USD 1.21 Trillion
Report ID:
SQMIG35H2249 |
Region:
Global |
Published Date: July, 2024
Pages:
260
|Tables:
128
|Figures:
77
Biotechnology Market size was valued at USD 1.21 Trillion in 2022 and is poised to grow from USD 1.38 Trillion in 2023 to USD 3.90 Trillion by 2031, growing at a CAGR of 13.9% during the forecast period (2024-2031).
Biotech industry is one of the globalized sectors. Investment in business is characterized by greatly diversified economic growth among countries. The expansion of problems such as hepatitis B disease as well as other issues is expected to drive the expansion in this field. The demand for subsistence and agricultural products such as wheat, rice, sugarcane and beans are expected to increase mainly because the population in US, China, and India is on the rise, and this will boost the importance of these products. Furthermore, scientists are involved in wide research and development activities to address problems such as water shortage, low productivity, insect attacks, and limited farmland. Their focus is on the improvement of smart systems and helping the industry by partnering with other organizations. Large scale associations, including government subsidized organizations and other independent communities acting against biotechnology funding, on the other hand, boost financing to R&D and new product development programs.
The ongoing high incidents of either chronic diseases like diabetes or cancers across the globe are expected to increase the demand for biotechnology products in the coming years. Also, the prevalence of type 2 diabetes among many individuals is seeing a growing trend around the world and thus, the market is likely to experience higher margins. The wide range of uses as well as the currently existing demand for highly effective drugs and treatment options, companies that devote themselves to this branch would presumably benefit more.
US Biotechnology Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 1.21 Trillion
Largest Segment
DNA sequencing
Fastest Growth
Nanobiotechnology
Growth Rate
13.9% CAGR
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The global biotechnology market is segmented by type, product, technology, application, and region. Based on type the market is segmented into blue biotechnology, green biotechnology, red biotechnology, white biotechnology, and others. Based on product the market is segmented into instrument & reagent (clinical diagnostics, proteomics and genomics, drug discovery & development, cell analysis, others), and software & services. Based on technology, the market can be segmented into nanobiotechnology, PCR technology, bioinformatics, tissue engineering, DNA sequencing, fermentation technology, and others. Based on application, the market is segmented into health, agriculture, food and beverages, industrial processing, and others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Product
Instruments and reagents are projected to account for a major chunk of the global biotechnology market share over the coming years. High investments in biotechnology R&D will require researchers to opt for different types of instruments and reagents, which helps this segment bring in major revenue. Growing emphasis on advancements in research will also boost the demand for novel instruments and reagents thereby cementing the dominance of this segment through 2031.
On the other hand, the demand for software and services is slated to increase at a robust pace in the long run. Growing emphasis on technology utilization in the biotechnology market is slated to help this segment boost market growth at a notable CAGR in the future. Increasing need for biotechnology services and software by different healthcare establishments will also help this segment boost its market share.
Analysis by Type
Red biotechnology holds sway in terms of revenue generation for the global biotechnology market. Red biotechnology refers to any kind of research and development of biotechnology that is aimed at the healthcare and life sciences industry. High investments in medical R&D and rising prevalence of chronic diseases are majorly contributing to the dominance of this segment.
Meanwhile, the demand for green biotechnology is projected to surge at an impressive pace going forward. The adoption of precision and smart farming practices is estimated to bolster the demand for green biotechnology. Growing investments in improving agricultural yield and improve livestock health will also favor biotechnology demand outlook.
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Robust investments in medical R&D are contributing to the high market share of North America. Presence of a developed healthcare infrastructure, quick adoption of novel technologies, and presence of key biotechnology companies are also helping this region’s dominance. The United States is slated to be the most opportune market for biotechnology companies in this region followed by Canada. Rapidly aging population and rising prevalence of cancer and diabetes are also expected to help boost biotechnology demand outlook in this region.
Meanwhile, the demand for biotechnology is slated to surge at an impressive pace in the Asia Pacific region over the coming years. Growing investments in healthcare infrastructure development and supportive government initiatives to promote biotechnology R&D are also making this region a highly opportune one for biotechnology market players. Japan, China, and India are estimated to be the top markets in this region going forward. Regulatory compliance is projected to be a major concern in this region as regulations vary vastly across the region.
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Biotechnology Market Driver
High Incidence of Chronic Diseases
Rising Demand for Personalized Medicine
Restraints
Intellectual Property Claim Disputes
Ethical Concerns and Challenges
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Biotechnology companies should solely focus on perfecting their R&D divisions first to maximize their business scope in the future. Collaborations, mergers, and capital raises are projected to be preferred strategies for incoming biotechnology companies looking to penetrate the market. Use of advanced technologies such as artificial intelligence and machine learning will also present new opportunities for biotechnology market players going forward.
Biotechnology Market Top Player's Company Profiles
Biotechnology Market Recent Developments
In October 2023, the subsidiary of Gilead, Kite and Epicrispr Biotechnologies, announced a research collaboration and licensing agreement to apply the gene regulation platform of the latter in the production of advanced cancer cell therapies.
In September 2023, Merck KGaA formed collaborations with BenevolentAI and Exscientia—two companies that use AI for drug discovery in oncology, neurology, and immunology—which may result in the emergence of novel candidates up for clinical development.
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, high prevalence of chronic diseases, growing investments in medical R&D, and high demand for personalized medicine are slated to boost biotechnology market growth. However, ethical concerns, complexity in biomanufacturing, and regulatory compliance are estimated to be the top restraints for biotechnology companies. High investments in medical R&D and quick adoption of novel technologies are key prospects that help North America maintain a dominance stance. Demand for red biotechnology is slated to bring in the most revenue across the study period. Developing synthetic biology products via biotechnology will pay off big time for biotechnology companies in the long run.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 1.21 Trillion |
Market size value in 2031 | USD 3.90 Trillion |
Growth Rate | 13.9% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Trillion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Biotechnology Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Biotechnology Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Biotechnology Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Biotechnology Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG35H2249