sciences. Modern-day biotechnology is based on nanobiotechnology, DNA sequencing, cell-based assays, PCR technology, and others. It may aid in improving people’s health by bringing improved drugs, vaccines, and treatments with reduced side effects.

Advancements in technology and increasing investments in research and development are significant growth drivers of the biotechnology market. Continuous innovations in gene editing technologies, bioinformatics, and computational biology are also influencing the market landscape. Expanding applications of biotechnology across various sectors and increasing partnerships among the key market players are likely to elevate the market value. Further, substantial funding from governments, private investors, and venture capitalists is bolstering the development of novel biotechnological solutions. Moreover, biotechnology market research indicates a shift towards personalized medicine supported by advances in molecular diagnostics and genomics. Additionally, the rising demand for biologics (monoclonal antibodies, vaccines, and cell and gene therapies), along with the growing interest in regenerative medicine (stem cell therapy and tissue engineering) are contributing to the market expansion. However, ethical issues surrounding genetic modification and the high cost associated with biotechnological research and development can pose a constraint to market growth.

Global Biotechnology Industry Analysis

Factors like the rising prevalence of chronic diseases due to increased substance indulgence, sedentary lifestyle, and unhealthy dietary habits have led to a high demand for drugs, vaccines, and other therapeutics. This has directly impacted the market demand as well. Technologies like CRISPR-Cas9 have been deployed in genetic engineering to get enhanced results. In addition, rising investments in medical research and development are one of the major biotechnology industry trends.

Artificial intelligence and machine learning have found increased applications in biotechnology, especially in drug development, clinical trial design, and personalized medicine domains. Currently, BigHat Biosciences is working on developing next-generation therapeutic antibodies like BiTE (Bi-specific T-cell engager) using an artificial intelligence discovery platform. Using artificial intelligence enables prompt processing of large data sets along with scoring and (virtual and wet) chemical synthesis. The application of new-age tools can lead to an expedited drug development process and benefit the market value in the upcoming years.

Global Biotechnology Market Growth Drivers

Rising Prevalence of Chronic Diseases Fuel Market Demand

Recent data reveals that the prevalence of chronic diseases is increasing which will directly impact the demand for biotechnological solutions for treatment, diagnosis, and management of these diseases. According to the World Health Organization (WHO), non-communicable diseases or chronic diseases are responsible for the death of 41 million people annually, accounting for 74% of all deaths. Out of all chronic disease deaths, 17.9 million people die from cardiovascular diseases and 9.3 million deaths occur due to cancer. To tackle this significant health challenge, many biotech firms are investing in the development of target therapies and advanced diagnostic tools to enable personalized treatment plans and facilitate early detection of diseases. Thus, the increasing number of chronic disease cases is poised to bolster the growth of the biotechnology market.

Increasing Strategic Partnerships Drive Market Growth

Another major factor marking biotechnology market growth is the increasing number of mergers and acquisitions to stimulate innovation and adoption of advanced technologies. In September 2023, Japan-based Otsuka Pharmaceutical acquired Mindset, a drug discovery-based research and development company with expertise in treating psychiatric and neurological disorders. This acquisition aims at developing potential therapy for treatment-resistant depression and post-traumatic stress disorder (PTSD). Such strategic partnerships allow the market players to pool resources, technologies, and expertise, leading to accelerated product development and enhanced market reach. Further, biotechnology market insights reveal that successful collaborations encourage additional investments from venture capitalists, private equity firms, and government grants, thereby propelling market growth. Moreover, partnerships reduce the time to market for new biotechnological therapies and technologies, which is particularly important in addressing urgent medical needs.

Global Biotechnology Market Trends

Surge in Venture Capital Funding Impacts the Market Dynamics

The market is witnessing an increased inflow of capital in the biotechnology sector that fuels the development of new therapies and technologies and shapes the market dynamics. Adequate funding not only allows biotech companies to diversify their portfolios but also helps them set up research centers, manufacturing facilities, and distribution networks in new markets. Increased venture capitalist funding is one of the major biotechnology industry trends that is catalyzing biotech innovation. In 2022, it was reported that biotech start-ups secured over USD 22 billion in funding from venture capitalists across early- and late-stage rounds. In Q3 2023, more than USD 12 billion was raised, which is projected to support the development of promising treatments and the commercialization of novel gene-editing technologies.

Advancements in Gene Editing Technologies are Shaping the Market Landscape

In February 2024, it was reported that India-based CrisprBits Private Limited, specializing in diagnostic tests based on gene editing technology, developed OmiCrisp, a diagnostic and surveillance platform for SARS-CoV2 testing leveraging CRISPR technology. This CRISPR-based test rapidly detects the virus as well as shows 99% accuracy in identifying the Omicron lineage of the virus in clinical samples. Thus, the advancements in gene editing technologies are expected to boost the share of the biotechnology market by providing robust diagnostic tools and novel therapeutic approaches. Further, the increasing demand for gene editing-based diagnostics in healthcare settings due to their high precision and reliability is anticipated to support the market growth in the forecast period.

