What is the global market size of Biotechnology Market?

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).

Who are the key vendors in the Biotechnology Market?

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. 'AstraZeneca (UK) ', 'Gilead Sciences, Inc. (US) ', 'Biogen Inc. (US) ', 'Merck (Germany) ', 'Illumina, Inc. (US) ', 'Novo Nordisk A/S (Denmark) ', 'Thermo Fisher Scientific Inc. (US) ', 'Agilent Technologies, Inc. (US) ', 'Lonza Group AG (Switzerland) ', 'Pfizer Inc. (US) ', 'Bristol-Myers Squibb (US) ', 'Amgen Inc. (US) ', 'AbbVie Inc. (US) ', 'Regeneron Pharmaceuticals, Inc. (US) ', 'Vertex Pharmaceuticals Incorporated (US) ', 'Roche Holding AG (Switzerland) ', 'Johnson & Johnson Services, Inc. (US) ', 'Moderna, Inc. (US) ', 'Bio-Rad Laboratories, Inc. (US) ', 'Qiagen N.V. (Netherlands)'

What is the key market trend for Biotechnology Market?

Synthetic Biology: Biotechnology companies can focus on the rapidly growing popularity of the synthetic biology approach to maximize their revenue generation scope in the long run. From pharmaceuticals to fuels, synthetic biology is an approach that has the potential to revolutionize the world through biotechnology.

Which region accounted for the largest share in Biotechnology Market?

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.

Biotechnology Market Regional Analysis

Skyquest Technology's expert advisors have carried out comprehensive global market analysis on the biotechnology market, covering regional industry trends and market insights. Our team of analysts have conducted in-depth primary and secondary research to provide regional industry analysis and forecast of biotechnology market across North America, South America, Europe, Asia, the Middle East, and Africa.

Biotechnology Market Regional Insights

How is North America being Dominating in Biotechnology Industry?

North America is expected to remain a clear global leader in the biotechnology sector, comprising around 41–42% of the biotechnology market share in 2023. The state of U.S. biotechnology is significant with government support at massive levels, with the National Institutes of Health (NIH) allocating $45.3 billion in 2023 for biomedical research, and the FDA's expedited pathways that provided breakthrough therapy designations for 31 biological products with expedited access to market or innovation in that year.

U.S. Biotechnology Market

The U.S. is in first place in North American biotech, with companies like Regeneron and government sector support from agencies like the Biomedical Advanced Research and Development Authority (BARDA) and the NIH. For example, Regeneron was awarded a $450 million federal contract under Operation Warp Speed to support scaling manufacturing of its COVID-19 monoclonal antibody cocktail.

Canada Biotechnology Market

Canada is consolidating significant government investment towards biotechnology and is making rapid advancements. For example, AbCellera recently received $225 million federal support to build a antibody research and development campus in Vancouver. In Edmonton, Entos has also received federal funding and $62 million from the Strategic Innovation Fund to build a 103,000 ft² biomanufacturing facility to manufacture genetic medicine in March 2025 following an approved contract.

Why Asia Pacific Fastest Growing Biotechnology Market in 2024?

As the highest growth in APAC at a projected CAGR of ~14–14.7% in each of the next foreseeable years starting in 2024, biotech is a significant national priority with governments in China, India, Japan, and South Korea – China’s “Made in China 2025” and FiveYear Plan - pledged $150 billion for biopharma; India’s DBT more than US $3.5 Billion as its biotechnology strategy; Japan earmarked ¥126 Billion (~US$850 M) in 2023 for regenerative medicine and precision health.

China Biotechnology Market

China is the place to be in APAC biotechnology, with leadership across biomanufacturing, and biologics. WuXi AppTec and WuXi Biologics expanded their facilities in 2021 in Shanghai and Chengdu capable of multitens of thousands of liter GMP production capacity, backed by the guided focus of the 14th FiveYear Plan - taking advantage of government licensing reforms, cluster incentives, low R&D costs, and low startup costs.

