Biotechnology Market Growth and Analysis by 2031

The Biotechnology Market size was estimated to be US$ 299219.03 million in 2021 and US$ XX million in 2023 and is expected to reach US$ 966683.82 million by 2031; it is estimated to record a CAGR of 12.6% in  till 2031. Biotechnology is used in variety of applications that includes industrial/bio processing, bioinformatics, food & agriculture, health, natural resources & environment, and others.  In addition, the modern biotechnology enables to provide outstanding innovations for products and technologies against the unbearable and rare diseases it also reduces environmental footprint, feed the hungry. Furthermore, it utilizes less and cleaner energy for safer, cleaner and more efficient industrial manufacturing processes. Factors such as declining prices of genome sequencing, increasing innovative technologies bolstering the Biotechnology market growth. Additionally, increasing number of initiatives by private and government bodies are also driving the Biotechnology market growth. Moreover, rising number of conferences and workshops are likely to remain key Market trends.   

Biotechnology Market Analysis

The rapidly decreasing genome sequencing costs have been a major driving force in transforming  and understanding of clinical genetics, revolutionizing the diagnosis & treatment of rare diseases, and paving the way for precision medicine. The cost of a human genome sequence decreased from an estimated $1 million in 2007, to $1000 in 2014, and it is approximately $600 at present. The biotechnology market growth is primarily driven by the decreasing price of genome sequencing. Substantial adoption of genome sequencing by pharmaceutical and biopharmaceutical companies are driving the growth of market.   

Biotechnology Market Overview

The informatics experts and biologists using newer sequencing technologies by aiming at making better genomes. The improving software technologies for piecing DNA together and increasing novel techniques for locating sequences on chromosomes have risen in the recent years. To support the adoption of newer technologies with improved tools and techniques, several programs established. For instance, in 1989, the Genome Sequencing Program of the National Human Genome Research Institute (NHGRI) was established to address current scientific opportunities for Genomics.

The Genome Technology program is also supporting to develop novel technologies with improved method and instruments that allow low-cost rapid determination of DNA sequence, functional genomics experiments and SNP genotyping. The Genome Technology program also supports the technology transfer from developers to the users and helps in promoting collaborative multidisciplinary programs that closely incorporate at industrial and academic laboratories. Moreover, many industry players have come up with innovative NGS technology in last few years. For instance, Pacific Biosciences with Sequel, and Oxford Nanopore with PromethION. Additionally, three advances NSG systems that dominate the market includes Roche GS FLX (454), Illumina HiSeq 2000 (Solexa) and AB SOLiD (Agencourt). Advancement in genome sequencing has made the sequencing easy and accurate.

Thus, due to the technological advancements the Biotechnology market is expected to grow at rapid pace during the forecast period.

Global biotechnology market is segmented by region into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. In North America, the US is the largest market for biotechnology. The growth in North America is characterized by increase in the demand of innovative products from biopharmaceutical and biotechnology companies, presence of key market players and extensive R&D conducted by various academic and research institutes.  In addition, continuous technological advancements are further expected to stimulate the growth of market in North America.

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Biotechnology Market: Strategic Insights

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Biotechnology Market Drivers and Opportunities

Increasing focus on advanced method incorporation in Healthcare to Favor United States Market

Increasing focus on advanced method incorporation in healthcare, government and private initiatives for promotion of precision medicine and massive funds from government and private bodies for genomic research is further expected stimulate the growth and contribute to exceptional revenue generation for the biotechnology market in North America. The medical and agricultural biotechnology has undergone revolutions as a result of various development programs, business strategies that helps to produce, discover or alter various biomolecules and organisms through bioengineering approaches. The Department of Health and Human Services invested US$40 million to expand the role of biomanufacturing for active pharmaceutical ingredients (APIs), antibiotics, and the starting materials needed to produce essential medications and respond to pandemics in 2022. DoD is launching the Tri-Service Biotechnology for a Resilient Supply Chain program with more than $270 million investment over five years to turn research into products more quickly and to support the advanced development of bio-based materials for defence supply chains, such as fuels, fire-resistant composites, polymers and resins, and protective materials. This need is likely to drive the United States biotechnology market during the forecast period.    

Government Initiatives – An Opportunity of Biotechnology Market

In December 2023, the Department of Biotechnology (DBT) and Biotechnology Industry Research Assistance Council (BIRAC) announced the launch of 14 new biotech-based products developed by start-ups and entrepreneurs across industries such as healthcare, diagnostics, medical devices, agriculture, industrial biotechnology, during the 3rd edition of Global Bio-India, a mega international congregation on biotechnology, held at Bharat Mandapam, Pragati Maidan in New Delhi.

