Biotechnology, a sector combining biology and technology, focuses on developing products and processes for a wide range of applications, including healthcare, agriculture, and industrial processes. The biotechnology market is witnessing robust growth, driven by advancements in genomics, personalized medicine, and biopharmaceuticals. The integration of artificial intelligence and machine learning is revolutionizing research and development, enhancing drug discovery and development efficiency. One significant trend is the rise of precision medicine, which tailors treatments to individual genetic profiles, increasing treatment efficacy and reducing side effects.

The agricultural biotechnology segment is also expanding, driven by the demand for genetically modified crops that offer higher yields and resistance to pests and diseases. Additionally, the adoption of sustainable practices is fostering growth in industrial biotechnology, where bio-based products are replacing traditional chemical processes.

Opportunities in the biotechnology market abound, particularly in emerging markets where healthcare infrastructure is developing, and there is a growing need for innovative medical solutions. The increasing prevalence of chronic diseases and the aging global population are further propelling market expansion. Growth drivers include substantial investments in research and development, supportive government policies, and strategic collaborations between pharmaceutical companies and biotech firms. For instance, in October 2023, Gilead Sciences, Inc.

and Assembly Biosciences formed a strategic alliance to create innovative treatments for some of the most devastating viral diseases. The rapid pace of technological advancements and the growing importance of sustainable and eco-friendly solutions are set to sustain the biotechnology market’s growth trajectory in the coming years.

In terms of revenue, the global biotechnology market was worth US$ 1.60 Tn in 2023 and is anticipated to witness a CAGR of 14.3% during 2024 – 2034.

Trends in the Global Biotechnology Market

• Precision Medicine and Genomics- Precision medicine, a burgeoning trend in the biotechnology market, focuses on tailoring medical treatments to individual genetic profiles, promising higher efficacy and minimized side effects. Advances in genomics have been instrumental in this evolution, enabling the detailed analysis of patients’ genetic information. This approach allows for more accurate disease prediction, early diagnosis, and personalized treatment plans. The integration of cutting-edge technologies, such as CRISPR and next-generation sequencing, is further accelerating this trend. As healthcare moves towards more individualized care, the demand for precision medicine is surging, driving significant investments in genomics research and biotechnological innovations. This trend not only enhances patient outcomes but also opens new avenues for biotech companies to develop targeted therapies and diagnostics, marking a pivotal shift in modern medicine.
• Sustainable Agricultural Biotechnology- Sustainable agricultural biotechnology is rapidly gaining traction as a key trend in the biotechnology market. This trend is driven by the need to address global food security and environmental sustainability. Biotech innovations, such as genetically modified crops, are designed to enhance yield, resist pests and diseases, and withstand harsh environmental conditions. These advancements reduce the reliance on chemical pesticides and fertilizers, promoting eco-friendly farming practices. Additionally, the development of bio-based agricultural inputs, like biopesticides and biofertilizers, supports sustainable agriculture. The increasing consumer demand for organic and non-GMO products further fuels this trend, encouraging continuous innovation in the sector. As the global population grows and climate change impacts agriculture, sustainable biotechnology solutions are essential for ensuring food supply resilience and environmental conservation.

DNA sequencing segment by technology dominated the global biotechnology market during the forecast period with a revenue share of 22.1% in 2023.

This dominance is attributed to the pivotal role DNA sequencing plays in advancing genomic research, personalized medicine, and drug development. The technology’s ability to provide comprehensive and precise genetic information has revolutionized various fields, including oncology, where it aids in identifying genetic mutations and tailoring individualized treatment plans. Additionally, the decreasing cost and increasing speed of sequencing technologies have made them more accessible, further driving their adoption across research and clinical applications.

Companies are heavily investing in next-generation sequencing (NGS) and other innovative sequencing methods to enhance accuracy and efficiency. For instance, in December 2023, Illumina entered into a memorandum of understanding with the African Society for Laboratory Medicine to enhance access to genomics in Africa for combating infectious diseases. Additionally, in November 2023, MedGenome and PacBio introduced a De Novo Genome Assembly and Annotation grant. These types of research grants are anticipated to boost research and development efforts within the industry. The expanding applications of DNA sequencing in diagnostics, agriculture, and forensic sciences are expected to sustain its leading position in the biotechnology market.

