Biotechnology Market

Biotechnology Market Outlook (2024 to 2034)

The global biotechnology market is analyzed at US$ 550.83 billion in 2024. The market has been forecasted to rise at an excellent CAGR of 17.09% to reach a value of US$ 2667.36 billion by 2034-end.

Several countries are implementing laws and regulations that are beneficial for biotechnology companies. The reason behind this is to encourage the development of biotechnology. Further, increasing global health issues, including pandemics and infectious diseases, are driving demand for biotechnology solutions, such as vaccinations and diagnostic instruments. Biotechnology research and development is increasing because of joint efforts to address health crises.

The growing incidence of genetic abnormalities and chronic diseases around the world is driving up demand for biopharmaceuticals. Advanced medicines that offer focused treatment options are becoming more necessary as diseases, including diabetes, autoimmune diseases, cancer, and others are becoming increasingly prevalent. Compared to conventional medications, biopharmaceuticals, such as recombinant proteins, vaccines, and monoclonal antibodies are made to precisely interact with biological pathways to provide more individualized and efficient remedies.

Key Market Growth Drivers

• The biotechnology market size is expanding due to advancements in synthetic biology, CRISPR gene editing, and genomic sequencing, which are making its applications more accurate and effective
• Latest ongoing developments, which also come under biotechnology market trends, are making it easier to create new products and treatments, especially in the fields of agriculture and medicine.
• Increasing number of incidents related to genetic abnormalities and chronic diseases is creating the need for biopharmaceuticals, such as recombinant proteins, vaccines, and monoclonal antibodies. Compared to regular medications, these therapies widely offer more effective and customized therapy alternatives.
• Biotechnology is becoming essential in creating customized treatments that take into account each patient's unique genetic and phenotypic characteristics as healthcare moves toward more individualized approaches.
• Innovations in this field are driven by heavy investment in biotechnology research and development in the public and private sectors. Government funds, venture capital funding, and collaborations with academic institutes are crucial for advancing the field.
• The utilization of agricultural biotechnology is increasing due to the rising need to improve food production to fulfill the demand. Biopesticides and genetically modified organisms (GMOs) are widely used to increase crop yields, lessen reliance on chemical pesticides, and increase food security.

Report Attributes	Details
Biotechnology Market Size (2024E)	US$ 550.83 Billion
Forecasted Market Value (2034F)	US$ 2667.36 Billion
Global Market Growth Rate (2024 to 2034)	17.09% CAGR
North America Market Value (2024E)	US$ 231.68 Billion
East Asia Market Growth Rate (2024 to 2034)	20.4% CAGR
Human Health Technologies Segment Value (2034F)	US$ 1796.1 Billion
Pharma and Medical Manufacturers and Wholesalers Segment Value (2034F)	US$ 876.51 Billion
Key Companies Profiled	Johnson & Johnson; Roche; Pfizer; Novartis; Gilead Sciences; Amgen; Bristol Myers Squibb; Biogen; Regeneron Pharmaceuticals; Vertex Pharmaceuticals

Which Factor is Creating Positive Sentiments in the Market for Biotechnology?

“Continuously Increasing Focus on Technical Developments and Research”

Ongoing research and technological advances, particularly in the area of synthetic biology, CRISPR gene editing, genomic sequencing, and others are positively affecting the biotechnology market growth as this is helping to improve their accuracy and effectiveness. Because of advancements in genome sequencing, scientists now analyze genetic data in great detail, identifying genetic variants associated with diseases and enhancing crop characteristics. Because CRISPR technology allows scientists to alter genes with previously unheard-of precision, targeted medicines in medicine and genetically modified organisms (GMOs) in agriculture are being developed.

Other than this, synthetic biology is helping to create new biological components and systems by fusing biology and engineering concepts. This is creating new opportunities for the production of biodegradable materials, sustainable biofuels, and novel medications.

What is Restraining the Global Market Expansion?

“Complexity of Patent Laws and Intellectual Property Rights”

The market expansion for biotechnology is restrained by patent regulations and intellectual property rights. Because patent regulations and intellectual property rights are so complicated, they are creating serious problems for the agricultural biotechnology industry. Navigating these legal systems is difficult, particularly for smaller businesses and research organizations, which is increasing concerns about possible patent infringement and the consequences that come with it.

Since smaller organizations lack the funds to acquire necessary biotechnological instruments, the high licensing costs for patented technologies discourage continued research. Moreover, the advancement of agricultural biotechnology is somehow getting hampered by these issues as they prevent scientists and companies from working together.

Country-wise Insights

The North American region is projected to lead with a high portion of the biotechnology market share throughout the forecast period. North America is continuously showing bullish sentiments due to its well-established agricultural biotechnology industry. The growth in the agricultural biotechnology industry in the region is driven by its well-structured framework for genetically modified organism (GMO) research, development, and commercialization.

Why Biotechnology Companies are Aiming at the United States?

