Biotechnology Market Size to Reach USD 5.68 Trillion by 2033

April 3, 2024 |

17 min read

According to the latest research by Nova One Advisor, the global biotechnology market size was valued at USD 1.54 Trillion in 2023 and is projected to reach USD 5.68 Trillion by 2033, growing at a CAGR of 13.95% from 2024 to 2033

According to the latest research by Nova One Advisor, the global biotechnology market size was valued at USD 1.54 Trillion in 2023 and is projected to reach USD 5.68 Trillion by 2033, growing at a CAGR of 13.95% from 2024 to 2033

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The market is driven by strong government support through initiatives aimed at the modernization of regulatory framework, improvements in approval processes & reimbursement policies, as well as standardization of clinical studies. The 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 31.9 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.

Key Takeaways:

North America accounted for the largest share of 41% in 2023.
Asia Pacific is expected to expand at the fastest growth rate from 2024 to 2033.
DNA sequencing held a significant market share of 17.53% in 2023
Nanobiotechnology is expected to grow at a significant growth rate from 2024 to 2033
The health application segment accounted for the largest share in 2023.
The growing demand for biosimilars and rising applications of precision medicine are expected to boost segment growth during the forecast period.

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TYPES OF BIOTECHNOLOGY

Like the stripes of the rainbow, the different biotechnology applications are grouped generally into seven colours or research and development areas. In this section, we highlight the most relevant of each of them.

Red biotechnology: The global red biotechnology market size was exhibited at USD 516.19 billion in 2022 and is projected to hit around USD 1,426.55 billion by 2032, growing at a CAGR of 10.7% during the forecast period 2023 to 2032. This is the health branch and responsible, according to the Biotechnology Innovation Organization (BIO), for the development of more than 250 vaccines and medications such as antibiotics, regenerative therapies and the production of artificial organs.
Green biotechnology: It is used by more than 13 million farmers worldwide to fight pests and nourish crops and strengthen them against microorganisms and extreme weather events, such as droughts and frosts.
White biotechnology: The industrial branch works to improve manufacturing processes, the development of biofuels and other technologies to make industry more efficient and sustainable.
Yellow biotechnology: This branch is focused on food production and, for example, it carries out research to reduce the levels of saturated fats in cooking oils. Its main function is to genetically improve products so that there is a higher quantity or quality of food
Blue biotechnology: This exploits marine resources to obtain aquaculture, cosmetics and health care products. At the environemntal level, the aim is to preserve marine species and ecosystems. In addition, it is the branch most widely used to obtain biofuels from certain microalgae.
Grey biotechnology : Its purpose is the conservation and restoration of contaminated natural ecosystems through, as mentioned above, bioremediation processes.
Gold biotechnology : Also known as bioinformatics it is responsible for obtaining, storing, analysing and separating biological information, especially that related to DNA and amino acid sequences.

To these typologies, four further sub-categories with corresponding colours have more recently been added:

Brown biotechnology: This comes from green biotechnology with the aim of taking advantage of arid and desert soils to include highly resistant plant species that increase the flora and biodiversity of these environments.
Purple biotechnology: It deals with the legal study of the very aspects of this science. They are closely related to intellectual property, patents and the biosafety of processes involving living organisms.
Orange biotechnology: This includes the dissemination of information of interest to the other branches. t is carried out both in the fields of education and scientific dissemination with new advances in biotechnologies.
Black biotechnology: This includes all research work on micro-organisms that can be manipulated to attack human health. Its main activities are related to biological warfare and bioterrorism.