Food and agriculture segment by application has seen significant popularity and is projected to grow the fastest over the forecast timeline in biotechnology market.

This surge is driven by the urgent need to enhance crop yields, improve nutritional quality, and ensure food security amid a growing global population and changing climate conditions. Biotechnological advancements, such as genetically modified organisms (GMOs) and CRISPR gene-editing, enable the development of crops that are more resistant to pests, diseases, and environmental stressors.

Additionally, biotechnology is instrumental in creating biofortified foods that address nutritional deficiencies. The adoption of sustainable agricultural practices, supported by biotechnological innovations, also reduces reliance on chemical pesticides and fertilizers, promoting environmental sustainability. As consumer demand for healthier, sustainable food options rises, the food and agriculture segment’s rapid growth is expected to continue, driving significant market expansion.

By region, Europe is expected to emerge as the fastest growing region in the biotechnology market in 2023.

This rapid growth is fueled by substantial investments in research and development, supportive government policies, and a robust infrastructure for scientific innovation. European countries are prioritizing biotechnology to address critical challenges in healthcare, agriculture, and environmental sustainability. The region’s focus on precision medicine, genomics, and sustainable agricultural practices is driving advancements and fostering collaboration between academic institutions, biotech firms, and the pharmaceutical industry.

Additionally, Europe’s regulatory environment, which balances innovation with safety and ethical considerations, is conducive to the growth of biotechnology ventures. The increasing prevalence of chronic diseases and the aging population are also contributing to the demand for advanced biotechnological solutions. As a result, Europe is poised to become a key player in the global biotechnology market, reflecting its commitment to cutting-edge scientific research and development.

Competitive Landscape

The biotechnology market’s competitive landscape is characterized by major players like Pfizer, Amgen, and Roche, leading in pharmaceuticals and diagnostics. Startups and smaller firms, often specializing in niche technologies like CRISPR or synthetic biology, drive innovation. Strategic partnerships, mergers, and acquisitions are common as companies seek to enhance their portfolios and market reach. Regulatory challenges and high R&D costs also influence market dynamics and competitive strategies.

• In October 2023, Kite, a subsidiary of Gilead, partnered with Epicrispr Biotechnologies in a research collaboration and licensing agreement. This collaboration aims to leverage Epicrispr Biotechnologies’ gene regulation platform for developing advanced cancer cell therapies.
• In September 2023, Merck KGaA initiated collaborations with BenevolentAI and Exscientia, both specialized in AI-driven drug discovery across oncology, neurology, and immunology. These partnerships are expected to lead to the discovery of new candidates poised for clinical development.

Some of the players operating in the biotechnology market are

• Abbott Laboratories
• Amgen Inc.
• AstraZeneca
• Biogen
• Bristol-Myers Squibb
• Hoffmann-La Roche Ltd.
• Gilead Sciences, Inc.
• Johnson & Johnson Services, Inc.
• Lonza
• Merck KGaA
• Novartis AG
• Novo Nordisk A/S
• Pfizer, Inc.
• Sanofi
• Other Industry Participants

Global Biotechnology Market Scope

Global Biotechnology Market

By Technology

• PCR Technology
• DNA Sequencing
• Cell-based Assays
• Chromatography
• Fermentation
• Nanobiotechnology
• Tissue Engineering and Regeneration
• Others

By Application

• Healthcare
• Food and Agriculture
• Natural Resources and Environment
• Industrial Processing
• Bioinformatics
• Others

By Region

• North America (U.S., Canada, Mexico, Rest of North America)
• Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe)
• Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific)
• Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
• Latin America (Brazil, Argentina, Rest of Latin America)

Report Layout:

Table of Contents

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Note: This ToC is tentative and can be changed according to the research study conducted during the course of report completion.

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**Exclusive for Multi-User and Enterprise User.

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Global Biotechnology Market

By Technology

• PCR Technology
• DNA Sequencing
• Cell-based Assays
• Chromatography
• Fermentation
• Nanobiotechnology
• Tissue Engineering and Regeneration
• Others

By Application

• Healthcare
• Food and Agriculture
• Natural Resources and Environment
• Industrial Processing
• Bioinformatics
• Others

By Region

• North America (U.S., Canada, Mexico, Rest of North America)
• Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe)
• Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific)
• Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
• Latin America (Brazil, Argentina, Rest of Latin America)

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