Market Overview
The Global Biotechnology Market is expected to attain a valuation of USD 1,664.6 billion in 2023, and USD 5,971 billion at a CAGR of 19.8% in the forecasted period of 2023 to 2032.
The global biotechnology market refers back to the enterprise that is engaged in the research and improvement of products and technology produced using biological additives and dwelling organisms in addition to its manufacturing, and commercialization. The growth of this marketplace is driven by using brand-new advancements and traits in molecular biology, and genetics. The increasing demand for innovative solutions to address global demanding situations in healthcare, food production, and environmental sustainability indicates new boom possibilities for the worldwide biotechnology marketplace.
Biotechnology has an intensive discipline of application as it is utilized in biopharmaceuticals, agriculture, commercial biotechnology, bioinformatics, and regenerative medicine. In the case of biopharmaceuticals, the biotechnology marketplace is worried about the improvement and manufacturing of medication and therapies derived from organic resources, consisting of recombinant proteins, monoclonal antibodies, and gene therapies. This market is likewise involved in agriculture wherein it is appreciably engaged in the broad strategies to decorate crop yield, enhance nutritional content material, and develop genetically changed organisms (GMOs) with ideal traits.
Market Dynamic
Biotechnology is a branch of life sciences, which harnesses the properties of biological compounds, living organisms, & their components. Increasing healthcare spending, expanded infrastructure, and lower labor costs in developing regions contribute to the market's significant growth. Biotechnology's importance rises as data generated requires interpretation, indicating sustained demand and growth prospects. The expansion of healthcare infrastructure and modernization fuels higher sales and revenue in diagnostic laboratories, affirming biotech's increasing significance.
Emerging nations like China, Japan, and India are propelling the growth of the biotechnology market with supportive government initiatives, streamlining regulatory pathways, standardizing clinical studies, and expediting product approvals. This market is also deeply involved in the medical, agricultural, and bioinformatics sectors. Rising cases of target diseases and genetic disorders, along with technological advancements in various biotech techniques such as polymerase chain reaction (PCR), miniaturized portable instruments, and robotics, drive the growth of the global biotechnology market. In the case of genomic analytic techniques, especially PCR has proven to be a crucial technique in diagnosing infectious diseases, further boosting the growth prospects of the biotech market.
Research Scope and Analysis
By Technology
Based on technology, nanobiotechnology dominates the global biotechnology market as it holds the highest portion of this market in 2023 and is expected to show subsequent growth in the forthcoming period of 2023 to 2032. Various factors are responsible for the growth of nanobiotechnology in this segment like the development of precision and targeted drug delivery, image diagnostics, cancer therapy, biosensors, and regenerative medicine.
Nanotechnology also plays a vital role in diagnostic imaging as it serves as a contrast agent for advanced imaging techniques which provide unique properties that enable more precise and sensitive imaging, facilitating early detection and accurate diagnosis of diseases. Nanoparticles may be specifically engineered to goal precise cancer cells, providing a more focused and less invasive approach to most cancer patients. This can beautify the effectiveness of treatments whilst minimizing harm to the wholesome tissues of the patients.
By Application
In terms of application, the healthcare sector dominates the global biotechnology market as it holds 51.2% of the market share in 2023. The healthcare industry dominates this segment as the biotechnology market plays a major role in the development of new medical treatments, treatments, & diagnostic tools that are widely used in the healthcare sector.
In addition, the ability to manage and treat various diseases including genetic diseases, cancer, and infectious diseases makes the healthcare sector a major focus of biotech industries Covering major parts of the health sector Specific objectives, effective, often minimal impact, and focused on improvement.
The biotechnology market has witnessed a revolution in diagnostic technology, resulting in more accurate and effective diagnostic tests. Techniques such as PCR (polymerase chain reaction) and next-generation sequencing have become an important tool for the diagnosis and monitoring of diseases in clinical and healthcare settings These factors together play an important role in this development in the global biotechnology market.
The Biotechnology Market Report is segmented on the basis of the following:
By Technology
- Nanobiotechnology
- Tissue Engineering & Regeneration
- DNA Sequencing
- Cell-based Assays
- Fermentation
- Others
By Application
- Health
- Food & Agriculture
- Natural Resources & Environment
- Industrial Processing
- Bioinformatics
- Others
Regional Analysis
North America dominates the global biotechnology market as it holds 42.9% market share in 2023 and is expected to show subsequent growth in the upcoming years of 2023 to 2032. The dominance of this region within the market may be attributed to several elements as North America has a protracted history in scientific studies and improvement. This region has many research institutes, universities, and world-renowned biotechnology organizations, whose presence offers a great environment for studies and improvement.
Access to good enough finance and great funding performs an essential function within the ongoing development of biotechnology in North America. The software attracts capital funding in biotechnology-based startups and set up organizations, offering the sources wanted for research, improvement, and commercialization for North American groups' dominance in the biopharmaceutical sector contributing notably to the enterprise's lead within the international biotechnology marketplace. This segment is one of the leading gamers inside the manufacture of biopharmaceuticals, inclusive of monoclonal antibodies and gene therapy, in addition underscoring its role in the global biotechnology marketplace.
By Region
North America
Europe
- Germany
- The U.K.
