Biotechnology Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 1.30 Trillion |
| Market Size (2029) | USD 2.02 Trillion |
| CAGR (2024 - 2029) | 9.26 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Biotechnology Market Analysis
The Biotechnology Market size is estimated at USD 1.30 trillion in 2024, and is expected to reach USD 2.02 trillion by 2029, growing at a CAGR of 9.26% during the forecast period (2024-2029).
- The growing incidence of chronic conditions such as cancer, diabetes, and cardiovascular diseases is driving demand for advanced biotechnology solutions like targeted therapies, personalized medicine, and regenerative treatments. As per the data from the World Bank and the International Agency for Research on Cancer, in 2022, there were around 20 million new cases of cancer worldwide. This number is predicted to increase to around 35.3 million incident cases by 2050.
- In addition, as per a recent study from the American College of Cardiology, by the year 2060, projected rates of cardiovascular risk factors and disease will increase significantly in the United States, with stroke (33.8% to 15M) and heart failure (33.4% to 13M) were the highest projected increases in rates of cardiovascular diseases, followed by ischemic heart disease (30.7% to 29M) and heart attack (16.9% to 16M). Such increasing trends are expected to fuel the demand for biotechnology solutions.
- The need for sustainable food production to feed a growing global population is leading to increased use of genetically modified crops, biofortification, and biopesticides that enhance yield, nutritional content, and resilience to climate change. In Aug 2024, the US Department of Agriculture stated that the type of genetically modified wheat developed by Argentina's Bioceres Crop Solutions is safe to be grown in the United States. As per Bioceres, the United States, the world's fourth-largest wheat producer, is the fourth country to allow the production of HB4 wheat, following Argentina, Brazil, and Paraguay.
- Biotechnology represents the pinnacle of scientific innovation, leveraging advanced technologies to drive progress. Developing new therapies, understanding biological mechanisms, and conducting clinical trials require significant scientific expertise and resources. Translating scientific discoveries into practical applications is often a lengthy and resource-intensive endeavor. The costs associated with research and development in biotechnology are notably high. Developing new drugs, therapies, and technologies necessitates extensive preclinical and clinical trials, both of which are costly and time-consuming. As a result, many promising treatments fail to make it to market, hindered by high costs, low success rates, and stringent regulatory hurdles.
- Like many other markets, the biotechnology sector has felt the ripple effects of macroeconomic factors and geopolitical events, including the Russia-Ukraine conflict. Economic downturns and soaring inflation can tighten financial conditions, leading to reduced investments in biotechnology and waning investor confidence. Moreover, currency fluctuations pose challenges for the biotechnology sector, especially for firms engaged in international trade.
Biotechnology Market Trends
Healthcare Segment is Expected to Hold a Significant Market Share
- There is a rising demand for advanced and effective treatments for chronic diseases, genetic disorders, and age-related conditions. Biotechnology offers innovative solutions, such as biopharmaceuticals and personalized medicine, which are tailored to individual patient needs. This demand drives investment and research in biotechnological advancements.
- The increasing number of bladder cancers is creating a demand for advanced diagnosis techniques. According to the American Cancer Society, around 83,190 new cases of bladder cancer are expected to be registered in the United States in 2024, and around 16,840 people are anticipated to die from bladder cancer.
- Many governments are increasing their support for biotechnology through funding, favorable regulations, and initiatives to foster innovation. This support helps create a conducive environment for research and development, encouraging companies to invest in biotechnology.
- The United States and India announced a partnership for rapid drug discovery. The two countries have cooperated previously in critical areas such as disease control and surveillance, laboratory integration, and enhancement of public health capacities. In recent years, that collaboration has intensified, especially in the field of biotechnology. Joint efforts now focus on using artificial intelligence (AI) to match patients with treatments, applying nanotechnology for targeted drug delivery, and improving bioinformatic tools for comprehensive data analysis.
North America to Expected to Hold the Largest Market Share
- North America, particularly the United States, boosts a strong R&D ecosystem supported by leading universities, research institutions, and biotechnology firms. This infrastructure fosters innovation and accelerates the development of new biotechnological products and therapies, making it a hub for biotechnology advancements.
