Global Biotechnology Market

Biotechnology Market Size, Share, Growth Analysis, By Product(Instrument & Reagent, Clinical Diagnostics, Proteomics & Genomics, Drug Discovery, Cell Analysis, Others), Technology(Nanobiotechnology, PCR Technology, Bioinformatics, Others), Type, Application, and Region - Industry Forecast 2024-2031


Report ID: SQMIG35H2249 | Region: Global | Published Date: July, 2024
Pages: 260 | Tables: 128 | Figures: 77

Biotechnology Market Insights

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.

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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).

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.  

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Global Biotechnology Market

Report ID: SQMIG35H2249

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