Biotechnology Market: Size, Share, Trends & Forecast (2024-2029) 

The market report offers a detailed analysis segmented by Application (Bio-Pharmacy, Bio-Industries, Bio-Services, Bio-Agriculture, Bio-Informatics); by Technology (Fermentation, Tissue Engineering and Regeneration, Polymerase Chain Reaction Technology, Nanobiotechnology, Chromatography, Deoxyribonucleic Acid Sequencing, Others); by Geography (North America, South America, Asia Pacific, Europe, the Middle East, Africa).

Outlook 

• The biotechnology market is estimated to be at USD 1,675.17 Bn in 2024 and is anticipated to reach USD 3,171.86 Bn in 2029. 

• The biotechnology market is registering a CAGR of 13.62% during the forecast period of 2024-2029. 

• The global biotechnology market is expanding rapidly due to advancements in genetic engineering, biopharmaceuticals, and bioinformatics. The market is driven by the increasing demand for personalized medicine, innovative drug development, and sustainable agricultural practices. 

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Ecosystem 

• The global biotechnology industry participants always develop strategies to preserve a competitive advantage. 

• These companies are driving the growth of the biotechnology market through continuous innovation, strategic collaborations, and a focus on addressing global challenges in healthcare, agriculture, and sustainability. 

• Several important entities in the biotechnology market include Lonza Group Ltd.; AstraZeneca Group; Pfizer Inc.; Gilead Sciences, Inc.; F. Hoffmann-La Roche Ltd.; and others. 

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Findings 

Attributes	Values
Historical Period	2018-2022
Base Year	2023
Forecast Period	2024-2029
Market Size (2024)	USD 1,675.17 Bn
Market Size (2029)	USD 3,171.86 Bn
Growth Rate	13.62% CAGR from 2024 to 2029
Key Segments	Application (Bio-Pharmacy, Bio-Industries, Bio-Services, Bio-Agriculture, Bio-Informatics); Technology (Fermentation, Tissue Engineering and Regeneration, Polymerase Chain Reaction Technology, Nanobiotechnology, Chromatography, Deoxyribonucleic Acid Sequencing, Others); Geography (North America, South America, Asia Pacific, Europe, the Middle East, Africa)
Key Vendors	Lonza Group Ltd.; AstraZeneca Group; Pfizer Inc.; Gilead Sciences, Inc.; F. Hoffmann-La Roche Ltd.
Key Countries	The US; Canada; Mexico; Brazil; Argentina; Colombia; Chile; China; India; Japan; South Korea; The UK; Germany; Italy; France; Spain; Turkey; UAE; Saudi Arabia; Egypt; South Africa
Largest Market	North America

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Trends  

• Rise of Synthetic Biology: Synthetic biology, which involves redesigning organisms for useful purposes by engineering them to have new abilities, is gaining momentum. This trend is enhancing the development of new biotechnological applications, including biofuels, bioplastics, and synthetic organisms. 

• Integration of Digital Health and Bioinformatics: The integration of digital health technologies and bioinformatics is revolutionizing the biotechnology sector by facilitating advanced data analytics and machine learning algorithms. This transformation enhances the precision of drug discovery, accelerates personalized medicine development, and optimizes strategies for disease prevention. IBM’s Watson for Drug Discovery exemplifies the integration of digital health technologies and bioinformatics by using AI to analyze complex datasets, accelerating drug discovery and personalized medicine. 

• Personalized Medicine and Precision Therapies: The trend towards personalized medicine is enhancing the development of precision therapies tailored to individual genetic profiles. Advances in genomics and proteomics are enabling the creation of targeted treatments for diseases such as cancer, leading to more effective and personalized healthcare solutions. 

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Catalysts 

• Advancements in Genomic Research: The rapid progress in genomic research, including gene editing technologies like CRISPR, is a significant driver for the biotechnology market. These advancements enable the development of targeted therapies and personalized medicine, revolutionizing disease treatment. In 2023, the successful application of CRISPR in treating genetic disorders like sickle cell anemia highlighted the potential of genomic research in transforming healthcare. 

• Increasing Demand for Biopharmaceuticals: The growing prevalence of chronic diseases and the need for effective biologic drugs are driving the demand for biopharmaceuticals. These drugs, derived from living organisms, offer targeted treatment options with fewer side effects compared to traditional pharmaceuticals. 

• Government Support and Favorable Policies: Governments worldwide are supporting the growth of the biotechnology sector through funding, grants, and favorable regulatory policies. These initiatives are aimed at promoting research and development, fostering innovation, and accelerating the commercialization of biotech products. 