- Furthermore, the region has one of the highest healthcare expenditures globally, translating into significant biotechnology investments. This financial commitment supports the development of new treatments, diagnostics, and technologies, driving demand for biotechnological solutions in healthcare.
- A rising consumer preference for healthier, more nutritious food options exists. Biotechnology enables the development of biofortified crops enriched with vitamins and minerals, addressing nutritional deficiencies and enhancing overall health. This trend is particularly important as consumers become more health-conscious and seek products that offer functional benefits.
- USDA's research aims to leverage biotechnology and biomanufacturing to expand opportunities for US agricultural producers while addressing critical challenges such as climate change, nutritional insecurity, environmental justice, emerging diseases and pests, and increasing global competition.
- President Biden signed an Executive Order on Advancing Biotechnology and Biomanufacturing Innovation for a Sustainable, Safe, and Secure American Bioeconomy to support these initiatives. This order has spurred government action to set ambitious goals, develop the biomanufacturing workforce, promote American leadership in biotechnology research and development, and ensure responsible development and use of these technologies. Since the start of the Biden-Harris Administration, the President's commitment to a clean energy economy has resulted in USD 29 billion in public and private sector biomanufacturing investments for projects across the country.
Biotechnology Industry Overview
The biotechnology market is consolidated and features key players like Johnson & Johnson, Roche Holdings AG, and Novartis International. Market participants strategically leverage partnerships and acquisitions to bolster their product portfolios and establish a sustainable competitive edge.
• April 2024 - Merck, known as MSD, outside of the United States and Canada, and North Carolina Agricultural and Technical State University announced the Merck Biotechnology Learning Center opening at Gateway Research Park in Greensboro, North Carolina. The center is a 4,025-square-foot facility with classroom space, a process laboratory, and advanced biopharmaceutical manufacturing equipment.
• April 2024 - Boston Micro Fabrication (BMF) established a business headquartered in San Diego to develop and commercialize 3D BioChips by cultivating large-scale tissues in vitro to help accelerate new drug and cosmetic development. The company has introduced the BMF Biotechnology Inc. business unit to support better the use of highly precise microfluidic solutions in advanced drug development, pharmaceutical, and cosmetic research. BMF Biotechnology Inc. is expected to leverage BMF's Projection Micro Stereolithography (PµSL) 3D printing technology.
Biotechnology Market Leaders
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Johnson & Johnson
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Roche Holdings AG
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Novartis International
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Amgen Inc.
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Gilead Science Inc.
*Disclaimer: Major Players sorted in no particular order
Biotechnology Market News
- June 2024: Johnson & Johnson announced the acquisition of Proteologix Inc., a privately-held biotechnology company focused on bispecific antibodies for immune-mediated diseases, for USD 850 million. Beyond PX-128 and PX-130, this acquisition will provide Johnson & Johnson with eight other bispecific antibody programs with applications across various other diseases, further boosting the Company’s capabilities to create novel bispecific programs.
- May 2024: Merck announced the acquisition of Eyebiotech Limited, a privately held ophthalmology-focused biotechnology company. Under the terms of the agreement, the company, through its subsidiary, will acquire all shares of EyeBio for up to USD 3 billion, including an upfront payment of USD 1.3 billion in cash and a further potential USD 1.7 billion in developmental, regulatory, and commercial milestone payments.
- January 2024: GNT partnered with Plume Biotechnology, a UK-based startup focused on fermentation science and bioprocessing for natural colors, to develop a new plant-based Exberry color for food and beverages using fermentation. The partnership will enable GNT to expand its plant-based Exberry options.
