Biotechnology Market Size - Growth, Share by 2031
The Biotechnology Market size was estimated to be US$ 299219.03 million in 2021 and US$ XX million in 2023 and is expected to reach US$ 966683.82 million by 2031; it is estimated to record a CAGR of 12.6% in till 2031. Biotechnology is used in variety of applications that includes industrial/bio processing, bioinformatics, food & agriculture, health, natural resources & environment, and others. In addition, the modern biotechnology enables to provide outstanding innovations for products and technologies against the unbearable and rare diseases it also reduces environmental footprint, feed the hungry. Furthermore, it utilizes less and cleaner energy for safer, cleaner and more efficient industrial manufacturing processes. Factors such as declining prices of genome sequencing, increasing innovative technologies bolstering the Biotechnology market growth. Additionally, increasing number of initiatives by private and government bodies are also driving the Biotechnology market growth. Moreover, rising number of conferences and workshops are likely to remain key Market trends. [AT1]
Biotechnology Market Analysis
The rapidly decreasing genome sequencing costs have been a major driving force in transforming and understanding of clinical genetics, revolutionizing the diagnosis & treatment of rare diseases, and paving the way for precision medicine. The cost of a human genome sequence decreased from an estimated $1 million in 2007, to $1000 in 2014, and it is approximately $600 at present. The biotechnology market growth is primarily driven by the decreasing price of genome sequencing. Substantial adoption of genome sequencing by pharmaceutical and biopharmaceutical companies are driving the growth of market.
Biotechnology Market Overview
The informatics experts and biologists using newer sequencing technologies by aiming at making better genomes. The improving software technologies for piecing DNA together and increasing novel techniques for locating sequences on chromosomes have risen in the recent years. To support the adoption of newer technologies with improved tools and techniques, several programs established. For instance, in 1989, the Genome Sequencing Program of the National Human Genome Research Institute (NHGRI) was established to address current scientific opportunities for Genomics.
The Genome Technology program is also supporting to develop novel technologies with improved method and instruments that allow low-cost rapid determination of DNA sequence, functional genomics experiments and SNP genotyping. The Genome Technology program also supports the technology transfer from developers to the users and helps in promoting collaborative multidisciplinary programs that closely incorporate at industrial and academic laboratories. Moreover, many industry players have come up with innovative NGS technology in last few years. For instance, Pacific Biosciences with Sequel, and Oxford Nanopore with PromethION. Additionally, three advances NSG systems that dominate the market includes Roche GS FLX (454), Illumina HiSeq 2000 (Solexa) and AB SOLiD (Agencourt). Advancement in genome sequencing has made the sequencing easy and accurate.
Thus, due to the technological advancements the Biotechnology market is expected to grow at rapid pace during the forecast period.
Global biotechnology market is segmented by region into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. In North America, the US is the largest market for biotechnology. The growth in North America is characterized by increase in the demand of innovative products from biopharmaceutical and biotechnology companies, presence of key market players and extensive R&D conducted by various academic and research institutes. In addition, continuous technological advancements are further expected to stimulate the growth of market in North America.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Biotechnology Market: Strategic Insights
Market Size Value in US$ 218,012.10 Million in 2017 Market Size Value by US$ 471,336.40 Million by 2025 Growth rate CAGR of 10.5% from 2017 to 2025 Forecast Period 2017-2025 Base Year 2017
Mrinal
Have a question?
Mrinal will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Biotechnology Market: Strategic Insights
| Market Size Value in | US$ 218,012.10 Million in 2017 |
| Market Size Value by | US$ 471,336.40 Million by 2025 |
| Growth rate | CAGR of 10.5% from 2017 to 2025 |
| Forecast Period | 2017-2025 |
| Base Year | 2017 |
Mrinal
Have a question?
Mrinal will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
Biotechnology Market Drivers and Opportunities
Increasing focus on advanced method incorporation in Healthcare to Favor United States Market
Increasing focus on advanced method incorporation in healthcare, government and private initiatives for promotion of precision medicine and massive funds from government and private bodies for genomic research is further expected stimulate the growth and contribute to exceptional revenue generation for the biotechnology market in North America. The medical and agricultural biotechnology has undergone revolutions as a result of various development programs, business strategies that helps to produce, discover or alter various biomolecules and organisms through bioengineering approaches. The Department of Health and Human Services invested US$40 million to expand the role of biomanufacturing for active pharmaceutical ingredients (APIs), antibiotics, and the starting materials needed to produce essential medications and respond to pandemics in 2022. DoD is launching the Tri-Service Biotechnology for a Resilient Supply Chain program with more than $270 million investment over five years to turn research into products more quickly and to support the advanced development of bio-based materials for defence supply chains, such as fuels, fire-resistant composites, polymers and resins, and protective materials. This need is likely to drive the United States biotechnology market during the forecast period.