- France
- Italy
- Russia
- Spain
- Benelux
- Nordic
- Rest of Europe
Asia-Pacific
- China
- Japan
- South Korea
- India
- ANZ
- ASEAN
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of Latin America
Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Egypt
- Rest of MEA
Competitive Landscape
The global biotechnology market has a dynamic competitive landscape that is characterized by established industry leaders, regional players, and emerging startups. Many major players in this market such as Roche, Amgen, and Novartis have majority contributed to the development of pharmaceutical products and diagnostics methods by using biotechnology methods. While emerging biotech firms like CRISPR Therapeutics and Moderna take the lead in gene-editing technologies and mRNA-based vaccines it also oversees collaborations between major pharmaceutical and healthcare companies, such as Pfizer and BioNTech, which have been playing a vital role in responding to global health challenges.
This market has a vast area of study which attracts many academic institutions like MIT's Broad Institute and Harvard University which significantly contribute to this market by providing cutting-edge research which highly benefits the healthcare industry and this market. Several key trends in this market highly influence the growth of this market such as personalized medicine, advancements in gene editing, and the prominence of biopharmaceuticals. The integration of digital health solutions and bioinformatics tools further shapes the evolving competitive dynamics. This market's adaptability to new trends, innovation, and strategic partnerships will continue to define the growth of this rapidly evolving biotechnology market
Some of the prominent players in the Global Biotechnology Market are:
- AstraZeneca
- Gilead Sciences Inc.
- Bristol-Myers Squibb
- Sanofi
- Biogen
- Abbott Laboratories
- Pfizer Inc.
- Amgen Inc.
- Novo Nordisk
- Merck KGaA
- Johnson & Johnson Services Inc.
- Novartis AG
- F. Hoffmann-La Roche Ltd.
- Other Key Players
COVID-19 Pandemic & Recession: Impact on the Global Biotechnology Market:
The COVID-19 pandemic and the following recession had both advantageous and terrible effects on the worldwide biotechnology marketplace. In phrases of superb effect, the pandemic increased studies and improvement efforts within the biopharmaceutical sector, especially in the development of COVID-19 vaccines. Several biotechnology companies performed an essential function in developing and producing vaccines in the course of this pandemic to manipulate the deaths of patients who examined high-quality for COVID-19.
The pandemic emphasized the significance of healthcare and the want for revolutionary answers which shifted the point of interest of studies closer to fitness and ailment prevention which attracted heavy investments in biotech businesses working at the development of healing capsules.
In other words, even as the COVID-19 pandemic posed many foremost challenges for the worldwide biotechnology market, it additionally increased and offered several traits and highlighted the sector's critical function in responding to public fitness crises. The long-term effect of COVID-19 will rely on how nicely the industry will adapt to ongoing challenges and hold on to innovate in the up-pandemic landscape.
Report Details
| Report Characteristics |
| Market Size (2023) |
USD 1,664.6 Bn |
| Forecast Value (2032) |
USD 5,971.5 Bn |
| CAGR (2023-2032) |
15.2% |
| Historical Data |
2017 - 2022 |
| Forecast Data |
2023 - 2032 |
| Base Year |
2022 |
| Estimate Year |
2023 |
| Report Coverage |
Market Revenue Estimation, Market Dynamics, Competitive Landscape, Growth Factors and etc. |
| Segments Covered |
By Technology (Nanobiotechnology, Tissue
Engineering & Regeneration, DNA Sequencing, Cell-
based Assays, Fermentation and Others), By
Application (Health, Food & Agriculture, Natural
Resources & Environment, Industrial Processing,
Bioinformatics and Others) |
| Regional Coverage |
North America – The US and Canada; Europe – Germany, The UK, France, Russia, Spain, Italy, Benelux, Nordic, & Rest of Europe; Asia- Pacific– China, Japan, South Korea, India, ANZ, ASEAN, Rest of APAC; Latin America – Brazil, Mexico, Argentina, Colombia, Rest of Latin America; Middle East & Africa – Saudi Arabia, UAE, South Africa, Turkey, Egypt, Israel, & Rest of MEA
|
| Prominent Players |
AstraZeneca, Gilead Sciences Inc., Bristol-Myers
Squibb, Sanofi, Biogen, Abbott Laboratories, Pfizer
Inc., Amgen Inc., Novo Nordisk, Merck KGaA, Johnson
& Johnson Services Inc., Novartis AG, F. Hoffmann-La
Roche Ltd, and Other Key Players |
| Purchase Options |
We have three licenses to opt for: Single User License (Limited to 1 user), Multi-User License (Up to 5 Users), and Corporate Use License (Unlimited User) along with free report customization equivalent to 0 analyst working days, 3 analysts working days and 5 analysts working days respectively. |
Frequently Asked Questions
The Global Biotechnology Market is expected to attain a valuation of USD 1,664.6 billion in 2023.
North America has the largest market share for the Global Biotechnology Market with a share of about
42.9% in 2023.
Some of the major key players in the Global Biotechnology Market are AstraZeneca, Gilead Sciences Inc.,
Bristol-Myers Squibb, Sanofi, Biogen, Abbott Laboratories, Pfizer Inc., Amgen Inc., Novo Nordisk, Merck
KGaA, Johnson & Johnson Services Inc., Novartis AG, F. Hoffmann-La Roche Ltd. and other key players.
The market is growing at a CAGR of 15.2 percent over the forecasted period.