Biotechnology Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
- 4.1 Market Overview
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4.2 Industry Attractiveness - Porter's Five Forces Analysis
- 4.2.1 Bargaining Power of Suppliers
- 4.2.2 Bargaining Power of Consumers
- 4.2.3 Threat of New Entrants
- 4.2.4 Threat of Substitute Products
- 4.2.5 Intensity of Competitive Rivalry
- 4.3 Impact of COVID-19 Aftereffects and Other Macroeconomic Factors on the Market
5. MARKET DYNAMICS
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5.1 Market Drivers
- 5.1.1 Presence Of Favorable Government Initiatives
- 5.1.2 Growing Healthcare Expenditure Boosting Development Of Effective Personalized Diagnostic & Therapeutic Procedures For Cancer
- 5.1.3 Rising Demand For Agro-Based Products
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5.2 Market Restraints
- 5.2.1 Risks Associated With GM Organisms And Crops
- 5.2.2 Scientific and Technical Complexity
6. MARKET SEGMENTATION
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6.1 By Technology
- 6.1.1 Nanobiotechnology
- 6.1.2 Tissue Engineering and Regeneration
- 6.1.3 DNA Sequencing
- 6.1.4 Cell-based Assays
- 6.1.5 Chromatography
- 6.1.6 Fermentation
- 6.1.7 Others
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6.2 By Application
- 6.2.1 Healthcare
- 6.2.2 Food & Beverage
- 6.2.3 Natural Resources and Environment
- 6.2.4 Industrial Processing
- 6.2.5 Bioinformatics
- 6.2.6 Others
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6.3 By Geography***
- 6.3.1 North America
- 6.3.2 Europe
- 6.3.3 Asia
- 6.3.4 Australia and New Zealand
- 6.3.5 Latin America
- 6.3.6 Middle East and Africa
7. COMPETITIVE LANDSCAPE
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7.1 Company Profiles
- 7.1.1 Johnson & Johnson
- 7.1.2 Roche Holdings AG
- 7.1.3 Novartis International
- 7.1.4 Amgen Inc.
- 7.1.5 Gilead Science Inc.
- 7.1.6 Moderna Inc.
- 7.1.7 Biogen Inc.
- 7.1.8 Regeneron Pharmaceuticals Inc.
- 7.1.9 CRISPR Therapeutics AG
- 7.1.10 Vertex Pharmaceuticals Inc.
- 7.1.11 Biocon Ltd.
- 7.1.12 Lonza Group AG
- *List Not Exhaustive
8. INVESTMENT ANALYSIS
9. FUTURE OF THE MARKET
** Subject To AvailablityBiotechnology Industry Segmentation
Biotechnology is a multidisciplinary field that uses living organisms, cells, and biological systems to develop innovative products and technologies. It involves harnessing biological processes and organisms at the molecular and cellular level to address various challenges across industries, such as healthcare, agriculture, and environmental management. Biotechnology includes areas like genetic engineering, biopharmaceuticals, bioinformatics, and synthetic biology, all aimed at creating new solutions, improving existing processes, and advancing understanding of living systems.
For market estimation, revenue generated from selling different biotechnology products and solutions offered by different market players across various end-user industries worldwide is being tracked.
The biotechnology market is segmented by technology (nanobiotechnology, tissue engineering and regeneration, DNA sequencing, cell-based assays, chromatography, and fermentation), application (healthcare, food & beverage, natural resources and environment, industrial processing, and bioinformatics), and geography (North America, Europe, Asia-Pacific, and Rest of the World). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.
| By Technology | Nanobiotechnology |
| Tissue Engineering and Regeneration | |
| DNA Sequencing | |
| Cell-based Assays | |
| Chromatography | |
| Fermentation | |
| Others | |
| By Application | Healthcare |
| Food & Beverage | |
| Natural Resources and Environment | |
| Industrial Processing | |
| Bioinformatics | |
| Others | |
| By Geography*** | North America |
| Europe | |
| Asia | |
| Australia and New Zealand | |
| Latin America | |
| Middle East and Africa |
Biotechnology Market Research FAQs
How big is the Biotechnology Market?
The Biotechnology Market size is expected to reach USD 1.30 trillion in 2024 and grow at a CAGR of 9.26% to reach USD 2.02 trillion by 2029.
What is the current Biotechnology Market size?
In 2024, the Biotechnology Market size is expected to reach USD 1.30 trillion.
Who are the key players in Biotechnology Market?
Johnson & Johnson, Roche Holdings AG, Novartis International, Amgen Inc. and Gilead Science Inc. are the major companies operating in the Biotechnology Market.
Which is the fastest growing region in Biotechnology Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Biotechnology Market?
In 2024, the North America accounts for the largest market share in Biotechnology Market.
What years does this Biotechnology Market cover, and what was the market size in 2023?
In 2023, the Biotechnology Market size was estimated at USD 1.18 trillion. The report covers the Biotechnology Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Biotechnology Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Biotechnology Industry Report
Statistics for the 2024 Biotechnology market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Biotechnology analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