Recent Developments in the Market

Growing Interest in Biologics and Biosimilars

The increased demand for biologics and their equivalent versions, biosimilars, is impacting the market landscape. This rising interest in biologic drugs is due to their high efficacy and precision in treating conditions like cancer, autoimmune diseases, and other chronic conditions. Further, patent expiration on many popular biologics is allowing the market entry for biosimilars. For example, in September 2023, global healthcare company Abbott Laboratories entered into an agreement with mAbxience Holdings S.L. (Spain-based global biotech company) to commercialze several biosimilars focusing on oncology, respiratory diseases, and women's health, in emerging markets in Latin America, Southeast Asia, the Middle East, and Africa. Thus, as the development and commercialization of biosimilars and their branded counterparts accelerate, the biotechnology market growth is poised to experience a surge.

Surge in Regulatory Approval of Biotechnological Products

In December 2023, the United States Food and Drug Administration (FDA) approved two cell-based gene therapies, lovotibeglogene autotemcel (Lyfgenia) and exagamglogene autotemcel (Casgevy) for the treatment of sickle cell disease (SCD). Lyfgenia is approved to treat patients (aged 12 or more) with sickle cell disease and a history of vaso-occlusive events and employs a lentiviral vector for genetic modification. On the other hand, Casgevy made history as the first FDA-approved therapy utilizing CRISPR/Cas9 technology. It is approved to treat sickle cell disease in patients with recurrent vaso-occlusive crises (VOCs). This increased approval of innovative gene therapies by the health regulatory bodies is a major development in the market.

Global Biotechnology Market Segmentation

Market Breakup by Product Type

• Instruments

• Reagents and Services

• Software

Market Breakup by Technology

• Nano Biotechnology

• PCR Technology

• DNA Sequencing

• Chromatography

• Tissue Engineering and Regeneration

• Cell Based Assays

• Fermentation

• DNA Recombinant Technology

• Others

Market Breakup by Application

• Bio-Pharmacy

• Bio-Industrial

• Bio-Service

• Bioinformatics

• Bio-Agriculture

Market Breakup by End User

• Pharmaceutical and Biotechnology Companies

• Contract Research Organizations

• Academic and Research Institutes

• Others

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

Global Biotechnology Market Share

Technology Segment is Poised to Witness Substantial Market Growth

Based on the technology, the market segmentation includes nano biotechnology, PCR technology, DNA sequencing, chromatography, tissue engineering and regeneration, cell-based assays, fermentation, and DNA recombinant technology, among others. Nanobiotechnology is increasingly utilized to develop nanoscale tools and devices for medical and biological applications and is particularly finding its applications in enhancing drug delivery systems and improving diagnostic capabilities. In the biotechnology market, the polymerase chain reaction (PCR) technology segment, which amplifies small DNA segments, is driving continuous innovations in infectious disease testing.

DNA sequencing technology covers a large market share owing to its growing demand in healthcare, research, and the development of personalized treatment approaches tailored to the individual's genetic makeup. Additionally, the rising technological advancements, especially in next-generation sequencing techniques, have reduced the associated time and cost, making DNA sequencing more accessible and scalable for various applications.

Regional Analysis of the Global Biotechnology Market

Biotechnology has become an integral part of any healthcare development, as a result, all the greatest economies are significantly investing in its market. In North America, significant market trends include the rising preference for personalized medicine, extensive funding from private and public sectors, and the presence of a favorable regulatory environment. The United States has held a major share of the biotechnology market in the historical period. The market size can be attributed to high government investments aimed at fostering innovation as well as improving the research infrastructure. With an aim to leverage biotechnology for combating climate change, the United States government, under the leadership of Joe Biden and Kamala Harris, has made an investment worth USD 1 billion.

In Europe, the biotechnology market size by country varies depending on the regulatory policies, investment levels, and the status of the healthcare infrastructure. Being home to several research institutions and key healthcare companies, Europe is a major player in the market. It has strong government support for biotech research and a rapidly growing pharmaceutical industry, which is likely to influence market dynamics.

With a rising population and emerging economies, the Asia Pacific region is poised to experience expedited biotechnology market growth in the coming years. For instance, the biotechnology market size in India is experiencing rapid growth as the government is putting hefty investments into the pharmaceutical research and development department, with the help of numerous initiatives. Increasing privatization and the influx of foreign capital are also boosting the market share.

