Biotechnology Market Size, Share & Trends Analysis By Technology (DNA Sequencing, Fermentation), By Application (Health, Bioinformatics), By Region (North America, EU, APAC)- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2023-2032

The biotechnology market size accounted for USD 1,373.09 billion in 2022 and is estimated to achieve a market size of USD 5,045.87 billion by 2032, growing at a CAGR of 13.9% from 2023 to 2032.

biotechnology market size

Key Takeaways:

  • By Technology, the U.S. biotechnology market was valued at USD 459.8 million in 2022 and expected to witness growth at a CAGR of 12.5% from 2023 to 2032.
  • North America accounted for the largest share of 42.09% in 2022.
  • Asia Pacific is expected to expand at the fastest growth rate of 18.19% from 2023 to 2032.
  • DNA sequencing held a significant market share of 17.06% in 2022
  • Nanobiotechnology is expected to expand at a CAGR of 14.89% from 2023 to 2032
  • The health application segment accounted for the largest share of 51.16% in 2022.

Report Scope of the Biotechnology Market

Report Coverage

Details

Market Size in 2023

USD 1,563.95 Billion

Market Size by 2032

USD 5,045.87 Billion

Growth Rate from 2023 to 2032

CAGR of 13.9%

Base Year

2022

Forecast Period

2023 to 2032

Segments Covered

Technology, Application, Region

Key companies profiled

AstraZeneca; Gilead Sciences, Inc.; Bristol-Myers Squibb; Biogen; Abbott Laboratories; Amgen Inc.; Novo Nordisk A/S; Merck KGaA; Johnson & Johnson Services, Inc.; Novartis AG; Sanofi, F. Hoffmann-La Roche Ltd.; Pfizer, Inc.; Lonza

 

The market is driven by a strong government support through initiatives aimed at modernization of regulatory framework, improvements in approval processes & reimbursement policies, as well as standardization of clinical studies. Growing foothold of personalized medicine and an increasing number of orphan drug formulations are opening new avenues for biotechnology applications and are driving the influx of emerging and innovative biotechnology companies, further boosting the market revenue.

The COVID-19 pandemic has positively impacted the biotechnology market by propelling a rise in opportunities and advancements for drug development and manufacturing of vaccines for the disease. For instance, in 2021, over 11 billion doses of COVID-19 vaccine were produced globally, resulting in vaccination of about half of the world’s population within a year. Furthermore, the success of mRNA vaccines and accelerated approval processes have led to a surge in vaccine-related revenues, as evident by a combined revenue generation of around USD 31 billion in 2021 from Moderna, Pfizer/BioNTech, and Johnson & Johnson vaccines.

Expanding demand for biotechnology tools for agricultural applications including micro-propagation, molecular breeding, tissue culturing, conventional plant breeding & development of genetically modified crops, among others, have boosted the market growth. Moreover, genetically modified crops and herbicide-tolerant & insect resistant seeds are witnessing an increasing popularity and are contributing to the market growth. Rise in adoption of tissue culture technology for production of novel rice variants and disease- & pest-free banana varieties in regions of South Asia and Africa, and use of the technology for cloning of disease-free and nutritious plant varieties have propelled the agricultural applications for biotechnology. 

The market is also driven by the presence of strong clinical trial pipeline and funding opportunities available in tissue engineering and regeneration technologies. As per the Alliance for Regenerative Medicine, companies developing cell and gene therapies raised over USD 23.1 billion investments globally in 2021, an increase of about 16% over 2020’s total of USD 19.9 billion. Clinical success of leading gene therapy players in 2021, such as promising results from an in vivo CRISPR treatment for transthyretin amyloidosis, developed by Intellia Therapeutics and Regeneron, are significantly affecting the market growth.

Rising demand for clinical solutions for the treatment of chronic diseases such as cancer, diabetes, age-related macular degeneration, and almost all forms of arthritis are anticipated to boost the market. Major firms are investigating and developing pipeline products for diabetes and neurological disorders, such as Parkinson’s & Alzheimer’s diseases, various types of cancers and cardiovascular diseases. For instance, according to clinicaltrials.gov, as of January 2021, there were 126 agents in clinical trials for the treatment of Alzheimer's disease, with 28 treatments in phase III trials.

