Biotechnology Market Growth and Analysis by 2031
Biotechnology Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Technology (DNA Sequencing, Fermentation, Cell-Based Assay, Nanobiotechnology, Chromatography, PCR Technology, Tissue Engineering and Regeneration, and Other Technologies), Application (Industrial Processing, Bioinformatics, Food & Agriculture, Health, Natural Resources & Environment, and Other Applications), and Geography
- Report Date : Aug 2025
- Report Code : TIPHE100001316
- Category : Life Sciences
- Status : Data Released
- Available Report Formats :
- No. of Pages : 150
The Biotechnology Market size was valued at US$ 299,219.03 million in 2021 and US$ XX million in 2023 and is expected to reach US$ 966,683.82 million by 2031; it is estimated to record a CAGR of 12.6% by 2031.
Biotechnology is applied across a broad range of sectors, including industrial bioprocessing, bioinformatics, food and agriculture, healthcare, natural resource management, and environmental protection. Modern biotechnology is driving innovation by enabling the development of advanced products and technologies to address rare and complex diseases while also contributing to sustainability by reducing environmental impact and supporting food security.
Additionally, biotechnology facilitates cleaner, more energy-efficient industrial manufacturing processes. Key market drivers include the declining cost of genome sequencing, rapid advancements in innovative technologies, and strong support from both private and public sector initiatives. The growing number of industry conferences and workshops further reflects rising interest and investment in the sector, positioning these events as important market trends likely to influence continued growth.
Biotechnology Market Analysis
The sharp decline in genome sequencing costs has been a key catalyst in advancing clinical genetics, revolutionizing the diagnosis and treatment of rare diseases, and accelerating the adoption of precision medicine. The cost of sequencing a human genome has dropped dramatically—from approximately $1 million in 2007 to $1,000 in 2014, and currently stands at around $600.
This significant reduction has made genome sequencing more accessible and is a primary driver of growth in the biotechnology market. Moreover, increasing adoption of genomic technologies by pharmaceutical and biopharmaceutical companies is further fueling market expansion, as these organizations leverage sequencing data for drug discovery, targeted therapies, and personalized treatment approaches.
Biotechnology Market Overview
Informatics experts and biologists are increasingly leveraging advanced sequencing technologies to generate more accurate and comprehensive genomic data. Recent years have seen significant improvements in software for DNA assembly and novel techniques for locating sequences on chromosomes, further enhancing genomic research capabilities.
To support the adoption of these emerging technologies, several strategic programs have been established. Notably, the National Human Genome Research Institute (NHGRI) launched the Genome Sequencing Program in 1989 to address evolving opportunities in genomics. In parallel, the Genome Technology Program is actively supporting the development of next-generation tools and instruments that enable rapid, cost-effective DNA sequencing, functional genomics experiments, and SNP genotyping. This program also facilitates technology transfer from developers to end-users, fostering multidisciplinary collaboration between academic and industrial research environments.
The market has also seen a surge in innovation from industry players. Companies like Pacific Biosciences (Sequel) and Oxford Nanopore Technologies (PromethION) have introduced cutting-edge next-generation sequencing (NGS) platforms. Meanwhile, systems such as Roche GS FLX (454), Illumina HiSeq 2000 (Solexa), and AB SOLiD (Agencourt) continue to dominate the market. These technological advancements have significantly improved the speed, accuracy, and affordability of genome sequencing.
As a result, ongoing innovation in sequencing technologies is expected to be a major driver of rapid growth in the biotechnology market during the forecast period.
The 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 an increase in the demand for innovative products from biopharmaceutical and biotechnology companies, the 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 the market in North America.