Latin America is an emerging market for biotechnology with government initiatives playing a major role in its growth. On the other hand, the Middle East and Africa market is developing, fuelled by an increased focus on improving healthcare services and addressing public health challenges.

Competitive Landscape

The key features of the market report include patent analysis, clinical trial analysis, grant analysis, funding and investment analysis, and strategic initiatives by the leading key players. The major companies in the biotechnology market are as follows:

Abbott

This American multinational medical devices and healthcare company has a robust market presence and is actively engaged in strategic acquisition initiatives to drive innovation and expand market reach. The company significantly invests in developing innovative molecular testing technologies. It is known for its oncology diagnostics, infectious disease products, and laboratory solutions in the biotechnology industry.

Agilent Technologies Inc.

California-based Agilent Technologies Inc. is a leading provider of analytical laboratory technologies, reagents, and consumables for laboratory processes. In April 2024, the company entered into a collaboration with the University of California San Diego (UC San Diego) to establish the Agilent Centre of Excellence (CoE) in Cellular Intelligence for advancing research on editing and engineering cells to treat diseases and expedite the development of novel bioproducts. Additionally, the company is integrating the latest technologies such as automated workflow solutions in its product lines to exert dominance in the biotechnology instruments market.

Danaher

Headquartered in Washington, D.C., this global science and technology is known for its launch of cutting-edge diagnostic and analytical instruments and has been engaged in mergers and acquisitions to reinforce its presence in the market. Danaher is increasingly focusing on the development of genomic medicine and has established many strategic collaborations with leading academic researchers in recent years including a major new center with Jennifer Doudna (Nobel laureate) and the Innovative Genomics Institute (IGI) to manufacture advanced therapies and fuel the adoption of gene-edited cell therapies.

BD

American multinational medical technology Becton, Dickinson and Company (BD) is a key player in the biotechnology market. The company provides instruments and reagents for research and clinical applications, including flow cytometry, cell analysis, and laboratory automation. BD is focused on expanding its global footprint into new markets and also strengthens its presence in established markets by collaborating and investing in other healthcare companies. For instance, it offered funding support to Day Zero Diagnostics to accelerate the development of sequencing-based infectious disease diagnostics.

Other players in the market include Bio-Rad Laboratories Inc., General Electric, bioMérieux SA, LONZA, F. Hoffmann-La Roche Ltd., Hoefer, Inc., PerkinElmer Inc., Merck KGaA, Promega Corporation, Quality Biological, Siemens, Bio-Techne, TAKARA HOLDINGS INC., Sysmex Corporation, Tosoh Corporation, and Olympus Corporation, among others.

The competitive landscape is characterized by rising investments in technological innovations such as artificial intelligence and machine learning, strategic mergers, and acquisitions, and a growing focus on expanding into new markets and therapeutic areas.

Key Highlights of the Report

Key Questions Answered in the Biotechnology Market Research Report

• What are the current trends driving growth in the biotechnology market? 
• How is the regulatory environment affecting the biotechnology industry? 
• Which biotechnology sectors are experiencing the fastest growth? 
• What are the key challenges facing the biotechnology market? 
• What is the market segmentation by product type?
• What is the market breakup based on technology?
• Who are the major end users in the market?
• What technological advancements are revolutionizing the biotechnology market? 
• How does the biotechnology market vary by region?
• Which regional market is expected to lead the market share in the forecast period? 
• Which country is expected to experience expedited growth during the forecast period?  
• What are the future prospects for the biotechnology market?
• What are the primary applications of biotechnology in different industries? 
• How is the investment landscape shaping up for biotechnology startups?  
• How is the demand for personalized medicine influencing the biotechnology market? 
• What are the emerging opportunities in agricultural biotechnology? 
• How is the biopharmaceutical sector driving innovation in biotechnology? 
• What are the current biotechnology market opportunities and challenges for the key stakeholders? 
• What are the market dynamics for biotechnology in developing countries? 
• How is digital transformation impacting the biotechnology market?
• Which product type will dominate the market share? 
• Which application area is expected to have a high market value in the coming years?
• What role do mergers and acquisitions play in the biotechnology industry? 
• Which technology type will experience the highest demand in the market segment?
• Which end user is poised to contribute to significant market growth?
• Who are the major players in the biotechnology market? 
• What are the ethical considerations in biotechnology research and development? 
• How are collaborations between academia and industry shaping the biotechnology market? 
• What are the key factors influencing consumer acceptance of biotechnology products? 
• How are advancements in gene editing technologies affecting the biotechnology market?

Biotechnology Market Report Snapshots

Biotechnology Market Size

Biotechnology Market Growth

Biotechnology Market Trends

Biotechnology Market Share

Biotechnology Market Regional Analysis

Biotechnology Companies