Life sciences and healthcare sectors are experiencing a widespread use of fermentation technology and have positively impacted the market growth. Several modifications and advancements in the conventional bioreactors, such as introduction of simplified bioreactors and vortex bioreactors have led to improvements in the fermentation technology and growth in its adoption. Furthermore, vortex bioreactors have also been improvised for wastewater processing, to offer an enhanced operational feasibility. These modifications and improvement in fermentation technology are expected to accelerate market growth in the near future.

CAR T and TCR T-cell therapies are being explored as potential treatment options against chronic viral infections, such as HIV, hepatitis B, and SARS-CoV-2. For instance, scientists at Duke-NUS Medical School are evaluating the use of T-cell therapy in combating the COVID-19 infection. The scientists have demonstrated that TCR-redirected T cells exhibit a functional profile comparable to that of SARS-specific CD8 memory T cells obtained from patients who have recovered from the infection. Such investigations are anticipated to spur further research prospects in this domain and drive the market growth.

Biotechnological techniques including stem cell technology, DNA fingerprinting, and genetic engineering, among other, are gaining significant traction since past few years. Technological advancement in stem cell therapeutics, increasing demand for biologics, and a growing focus on the development of personalized medicines have resulted in a growing market for stem cell technologies. DNA fingerprinting applications are on the rise in forensic science, and for investigation of family relationships in animal populations as well as measurement of the extent of inbreeding. Similarly, genetic engineering and cloning techniques are being increasingly used in animal breeding and for manufacturing of complex biological substances.

Technology Insights

DNA sequencing held a significant market share of 17.06% in 2022 which can be attributed to declining sequencing costs and rising penetration of advanced DNA sequencing techniques. Government funding in genetic research has enabled a rise in applications of sequencing for better understanding of diseases. For instance, in May 2021, a USD 10.7 million NIH grant was awarded to the University of Pittsburgh Graduate School of Public Health and Washington University School of Medicine in St. Louis, for investigation of the genetic basis of Alzheimer’s disease.

Nanobiotechnology is expected to expand at a CAGR of 14.89% from 2023 to 2032 owing to increase in nanomedicine approvals and advent of advanced technology. For instance, applications of theranostics nanoparticles have gained impetus for enabling prompt diagnosis and customization of treatment options for multiple disorders at once. Factors such as low toxicity, smaller size, and chemical plasticity of nanoparticles have proved to be beneficial for overcoming the limitation associated with conventional routes of generic drug administration. Furthermore, tissue engineering and regeneration medicine held a significant share due to government and private investments in the field, along with high healthcare spending and presence of significant number of mature and emerging players in this space. These factors are expected to drive the segment growth over the forecast period.

Application Insights

The health application segment accounted for the largest share of 51.16% in 2022. Growing disease burden, increasing availability of agri-biotech & bio-services, and technological developments in bio-industrial sector are expected to drive the segment growth. In addition, the segment growth is also fueled by significant advancements in the fields of Artificial Intelligence (AI), machine learning, and big data, which are expected to increase penetration of bioinformatics applications, especially in industries such as food and beverages.

Moreover, collaborative efforts and partnerships aimed at development and commercialization of new therapeutic platforms and molecules are anticipated to drive the market growth. For instance, in January 2021, Novartis collaborated with Alnylam for exploring the application of the latter’s siRNA technology for development of targeted therapy for restoration of liver function. Similarly, in September 2021, AstraZeneca and VaxEquity collaborated for development and commercialization of self-amplifying RNA therapeutics platform to explore novel therapeutic programs. Furthermore, growing demand for biosimilars and rising applications of precision medicine are expected to boost segment growth during the forecast period.