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Restraints 

• Ethical and Regulatory Concerns: The biotechnology industry faces significant ethical and regulatory challenges, particularly concerning genetic modification, cloning, and gene editing. Strict regulations and public concerns about these technologies’ safety and ethical implications can hinder their development and adoption. In 2023, the European Parliament debated regulations more stringent on GM crops, reflecting ongoing concerns about the ethical implications of biotechnology. 

• High Research and Development Costs: The development of biotechnological products, especially in areas like drug discovery and genetic engineering, requires substantial investment in research and development (R&D). High R&D costs and the lengthy approval processes for biotech products can be a barrier to entry for smaller companies. 

• Lengthy and Costly FDA Approval Process: The biotechnology market faces substantial hurdles due to the FDA’s lengthy and costly approval process. The extensive requirements for clinical trials, detailed documentation, and rigorous evaluations contribute to high development costs and extended timelines, which strain financial resources and delay market entry. This not only strains budgets but also slows down the introduction of new and innovative biotechnological products. 

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Table of Contents 

1.       Introduction         1.1.    Research Methodology         1.2.    Scope of the Study  2.       Market Overview / Executive Summary         2.1.    Global Biotechnology Market (2018 – 2022)         2.2.    Global Biotechnology Market (2023 – 2029)  3.       Market Segmentation         3.1.    Global Biotechnology Market by Application                3.1.1.    Bio-Pharmacy                3.1.2.    Bio-Industries                3.1.3.    Bio-Services                3.1.4.    Bio-Agriculture                3.1.5.    Bio-Informatics         3.2.    Global Biotechnology Market by Technology                3.2.1.    Fermentation                3.2.2.    Tissue Engineering and Regeneration                3.2.3.    Polymerase Chain Reaction Technology                3.2.4.    Nanobiotechnology                3.2.5.    Chromatography                3.2.6.    Deoxyribonucleic Acid Sequencing                3.2.7.    Others  4.       Regional Segmentation         4.1.    North America                4.1.1.    The US                4.1.2.    Canada                4.1.3.    Mexico         4.2.    South America                4.2.1.    Brazil                4.2.2.    Argentina                4.2.3.    Colombia                4.2.4.    Chile                4.2.5.    Rest of South America         4.3.    Asia Pacific                4.3.1.    China                4.3.2.    India                4.3.3.    Japan                4.3.4.    South Korea                4.3.5.    Rest of Asia Pacific         4.4.    Europe                4.4.1.    The UK                 4.4.2.    Germany                4.4.3.    Italy                4.4.4.    France                4.4.5.    Spain                4.4.6.    Rest of Europe         4.5.    The Middle East                4.5.1.    Turkey                4.5.2.    UAE                4.5.3.    Saudi Arabia                4.5.4.    Rest of the Middle East         4.6.    Africa                4.6.1.    Egypt                4.6.2.    South Africa                4.6.3.    Rest of Africa  5.       Value Chain Analysis of the Global Biotechnology Market  6.       Porter Five Forces Analysis         6.1.    Threats of New Entrants         6.2.    Threats of Substitutes         6.3.    Bargaining Power of Buyers         6.4.    Bargaining Power of Suppliers         6.5.    Competition in the Industry  7.       Trends, Drivers and Challenges Analysis         7.1.    Market Trends         7.1.1.    Market Trend 1         7.1.2.    Market Trend 2         7.1.3.    Market Trend 3         7.2.    Market Drivers         7.2.1.    Market Driver 1         7.2.2.    Market Driver 2         7.2.3.    Market Driver 3         7.3.    Market Challenges         7.3.1.    Market Challenge 1         7.3.2.    Market Challenge 2         7.3.3.    Market Challenge 3  8.       Opportunities Analysis         8.1.    Market Opportunity 1         8.2.    Market Opportunity 2         8.3.    Market Opportunity 3  9.       Competitive Landscape         9.1.    Lonza Group Ltd.         9.2.    AstraZeneca Group         9.3.    Pfizer Inc.         9.4.    Gilead Sciences, Inc.         9.5.    F. Hoffmann-La Roche Ltd.         9.6.    Company 6         9.7.    Company 7         9.8.    Company 8         9.9.    Company 9         9.10.  Company 10

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Biotechnology Market – FAQs 

1.  What is the current size of the biotechnology market? 

Ans. In 2024, the biotechnology market size is USD 1,675.17 Bn. 

2.  Who are the major vendors in the biotechnology market?  

Ans. The major vendors in the biotechnology market are Lonza Group Ltd.; AstraZeneca Group; Pfizer Inc.; Gilead Sciences, Inc.; F. Hoffmann-La Roche Ltd. 

3.  Which segments are covered under the biotechnology market segments analysis?  

Ans. The biotechnology market report offers in-depth insights into Application, Technology, and Geography.