Such advancements in recent years is likely  to generate attractive growth opportunity for the biotechnology market.   

Biotechnology Market Report Segmentation Analysis

Key segments that contributed to the derivation of the Biotechnology Market analysis are product and application.

• Based on product, the biotechnology market is segmented into DNA sequencing, fermentation, cell-based assay, nanobiotechnology, chromatography, PCR technology, tissue engineering and regeneration, other technologies. The DNA sequencing segment held the largest share of the market in 2023 and the same segment is likely to grow at a highest rate during the forecast period. DNA sequencing is the technique which is used to determine the specific order of the nucleotide bases that forms the strand of DNA. Currently it is an essential technique for the many of the basic and applied research studies and its applications. The technique of DNA sequencing was used in the human genome project which took thirteen years for its completion and helped to understand the cause of the genetic changes in the genetic diseases. The technique also helps to target the specific gene that can be used to design the drugs for the specific genetic disease. In addition, the DNA sequencing is used for the genetic testing for the paternity and other family relationship. Moreover, the DNA sequencing is used for the identifying the crime suspects and victims through the forensic studies. Furthermore, the techniques also have important role for analyzing the bacteria, and other microorganisms that are responsible for polluting air, water and food. DNA sequencing is majorly used to identify and study variations in different group of animals and plants and their migratory patterns for determining the rare breed for seed or livestock. Many companies like Thermo Fisher Scientific Inc., Merck KGaA, Illumina, Inc. and various other start-up companies offers various kits and reagents for the DNA sequencing technique. Thus, the advantages offered by DNA sequencing and their use in the above-mentioned applications are expected to robust the growth of the segment in the forecast period.
• Based on application, the biotechnology market is segmented into industrial processing, bioinformatics, food & agriculture, health, natural resources & environment, other applications. The industrial processing segment held the largest share of the market in 2023; whereas the bioinformatics segment is likely to grow at a higher rate during the forecast period. The industrial processing or the bioprocessing market is among the most promising field of the biotechnology that is impacting the healthcare, and agriculture biotechnology market significantly and also, it’s a new approach for the prevention of pollution and conserving the resources. The industrial processing or the bioprocessing market offers business that offers lower costs and create new market by disturbing the environment. Most of the lab studies in the biotechnology are taken out for the commercial applications. The applications are used for the drug discovery and the drug development. The developments for the therapeutics human proteins are done through the recombinant methods. For instance, recombinant human insulin is the first recombinant medicine produced and was marketed by Genetech in 1982. The rise in the prevalence of the diabetes have gained a huge profit for the recombinant insulin and have significant biotechnology market growth in future. Moreover, the application of industrial processing includes the production of enzymes and micro-organisms to make bio-based products in sectors such as chemicals, food ingredients, detergents, paper, textiles, beverages, fabrics, plastics, personal care, biofuels and more.

Biotechnology Market Share Analysis by Geography

The geographic scope of the Biotechnology Market report is mainly divided into five regions: North America, Asia Pacific, Europe, the Middle East & Africa, and South America/South & Central America.

Asia Pacific registered as the fastest-growing region in the global biotechnology market. The market in this region is expected to grow significantly in countries such as China, Japan, and India. The market's growth is attributed to increasing focus of market players in developing economies, and supportive government policies.

Biotechnology Market Regional Insights

The regional trends and factors influencing the Biotechnology Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Biotechnology Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Biotechnology Market Report Scope

Biotechnology Market Players Density: Understanding Its Impact on Business Dynamics

The Biotechnology Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Biotechnology Market are:

1. Novo Nordisk A/S
2. Moderna Inc.
3. BioNTech SE
4. Regeneron Pharmaceuticals Inc.
5. Vertex Pharmaceuticals Inc.
6. Jazz Pharmaceuticals PLC

Disclaimer: The companies listed above are not ranked in any particular order.

Biotechnology Market News and Recent Developments

The Biotechnology Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for biotechnology and strategies:

• In April 2022, CytoTronics raised US$9.25M in initial seed funding, led by Anzu Partners, with the association of Milad Alucozai (BoxOne Ventures) and institutional investors. The company used this seed funding to promote its innovative platform that utilizes computer chip technology to conduct electrical and electrochemical cell-based assays (Source: CytoTronics, Press Release, 2022)   

Biotechnology Market Report Coverage and Deliverables

The “Biotechnology Market Size and Forecast (2022–2030)” report provides a detailed analysis of the market covering below areas:

• Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Market dynamics such as drivers, restraints, and key opportunities
• Key future trends
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
• Detailed company profiles