Regional Insights

North America accounted for the largest share of 42.09% in 2022. The regional market is witnessing growth due to several factors, such as the presence of key players, extensive R&D activities, and high healthcare expenditure. The region has a high penetration of genomics, proteomics, and cell biology-based platforms that is accelerating the adoption of life sciences tools. Furthermore, rise in prevalence of chronic diseases and rising adoption of personalized medicine applications for the treatment of life threatening disorders is expected to positively impact the market growth in the region.

Asia Pacific is expected to expand at the fastest growth rate of 18.19% from 2023 to 2032. The growth of the regional market can be attributed to increasing investments and improvement in healthcare infrastructure, favorable government initiatives, and expansion strategies from key market players. For instance, in February 2022, Moderna Inc. announced its plans for a geographic expansion of its commercial network in Asia through opening of four new subsidiaries in Malaysia, Singapore, Hong Kong, and Taiwan. In addition, biopharmaceutical collaborations, such as Kiniksa Pharmaceuticals and Huadong Medicine’s strategic collaboration for development and commercialization of Kiniksa’s ARCALYST and mavrilimumab in the Asia-Pacific region are expected to drive the market growth.

Some of the prominent players in the Biotechnology Market include:

  • AstraZeneca
  • Gilead Sciences, Inc. 
  • Bristol-Myers Squibb
  • Sanofi
  • Biogen
  • Abbott Laboratories
  • Pfizer, Inc.
  • Amgen, Inc.
  • Novo Nordisk A/S
  • Merck KGaA
  • Johnson & Johnson Services, Inc.
  • Novartis AG
  • F. Hoffmann-La Roche Ltd.
  • Lonza

Segments Covered in the Report

This report forecasts the volume and revenue growth at the country level and provides an analysis of the latest industry trends in each of the sub-segments from 2020 to 2032. For this study, Nova one advisor has segmented the Biotechnology market.

By Technology 

  • Nanobiotechnology
  • Tissue Engineering & Regeneration
  • DNA Sequencing
  • Cell-based Assays
  • Fermentation
  • PCR Technology
  • Chromatography
  • Others

By Application 

  • Health
  • Food & Agriculture
  • Natural Resources & Environment
  • Industrial Processing
  • Bioinformatics
  • Other Applications

By Regional 

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Frequently Asked Questions

The biotechnology market size accounted for USD 1,373.09 billion in 2022 and is estimated to achieve a market size of USD 5,045.87 billion by 2032, growing at a CAGR of 13.9% from 2023 to 2032.

The global biotechnology market is expected to grow at a compound annual growth rate of 13.9% from 2022 to 2030

The major players operating in the biotechnology market are Lonza, AstraZeneca, Pfizer Inc., Gilead Sciences Inc., F. Hoffmann-La Roche Ltd., Biogen, CELGENE Corporation, Sanofi, Abbott, Novartis AG.

Key factors that are driving the biotechnology market growth include favorable government initiatives, plummeting sequencing prices, growing market demand for synthetic biology, and rising R&D investment by the public as well as private agencies.