Government Initiatives – An Opportunity of Biotechnology Market
In December 2023, the Department of Biotechnology (DBT) and Biotechnology Industry Research Assistance Council (BIRAC) announced the launch of 14 new biotech-based products developed by start-ups and entrepreneurs across industries such as healthcare, diagnostics, medical devices, agriculture, industrial biotechnology, during the 3rd edition of Global Bio-India, a mega international congregation on biotechnology, held at Bharat Mandapam, Pragati Maidan in New Delhi.
Such advancements in recent years is likely to generate attractive growth opportunity for the biotechnology market.
Biotechnology Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Biotechnology Market analysis are product and application.
- Based on product, the biotechnology market is segmented into DNA sequencing, fermentation, cell-based assay, nanobiotechnology, chromatography, PCR technology, tissue engineering and regeneration, other technologies. The DNA sequencing segment held the largest share of the market in 2023 and the same segment is likely to grow at a highest rate during the forecast period. DNA sequencing is the technique which is used to determine the specific order of the nucleotide bases that forms the strand of DNA. Currently it is an essential technique for the many of the basic and applied research studies and its applications. The technique of DNA sequencing was used in the human genome project which took thirteen years for its completion and helped to understand the cause of the genetic changes in the genetic diseases. The technique also helps to target the specific gene that can be used to design the drugs for the specific genetic disease. In addition, the DNA sequencing is used for the genetic testing for the paternity and other family relationship. Moreover, the DNA sequencing is used for the identifying the crime suspects and victims through the forensic studies. Furthermore, the techniques also have important role for analyzing the bacteria, and other microorganisms that are responsible for polluting air, water and food. DNA sequencing is majorly used to identify and study variations in different group of animals and plants and their migratory patterns for determining the rare breed for seed or livestock. Many companies like Thermo Fisher Scientific Inc., Merck KGaA, Illumina, Inc. and various other start-up companies offers various kits and reagents for the DNA sequencing technique. Thus, the advantages offered by DNA sequencing and their use in the above-mentioned applications are expected to robust the growth of the segment in the forecast period.
- Based on application, the biotechnology market is segmented into industrial processing, bioinformatics, food & agriculture, health, natural resources & environment, other applications. The industrial processing segment held the largest share of the market in 2023; whereas the bioinformatics segment is likely to grow at a higher rate during the forecast period. The industrial processing or the bioprocessing market is among the most promising field of the biotechnology that is impacting the healthcare, and agriculture biotechnology market significantly and also, it’s a new approach for the prevention of pollution and conserving the resources. The industrial processing or the bioprocessing market offers business that offers lower costs and create new market by disturbing the environment. Most of the lab studies in the biotechnology are taken out for the commercial applications. The applications are used for the drug discovery and the drug development. The developments for the therapeutics human proteins are done through the recombinant methods. For instance, recombinant human insulin is the first recombinant medicine produced and was marketed by Genetech in 1982. The rise in the prevalence of the diabetes have gained a huge profit for the recombinant insulin and have significant biotechnology market growth in future. Moreover, the application of industrial processing includes the production of enzymes and micro-organisms to make bio-based products in sectors such as chemicals, food ingredients, detergents, paper, textiles, beverages, fabrics, plastics, personal care, biofuels and more.
Biotechnology Market Share Analysis by Geography
The geographic scope of the Biotechnology Market report is mainly divided into five regions: North America, Asia Pacific, Europe, the Middle East & Africa, and South America/South & Central America.
Asia Pacific registered as the fastest-growing region in the global biotechnology market. The market in this region is expected to grow significantly in countries such as China, Japan, and India. The market's growth is attributed to increasing focus of market players in developing economies, and supportive government policies.
Biotechnology Market Report Scope
Biotechnology Market News and Recent Developments
The Biotechnology Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for biotechnology and strategies:
- In April 2022, CytoTronics raised US$9.25M in initial seed funding, led by Anzu Partners, with the association of Milad Alucozai (BoxOne Ventures) and institutional investors. The company used this seed funding to promote its innovative platform that utilizes computer chip technology to conduct electrical and electrochemical cell-based assays (Source: CytoTronics, Press Release, 2022)
Biotechnology Market Report Coverage and Deliverables
The “Biotechnology Market Size and Forecast (2022–2030)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Technology, and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
- Novo Nordisk A/S
- Moderna Inc.
- BioNTech SE
- Regeneron Pharmaceuticals Inc.
- Vertex Pharmaceuticals Inc.
- Jazz Pharmaceuticals PLC
- Incyte Corp.
- Novavax, Inc.
- Vir Biotech Inc.
- BioMarin Pharmaceutical Inc.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
Get Free Sample For