“Increasing Research and Development Activities in Biopharmaceuticals”

Attribute	United States
Market Value (2024E)	US$ 207.7 Billion
Growth Rate (2024 to 2034)	14.6% CAGR
Projected Value (2034F)	US$ 811.79 Billion

The biopharmaceutical industry in the United States is continuously expanding due to genetic abnormalities and the rising incidences of chronic diseases. Advanced therapeutic solutions are increasing in demand as these health issues become more prevalent. This expansion is further driven by innovative medicines such as gene therapies and monoclonal antibodies, which are providing focused solutions that maximize efficacy while minimizing side effects.

Complex diseases that need precise and efficient interventions, such as cancer, autoimmune disorders, uncommon genetic diseases, and others are especially well-treated by these medicines. Continuously increasing focus and investment in research and development activities of biopharmaceutical in the United States is positively influencing the market expansion.

Why is the Market Expanding in India at an Excellent Growth Rate?

“Growing Investment in Agricultural Biotechnology to Increase Crop Yield”

Attribute	India
Market Value (2024E)	US$ 41.5 Billion
Growth Rate (2024 to 2034)	23% CAGR
Projected Value (2034F)	US$ 327.85 Billion

To face the important issues of food security and farming techniques that are sustainable, India is putting a high emphasis on agricultural biotechnology. As part of its efforts to increase crop yield, the country is heavily investing in the development of genetically modified crops that are resistant to diseases and pests, as well as biopesticides and biofertilizers that support ecologically friendly farming practices.

By lowering the need for chemical pesticides and fertilizers, these developments aim to increase crop yields while decreasing agriculture's environmental effects. India is aiming to develop a stronger food system that satisfies the needs of its growing population while encouraging sustainable practices by giving agricultural biotechnology top priority.

Category-wise Insights

Based on product and service, the market is segmented into human health technologies, industrial & environmental technologies, crop production & agricultural technologies, and animal health technologies. The industrial & environmental technologies segment is projected to rise at a better pace of 18.2% CAGR over the next ten years because of the growing need for environment-friendly solutions across several industries and the increasing emphasis on sustainability.

Why is the Need for Human Health Technologies Increasing?

“Rising Requirements for Innovative Medical Solutions”

Attribute	Human Health Technologies
Segment Value (2024E)	US$ 343.8 Billion
Growth Rate (2024 to 2034)	18% CAGR
Projected Value (2034F)	US$ 1796.1 Billion

The human health technologies segment holds a significant portion of the overall market due to the growing requirement for advanced medical solutions that enhance healthcare delivery and patient outcomes. Recent biotechnology advancements are helping to produce customized medicines, biopharmaceuticals, and targeted therapies more effectively. They are being considered more helpful than conventional therapy in treating complex illnesses.

The research and development activities in human health technologies are continuously increasing due to the rising incidence of chronic illnesses and the growing emphasis on preventative treatment.

Which Major Market Segment Holds a Significant Revenue Share?

“Prominent Role in Manufacturing, Distribution, and Production of Pharma”

Attribute	Pharma and Medical Manufacturers and Wholesalers
Segment Value (2024E)	US$ 167.38 Billion
Growth Rate (2024 to 2034)	18% CAGR
Projected Value (2034F)	US$ 876.51 Billion

The pharma and medical manufacturers and wholesalers segment account for a larger portion of the revenue because of their important role in the creation, manufacturing, and distribution of medical technologies and biopharmaceuticals. Increasing investment in research and development is further contributing to this segment’s growth as the production of innovative cures and treatments is rising, which is helping to meet several medical requirements.

With the increasing demand for biologics, such as gene treatments and monoclonal antibodies, manufacturers and wholesalers are well-positioned to take advantage of their experience in managing regulatory complexity and expanding production.

Competitive Landscape

Key players in the biotechnology industry are heavily investing in research and development activities to innovate and create new biotech products, such as genetically modified crops, biopesticides, bio-fertilizers, and others. Several companies are partnering with academic institutions, research centers, and other biotech firms to speed up the development of new technologies.

• In October 2024, the first Gene Therapy Center in the Baltic States was opened by Northway Biotech in Vilnius, Lithuania. This cutting-edge facility is the first structure of the BIO CITY project, which aims to assist creative businesses and create Europe's major biotechnology hub.
• In October 2024, a US$ 2.5 million seed investment round was raised by Avenue Biosciences, a transatlantic biotechnology business that specializes in innovative protein engineering technologies.
• In October 2023, Kite and Epicrispr Biotechnologies, Gilead's subsidiary, established a research partnership and licensing arrangement to use the latter's gene regulatory technology in the development of cutting-edge cancer cell therapies.

Fact.MR provides detailed information about the price points of prominent players in the biotechnology market positioned across the world, sales growth, production capacity, and speculative technological expansion, in this new market report.

Segmentation of Biotechnology Market Research

• By Product & Service :

  • Human Health Technologies
  • Industrial & Environmental Technologies
  • Crop Production & Agricultural Technologies
  • Animal Health Technologies

• By Major Market :

  • Pharma and Medical Manufacturers and Wholesalers
  • Public Sector
  • Resource Industries
  • Agriculture & Food Sector

• By Region :

  • North America
  • Western Europe
  • Eastern Europe
  • Latin America
  • East Asia
  • South Asia & Pacific
  • Middle East & Africa