Biotechnology Market

Chapter 1. Introduction

1.1. Research Objective

1.2. Scope of the Study

1.3. Definition

Chapter 2. Research Methodology

2.1. Research Approach

2.2. Data Sources

2.3. Assumptions & Limitations

Chapter 3. Executive Summary

3.1. Market Snapshot

Chapter 4. Market Variables and Scope 

4.1. Introduction

4.2. Market Classification and Scope

4.3. Industry Value Chain Analysis

4.3.1. Raw Material Procurement Analysis 

4.3.2. Sales and Distribution Channel Analysis

4.3.3. Downstream Buyer Analysis

Chapter 5. COVID 19 Impact on Biotechnology Market 

5.1. COVID-19 Landscape: Biotechnology Industry Impact

5.2. COVID 19 - Impact Assessment for the Industry

5.3. COVID 19 Impact: Global Major Government Policy

5.4. Market Trends and Opportunities in the COVID-19 Landscape

Chapter 6. Market Dynamics Analysis and Trends

6.1. Market Dynamics

6.1.1. Market Drivers

6.1.2. Market Restraints

6.1.3. Market Opportunities

6.2. Porter’s Five Forces Analysis

6.2.1. Bargaining power of suppliers

6.2.2. Bargaining power of buyers

6.2.3. Threat of substitute

6.2.4. Threat of new entrants

6.2.5. Degree of competition

Chapter 7. Competitive Landscape

7.1.1. Company Market Share/Positioning Analysis

7.1.2. Key Strategies Adopted by Players

7.1.3. Vendor Landscape

7.1.3.1. List of Suppliers

7.1.3.2. List of Buyers

Chapter 8. Global Biotechnology Market, By Technology

8.1. Biotechnology Market, by Technology, 2023-2032

8.1.1. Nanobiotechnology

8.1.1.1. Market Revenue and Forecast (2020-2032)

8.1.2. Tissue Engineering & Regeneration

8.1.2.1. Market Revenue and Forecast (2020-2032)

8.1.3. DNA Sequencing

8.1.3.1. Market Revenue and Forecast (2020-2032)

8.1.4. Cell-based Assays

8.1.4.1. Market Revenue and Forecast (2020-2032)

8.1.5. Fermentation

8.1.5.1. Market Revenue and Forecast (2020-2032)

8.1.6. PCR Technology

8.1.6.1. Market Revenue and Forecast (2020-2032)

8.1.7. Chromatography

8.1.7.1. Market Revenue and Forecast (2020-2032)

8.1.8. Others

8.1.8.1. Market Revenue and Forecast (2020-2032)

Chapter 9. Global Biotechnology Market, By Application

9.1. Biotechnology Market, by Application, 2023-2032

9.1.1. Health

9.1.1.1. Market Revenue and Forecast (2020-2032)

9.1.2. Food & Agriculture

9.1.2.1. Market Revenue and Forecast (2020-2032)

9.1.3. Natural Resources & Environment

9.1.3.1. Market Revenue and Forecast (2020-2032)

9.1.4. Industrial Processing

9.1.4.1. Market Revenue and Forecast (2020-2032)

9.1.5. Bioinformatics

9.1.5.1. Market Revenue and Forecast (2020-2032)

9.1.6. Other Applications

9.1.6.1. Market Revenue and Forecast (2020-2032)

Chapter 10. Global Biotechnology Market, Regional Estimates and Trend Forecast

10.1. North America

10.1.1. Market Revenue and Forecast, by Technology (2020-2032)

10.1.2. Market Revenue and Forecast, by Application (2020-2032)

10.1.3. U.S.

10.1.3.1. Market Revenue and Forecast, by Technology (2020-2032)

10.1.3.2. Market Revenue and Forecast, by Application (2020-2032)

10.1.4. Rest of North America

10.1.4.1. Market Revenue and Forecast, by Technology (2020-2032)

10.1.4.2. Market Revenue and Forecast, by Application (2020-2032)

10.2. Europe

10.2.1. Market Revenue and Forecast, by Technology (2020-2032)

10.2.2. Market Revenue and Forecast, by Application (2020-2032)

10.2.3. UK

10.2.3.1. Market Revenue and Forecast, by Technology (2020-2032)

10.2.3.2. Market Revenue and Forecast, by Application (2020-2032)

10.2.4. Germany

10.2.4.1. Market Revenue and Forecast, by Technology (2020-2032)

10.2.4.2. Market Revenue and Forecast, by Application (2020-2032)

10.2.5. France

10.2.5.1. Market Revenue and Forecast, by Technology (2020-2032)

