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Report Overview
The global biotechnology market was valued at USD 478.50 Billion in 2024, 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 14.10% during the forecast period of 2025-2034, with the values likely to reach USD 1789.53 Billion by 2034. The biotechnology market is experiencing substantial growth, driven by advancements in personalized medicine, orphan drug formulations, and innovative clinical studies. Increasing investment in research, coupled with evolving regulatory frameworks, is accelerating drug discovery and development. Companies in the biotechnology market are leveraging cutting-edge technologies to enhance treatment precision, addressing rare and complex diseases. Additionally, the demand for biotechnology solutions in the market continues to rise as healthcare systems adopt novel therapeutics and biologics. The emphasis on targeted therapies, regenerative medicine, and genetic engineering is fostering industry expansion, while collaborations between academic institutions and pharmaceutical firms further propel market innovation.
2024
Base Year
2018-2024
Historical Year
2025-2034
Forecast Year
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.
Biotechnology Market Report Snapshots
Biotechnology Market Regional Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The market was valued at USD 478.50 Billion in 2024. It is expected to reach a value of approximately USD 1789.53 Billion by 2034.
The market is expected to grow at a CAGR of 14.10% during the forecast period 2025-2034 driven by the rapid advancements in tissue engineering and regenerative medicine.
Key players in the market include AstraZeneca, Gilead Sciences, Inc., Bristol-Myers Squibb, Sanofi, Biogen, Pfizer, Inc., Amgen Inc., Novo Nordisk A/S, Johnson & Johnson Services, Inc., Novartis AG, Abbott, Agilent Technologies Inc., Danaher, BD, Bio-Rad Laboratories Inc., General Electric, bioMerieux 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.
Rising demand for genetically modified crops, advancements in regenerative medicine, increasing prevalence of chronic diseases, and growing investments in biopharmaceuticals and gene therapy are key drivers of the biotechnology market.
Trends include increasing adoption of CRISPR technology, advancements in fermentation processes, expansion of precision medicine, rise in stem cell research, and the growing use of AI in drug discovery.
Regenerative medicine, gene therapy, biopharmaceuticals, precision medicine, and agricultural biotechnology are among the fastest-growing sectors due to technological advancements and rising healthcare and food security demands.
High research and development costs, complex regulatory approvals, ethical concerns over genetic modification, limited access to advanced technologies, and intellectual property challenges hinder biotechnology market expansion.
North America is expected to dominate due to strong R&D investments, extensive biopharmaceutical activity, a favourable regulatory environment, and increasing adoption of advanced biotechnology solutions.
Innovations like CRISPR are revolutionising genetic research, enabling precise modifications for disease treatment, improving agricultural crops, and enhancing drug development, thus driving market expansion.
Partnerships accelerate innovation, foster knowledge exchange, facilitate clinical trials, and enhance commercialisation of biotechnology products, leading to faster market growth and technological advancements.
Pharmaceutical and biotechnology companies are poised to contribute significantly to market growth due to increasing R&D investments, drug development, and advancements in biopharmaceuticals and personalised medicine.
Reagents and services will dominate the market share as they are essential for research, diagnostics, and drug discovery, ensuring consistent demand across pharmaceutical, academic, and clinical applications.
Digital transformation is accelerating innovation in the biotechnology market by enhancing data analysis, automating laboratory processes, improving precision medicine, and streamlining research, ultimately leading to faster drug development and improved patient outcomes.
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