India Biotechnology Market

India’s biotechnology breakthrough is growing under the Department of Biotechnology and the Bio Pharma Mission policies. Bharat Biotech under its Genome Valley headquarters in Hyderbad delivered over nine billion vaccines by May 2025, and completed Phase III testing of its oral cholera vaccine showing helpful scale-up, largely backed by the government.

South Korea Biotechnology Market

South Korea’s biotech strength lies in biosimilars and CGT. Companies like Samsung Bioepis lead globally in biosimilar monoclonal antibodies, while SK Bioscience develops scalable genetherapy manufacturing. Government supports include tax incentives and publicprivate partnerships, boosting export and clinical innovation capabilities.

Why Europe is second-largest share in Biotechnology Market?

Europe holds ~27–29% share and has the €95.5 billion R&D spend with Horizon Europe and the EMA recent approval of 17 advanced therapies in 2020–2023.

Germany Biotechnology Market

Germany is leading in biotech with the federal strategy on gene and cell therapies with the Federal Education Ministry, which has a timely action plan to develop clinical and regulatory frameworks by the end of 2024. Wacker Biotech also opened a mRNA competence centre in Halle, funded by €100 million to enhance national pandemic preparedness and allow more flexibility for manufacturing.

Italy Biotechnology Market

Italy is gaining traction in biotech manufacturing with a government facilitated investment from Novo Nordisk of €2.34 billion to expand diabetes and obesity drug production in Anagni. This project is considered a Strategic National Project, will deliver ~800 jobs and approvals will be simplified with a special commissioner role.

UK Biotechnology Market

The UK is leading with BioNTech's £1 billion investment into the R&D centres and AI hub in the UK, along with £129 million worth of government grants to turbocharge mRNA-based cancer treatments and genomics innovations. The NHS has also undertaken a large-scale trial with Scancell's DNA vaccine for melanoma, as part of a wider UK strategy to reduce trial timelines and centralise health records access (£600 million investment).

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FAQs

Global Biotechnology Market size was valued at USD 1888.9 billion in 2023 and is poised to grow from USD 2170.35 billion in 2024 to USD 6593.09 billion by 2032, growing at a CAGR of 14.9% during the forecast period (2025-2032).

All over the world, governments are integrating biotechnology where it fits into their national economic and security priorities. The Upsilon government is developing legislation in the form of the National Biotechnology Initiative Act which proposes the establishment of a National Biotechnology Coordination Office to consolidate national policy and legislative enhancement with just under ~$15 billion potential regulatory enhancements, legislative improvements and streamlining to promote economic stimulation and innovation. In contrast the OECD and EU have identified biomanufacturing as a strategic area of national investment including ~ $12 billion in EU investment from 2021-2027 equally and have recommended regulatory innovation advances as a sub-sector of biomanufacturing in order to enhance scale across the food, health, and industrial biotechnology sectors. South Korea's new Presidential Bio Committee established January 2025, is facilitating cross ministry collaboration and coordination of policy, as well as enhancing contract development and manufacturing organization (CDMO) capacity, by 2032, and planning to train 110 000 bio-specialist workforce talent.'Novo Noridisk', 'Amgen', 'Johnson & Johnson', 'Gilead Sciences', 'Bristol Myers Squibb', 'Vertex Pharm', 'Roche', 'Regeneron', 'Moderna Inc.', 'Biogen Inc', 'Thermo Fisher Scientific Inc.', 'Pfizer Inc.', 'Corteva Agriscience', 'Sanofi', 'Bayer AG', 'Merck KGAA', 'Bluebird Bio Inc.', 'Abbvie Inc', 'Syngenta Group', 'CSL Limited'

Incidence of chronic diseases such as cancer and diabetes has increased on a global level. Subsequently the demand for treatment of these diseases is also increasing at a rapid pace and fueling the global biotechnology market growth all over the world.