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Biotechnology Market: Strategic Insights
Market Size Value in US$ 218,012.10 Million in 2017 Market Size Value by US$ 471,336.40 Million by 2025 Growth rate CAGR of 10.5% from 2017 to 2025 Forecast Period 2017-2025 Base Year 2017
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Biotechnology Market: Strategic Insights
| Market Size Value in | US$ 218,012.10 Million in 2017 |
| Market Size Value by | US$ 471,336.40 Million by 2025 |
| Growth rate | CAGR of 10.5% from 2017 to 2025 |
| Forecast Period | 2017-2025 |
| Base Year | 2017 |
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Biotechnology Market Drivers and Opportunities
Increasing Focus on Advanced Method Incorporation in Healthcare to Favor United States Market
The biotechnology market in North America is witnessing accelerated growth, driven by the integration of advanced technologies in healthcare, a rising emphasis on precision medicine, and substantial investments in genomic research from both public and private sectors. The region has emerged as a hub for biotechnological innovation, underpinned by collaborative efforts aimed at transforming healthcare delivery, improving agricultural productivity, and enhancing industrial biomanufacturing capabilities. Precision medicine—one of the most transformative trends in modern healthcare—is gaining strong momentum in the U.S. and Canada. Government-backed initiatives, coupled with venture capital and institutional funding, are fueling research into genomics, targeted therapies, and personalized diagnostics. This growing focus is reshaping clinical practices and paving the way for tailored treatment regimens that offer greater efficacy and reduced side effects.
Medical and agricultural biotechnology have both undergone significant advancements as a result of evolving research programs and adaptive business models. Bioengineering tools, including CRISPR, synthetic biology, and molecular diagnostics, are being utilized to develop novel biomolecules, enhance disease resistance in crops, and create next-generation therapeutic products. Notably, in 2022, the U.S. Department of Health and Human Services (HHS) committed US$40 million to strengthen biomanufacturing capacity for active pharmaceutical ingredients (APIs), antibiotics, and key raw materials necessary for producing essential medicines and bolstering pandemic preparedness. This investment addresses critical supply chain vulnerabilities and supports the onshoring of pharmaceutical production. Simultaneously, the U.S. Department of Defense (DoD) launched the Tri-Service Biotechnology for a Resilient Supply Chain initiative, backed by over US$270 million over a five-year span. This ambitious program is designed to accelerate the commercialization of bio-based innovations, particularly in the defense sector, by developing sustainable fuels, high-performance materials, polymers, resins, and protective gear—all critical to national security and resilience.
These developments are further supported by an expanding ecosystem of biotech companies, academic institutions, and innovation clusters in cities such as Boston, San Francisco, and Toronto. Strong IP frameworks, advanced research infrastructure, and skilled talent pools are also contributing to the region's global competitiveness. In conclusion, North America’s biotechnology market is set to experience sustained expansion, propelled by strategic investments, cutting-edge innovation, and government initiatives aimed at strengthening both healthcare and industrial resilience. This dynamic environment is expected to unlock substantial economic value and cement the region's leadership in the global biotechnology landscape over 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 opportunities 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, and other technologies. The DNA sequencing segment held the largest share of the market in 2023 and is likely to grow at the highest rate during the forecast period. DNA sequencing is a critical technique used to determine the precise order of nucleotide bases within a DNA strand. It has become indispensable in both basic and applied research, with wide-ranging applications across healthcare, biotechnology, agriculture, and forensic science.
One of the earliest large-scale uses of DNA sequencing was in the Human Genome Project, which spanned thirteen years and significantly advanced our understanding of genetic mutations linked to hereditary diseases. Today, DNA sequencing enables researchers to identify specific genes associated with genetic disorders, supporting the development of targeted therapies and personalized medicine.
Beyond healthcare, DNA sequencing is widely used in genetic testing for determining paternity and familial relationships. It also plays a key role in forensic science, helping to identify crime suspects and victims. In environmental applications, DNA sequencing assists in analyzing bacteria and other microorganisms that contribute to the contamination of air, water, and food.
Additionally, the technology is instrumental in agricultural research, helping scientists study genetic variation and migratory patterns among animal and plant species. This information is vital for identifying rare breeds and optimizing seed and livestock development.
Overall, the versatility and impact of DNA sequencing continue to drive innovation and investment across multiple sectors.
Many companies like Thermo Fisher Scientific Inc., Merck KGaA, Illumina, Inc. and various other start-up companies offer various kits and reagents for the DNA sequencing technique. Thus, the advantages offered by DNA sequencing and their use in the above 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 & 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 the increasing focus of market players in developing economies, and supportive government policies.
Biotechnology Market Report Scope
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
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Technology, and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
- Novo Nordisk A/S
- Moderna Inc.
- BioNTech SE
- Regeneron Pharmaceuticals Inc.
- Vertex Pharmaceuticals Inc.
- Jazz Pharmaceuticals PLC
- Incyte Corp.
- Novavax, Inc.
- Vir Biotech Inc.
- BioMarin Pharmaceutical Inc.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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