Biotechnology Market Updates

Biotechnology Market size was valued at USD 1.56 Trillion in 2023 and is poised to grow from USD 1.77 Trillion in 2024 to USD 4.96 Trillion by 2032, growing at a CAGR of 13.71% during the forecast period (2025-2032).

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)'

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.  

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.

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.