10.2.5.2. Market Revenue and Forecast, by Application (2020-2032)

10.2.6. Rest of Europe

10.2.6.1. Market Revenue and Forecast, by Technology (2020-2032)

10.2.6.2. Market Revenue and Forecast, by Application (2020-2032)

10.3. APAC

10.3.1. Market Revenue and Forecast, by Technology (2020-2032)

10.3.2. Market Revenue and Forecast, by Application (2020-2032)

10.3.3. India

10.3.3.1. Market Revenue and Forecast, by Technology (2020-2032)

10.3.3.2. Market Revenue and Forecast, by Application (2020-2032)

10.3.4. China

10.3.4.1. Market Revenue and Forecast, by Technology (2020-2032)

10.3.4.2. Market Revenue and Forecast, by Application (2020-2032)

10.3.5. Japan

10.3.5.1. Market Revenue and Forecast, by Technology (2020-2032)

10.3.5.2. Market Revenue and Forecast, by Application (2020-2032)

10.3.6. Rest of APAC

10.3.6.1. Market Revenue and Forecast, by Technology (2020-2032)

10.3.6.2. Market Revenue and Forecast, by Application (2020-2032)

10.4. MEA

10.4.1. Market Revenue and Forecast, by Technology (2020-2032)

10.4.2. Market Revenue and Forecast, by Application (2020-2032)

10.4.3. GCC

10.4.3.1. Market Revenue and Forecast, by Technology (2020-2032)

10.4.3.2. Market Revenue and Forecast, by Application (2020-2032)

10.4.4. North Africa

10.4.4.1. Market Revenue and Forecast, by Technology (2020-2032)

10.4.4.2. Market Revenue and Forecast, by Application (2020-2032)

10.4.5. South Africa

10.4.5.1. Market Revenue and Forecast, by Technology (2020-2032)

10.4.5.2. Market Revenue and Forecast, by Application (2020-2032)

10.4.6. Rest of MEA

10.4.6.1. Market Revenue and Forecast, by Technology (2020-2032)

10.4.6.2. Market Revenue and Forecast, by Application (2020-2032)

10.5. Latin America

10.5.1. Market Revenue and Forecast, by Technology (2020-2032)

10.5.2. Market Revenue and Forecast, by Application (2020-2032)

10.5.3. Brazil

10.5.3.1. Market Revenue and Forecast, by Technology (2020-2032)

10.5.3.2. Market Revenue and Forecast, by Application (2020-2032)

10.5.4. Rest of LATAM

10.5.4.1. Market Revenue and Forecast, by Technology (2020-2032)

10.5.4.2. Market Revenue and Forecast, by Application (2020-2032)

Chapter 11. Company Profiles

11.1. AstraZeneca

11.1.1. Company Overview

11.1.2. Product Offerings

11.1.3. Financial Performance

11.1.4. Recent Initiatives

11.2. Gilead Sciences, Inc.

11.2.1. Company Overview

11.2.2. Product Offerings

11.2.3. Financial Performance

11.2.4. Recent Initiatives

11.3. Bristol-Myers Squibb

11.3.1. Company Overview

11.3.2. Product Offerings

11.3.3. Financial Performance

11.3.4. Recent Initiatives

11.4. Sanofi

11.4.1. Company Overview

11.4.2. Product Offerings

11.4.3. Financial Performance

11.4.4. Recent Initiatives

11.5. Biogen

11.5.1. Company Overview

11.5.2. Product Offerings

11.5.3. Financial Performance

11.5.4. Recent Initiatives

11.6. Abbott Laboratories

11.6.1. Company Overview

11.6.2. Product Offerings

11.6.3. Financial Performance

11.6.4. Recent Initiatives

11.7. Pfizer, Inc.

11.7.1. Company Overview

11.7.2. Product Offerings

11.7.3. Financial Performance

11.7.4. Recent Initiatives

11.8. Amgen, Inc.

11.8.1. Company Overview

11.8.2. Product Offerings

11.8.3. Financial Performance

11.8.4. Recent Initiatives

11.9. Novo Nordisk A/S

11.9.1. Company Overview

11.9.2. Product Offerings

11.9.3. Financial Performance

11.9.4. Recent Initiatives

11.10. Merck KGaA

11.10.1. Company Overview

11.10.2. Product Offerings

11.10.3. Financial Performance

11.10.4. Recent Initiatives

Chapter 12. Research Methodology

12.1. Primary Research

12.2. Secondary Research

12.3. Assumptions

Chapter 13. Appendix

13.1. About Us

13.2. Glossary of Terms

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