The global biotechnology market size was exhibited at USD 859.94 billion in 2022 and it is expected to hold around USD 1,683.52 billion by 2030, growing at a CAGR of 8.7% from 2022 to 2030.

Biotechnology refers to the usage of biology to solve problems. It is used to make valuable products. It also leads to the production of therapeutic proteins and drugs. It can manufacture naturally occurring therapeutic molecules in huge quantities. It integrates natural sciences and engineering sciences. Károly Ereky first used the term in 1919. It refers to manufacturing products from raw materials with the help of living organisms. It covers various procedures for modifying living organisms. It provides methods to perform basic research in biology. It involves research and development in laboratories. It uses biological processes to improve human lives.  

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Growth Factors 

The global market is majorly driven by strong government support. The initiative by the government to improve approval processes & reimbursement policies, modernize regulatory framework, and standardize clinical studies significantly contributes to the market growth. The increasing demand for personalized medicine positively influences market growth. In line with this, orphan drug formulations offer numerous opportunities for market growth. Furthermore, the rising number of innovative biotechnology companies catalyzes market revenue. Apart from this, the COVID-19 pandemic has positively impacted the biotechnology market growth. The manufacturing of vaccines and advancements in drug development propels the market growth.

The COVID-19 vaccine was produced globally. The accelerated approval processes ad the success of mRNA vaccines contributed to revenue generation. The surging demand for biotechnology tools catalyzes market growth. These tools are used for molecular breeding, tissue culturing, developing genetically modified crops, and micropropagation. The rising popularity of genetically modified crops and herbicide-tolerant & insect-resistant seeds drives market growth. The tissue culture technology is widely used to manufacture pest-free banana varieties and novel rice variants. This has catalyzed the agricultural applications of biotechnology. The solid clinical trial pipeline and funding opportunities create a positive outlook for the market. The surging demand for clinical solutions to treat chronic diseases boosts the market growth.

The companies are developing products for diabetes and neurological disorders, such as Parkinson's & Alzheimer's, various cancers, and cardiovascular diseases. Rapid technological advancements in conventional bioreactors catalyze market growth. The introduction of simplified bioreactors and vortex bioreactors propels market growth. The modifications and improvements in fermentation technology strengthen market growth. The growing popularity of stem cell technology, DNA fingerprinting, and genetic engineering drives the market growth. The increasing demand for biologics focuses on developing personalized medicines, and advancement in stem cell therapeutics positively influences the market growth. The high usage of genetic engineering and cloning techniques for the manufacturing of complex biological substances and in animal breeding catalyzes market growth.  

Biotechnology Market Report Scope

Report Coverage	Details
Market Size In 2022	USD 859.94 Billion
Market Size By 2030	USD 1,683.52Billion
Growth Rate From 2022 to 2030	CAGR of 8.7%
Base Year	2022
Forecast Period	2022 to 2030
Segments Covered	By Application, By Technology
Companies Mentioned	Lonza, AstraZeneca, Pfizer Inc., Gilead Sciences Inc., F. Hoffmann-La Roche Ltd., Biogen, CELGENE Corporation, Sanofi, Abbott, Novartis AG
Regions Covered	North America, Europe, Asia Pacific, Latin America, Middle East & Africa

 

Report Highlights: 

• Based on the technology, nanobiotechnology dominated the market and accounted for the largest revenue share. The advent of advanced technology catalyzes segment growth. The rising approval of nanomedicines positively influences the market growth. Theranostics nanoparticles have gained popularity. It helps in prompt diagnosis and allows customization of treatment options. Nanoparticles have low toxicity and are smaller in size. The tissue engineering and regeneration medicine segment held a good amount of share. This is due to the high healthcare spending and increasing government and private investments. These factors are expected to drive segment growth. DNA sequencing technology dominated the market due to advanced DNA sequencing techniques and decreasing sequencing costs. Heavy investments by the government in genetic research drive market growth. 
• Based on the application, health applications dominated the market and accounted for the largest revenue share. This is due to the increasing disease burden and technological developments in the bio-industrial. The availability of agri-biotech & bio-services drives the segment's growth. The advancements in the fields of Artificial Intelligence (AI), machine learning, and big data create a positive outlook for the market. The growing penetration of bioinformatics applications in the food and beverage industry drives market growth. The development of new therapeutic platforms is anticipated to drive market growth. Collaborative efforts and partnerships catalyze market growth. The growing demand for biosimilars propels the market growth. The surging applications of precision medicine boost segment growth. 