Biotechnology Market Trends

Precision Medicine: The shift towards personalized medicine, tailored to individual genetic profiles and characteristics, is driving demand for biotechnological solutions that enable targeted therapies and diagnostics.
Gene Editing Technologies: Advances in gene editing technologies such as CRISPR-Cas9 have opened new avenues for therapeutic development, agricultural improvement, and basic research, driving growth in the biotechnology sector.
Synthetic Biology: Synthetic biology, which involves the design and engineering of biological systems for various applications, is experiencing rapid growth. This includes the development of novel bio-based materials, biofuels, and pharmaceuticals.
Bioinformatics and Data Analytics: The increasing volume and complexity of biological data require advanced bioinformatics tools and data analytics solutions. This trend is driving investment in software platforms and algorithms for data analysis, interpretation, and modeling.
Biopharmaceuticals: Biopharmaceuticals, including monoclonal antibodies, recombinant proteins, and gene therapies, continue to dominate the pharmaceutical market. Growth in biopharmaceuticals is fueled by advances in bioprocessing technologies, regulatory approvals, and the increasing prevalence of chronic diseases.
Agri-Biotech: Agricultural biotechnology, including genetically modified crops, precision agriculture, and gene editing techniques, is experiencing significant growth as a means to address global food security challenges and enhance crop productivity.
Environmental Biotechnology: Growing environmental concerns are driving demand for biotechnological solutions for pollution remediation, waste management, and renewable energy production. This includes bioremediation techniques, biofuels, and bioplastics.
Investment and M&A Activity: The biotechnology sector continues to attract substantial investment and merger and acquisition (M&A) activity, driven by promising pipeline candidates, technological innovation, and strategic partnerships.
Regulatory Landscape: Evolving regulatory frameworks and increased scrutiny on safety and efficacy are shaping the biotechnology market. Companies must navigate complex regulatory pathways to bring products to market efficiently.
Globalization and Collaboration: Collaboration and partnerships between academia, industry, and government entities are becoming increasingly important for driving innovation and addressing complex challenges in biotechnology on a global scale.

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Biotechnology Market Size in the U.S. 2024 to 2033

The U.S. biotechnology market size was valued at USD 246.18 billion in 2023 and is anticipated to reach around USD 763.82 billion by 2033, poised to grow at a CAGR of 11.90% from 2024 to 2033.

North America accounted for the largest share of 41% in 2023. 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 from 2024 to 2033. 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.

The biotechnology market in India is majorly driven by the application of biotechnology in the healthcare sector, which majorly includes recombinant therapeutics and vaccines. According to Biospectrum, in December 2023, India was a global supplier of BCG, DBT, and measles vaccines, making it a prominent player in the biotechnology market.

Segments Insights:

Technology Insights

DNA sequencing held a significant market share of 17.53% in 2023 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 grow at a significant growth rate from 2024 to 2033 owing to an increase in nanomedicine approvals and the 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 in 2023. 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 41% in 2023. 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.

The biotechnology market in India is majorly driven by the application of biotechnology in the healthcare sector, which majorly includes recombinant therapeutics and vaccines. According to Biospectrum, in December 2023, India was a global supplier of BCG, DBT, and measles vaccines, making it a prominent player in the biotechnology market.

Recent Developments

In October 2023, Gilead Sciences, Inc. and Assembly Biosciences collaborated to create advanced therapeutics for severe viral diseases.
In October 2023, Gilead’s subsidiary, Kite and Epicrispr Biotechnologies, announced a research collaboration and licensing agreement to utilize Epic Bio’s gene regulation platform in developing advanced cancer cell therapies.
In September 2023, Merck KGaA announced collaborations with BenevolentAI and Exscientia, leveraging artificial intelligence for drug discovery in oncology, neurology, and immunology, with the potential to produce innovative candidates for clinical development.
In July 2023, Alexion and AstraZeneca Rare Disease announced an agreement with Pfizer Inc. to procure preclinical gene therapy programs, solidifying their dedication to advancing next-generation genomic medicines by incorporating complementary assets and cutting-edge technologies.
In June 2023, Lonza acquired Synaffix B.V., a biotechnology company specializing in advancing its clinical-stage technology platform for ADC development. The revenues and margins of Synaffix were expected to be incorporated into Lonza’s business accounts starting from the acquisition date.
In January 2023, Anima Biotech collaborated with AbbVie to accelerate the development of novel mRNA biology modulators for the treatment of various oncology and immunology targets. Some of the key players in the global biotechnology market include:
In December 2022, Merck KGaA announced a collaboration with Mersana Therapeutics to advance the development of antibody-drug conjugates (ADCs), specifically focusing on novel STING-agonist ADCs targeting up to two distinct targets. This collaboration aimed at harnessing the potential of ADCs for therapeutic innovation.

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 revenue growth at country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the Biotechnology market.

By Technology

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

By Application

Health
Food & Agriculture
Natural Resources & Environment
Industrial Processing
Bioinformatics
Others

By Region

North America
Europe
Asia-Pacific
Latin America
Middle East & Africa (MEA)

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