Biotechnology Market Size

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.