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Regional Snapshots 

Based on the region, North America dominated the market and accounted for the largest revenue share. It is expected to maintain its dominance in the coming years. This is due to rapid technological advancements. The presence of key players, increasing healthcare expenditure, and rising research and development activities significantly contribute to regional market growth. In line with this, the penetration of genomics, proteomics, and cell biology-based platforms positively impacts market growth.

The rise in the prevalence of chronic diseases and the growing demand for personalized medicine catalyzes market growth. Asia Pacific is expected to witness a promising CAGR in the coming years. This is due to the increasing investments and improvement in healthcare infrastructure. Factors such as strategies from key market players and favorable government initiatives propel market growth. Strategic collaboration drives market growth. 

Market Dynamics: 

Driver: Increasing prevalence of chronic illnesses 

The increasing prevalence of chronic illness and the introduction of novel treatments significantly contribute to global market growth. In line with this, the rising use of biotechnology in treating various ailments positively influences market growth. Furthermore, biotechnology can improve the effectiveness of various disease-specific innovative therapeutic techniques. It is vital in the healthcare system. Biotechnology is used to manufacture different medications and vaccinations to cure various diseases. It is used in additional medical treatments.

The favorable government policies and the launch of new and advanced products catalyzes market growth. Heavy investment in the biotechnology sector propels the market growth. The adoption of new and advanced products drives market growth.  

Opportunity: Collaborations and partnerships 

Collaborative efforts and partnerships offer numerous opportunities for market growth. These are undertaken for developing and commercializing new therapeutic platforms. Furthermore, the rising demand for biosimilar and precision medicine significantly contributes to market growth. Growing advances in life sciences offer lucrative opportunities for market growth. Incorporating innovative technology creates a positive outlook for the market.

The development of innovative techniques catalyzes market growth. The rising popularity of 3D bioprinting propels the market growth. It develops human body parts by using living cells. The increasing medical usage of fermentation technology drives market growth.  

Restraint: High costs 

The high cost of the production of biotechnology reagents is expected to restrict market growth. Furthermore, market players are investing heavily in installing new and advanced machines, raising costs.  

Challenge: Risk associated with genetic data 

The risk related to genetic data challenges the industry's growth.  

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Key Developments: 

• In November 2021, Novo Nordisk captured Dicerna. Dicerna is a company focusing on RNA interference technology. It captured it for USD 3.3 billion. 

• In August 2021, Sanofi captured Translate Bio and its mRNA platform for USD 3.3 billion. 

Major Key Players

• Lonza
• AstraZeneca
• Pfizer Inc.
• Gilead Sciences Inc.
• F. Hoffmann-La Roche Ltd.
• Biogen
• CELGENE Corporation
• Sanofi
• Abbott
• Novartis AG

Market Segmentation

By Application

• Bio-pharmacy
• Bio-industries
• Bio-services
• Bio-agriculture
• Bio-informatics

By Technology

• Fermentation
• Tissue Engineering and Regeneration
• Polymerase Chain Reaction (PCR) Technology
• Nanobiotechnology
• Chromatography
• Deoxyribonucleic Acid (DNA) Sequencing
• Cell Based Assay
• DNA Sequencing
• Others

Regional Segmentation

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)
• Latin America (Brazil and Rest of Latin America)
• Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)

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