Biotechnology Market Share, Size, Analysis Report, 2024-2032
Biotechnology Market Share, Size, Analysis Report, 2024-2032

Biotechnology Market Share, Size, Trends, Industry Analysis Report, By Application (Bioinformatics, Food & Agriculture, Health, Industrial Processing, Natural Resources & Environment, Others); By Technology; By Region; Segment Forecast, 2024 – 2032

  • Published Date:Jan-2024
  • Pages: 117
  • Format: PDF
  • Report ID: PM1011
  • Base Year: 2023
  • Historical Data: 2019-2022

Report Outlook

The global biotechnology market was valued at USD 1452.30 billion in 2023 and is expected to grow at a CAGR of 13.4% during the forecast period.

Government initiatives promoting regulatory modernization, streamlined approval processes, and enhanced reimbursement policies, along with standardized clinical studies, propel the market. The rise of personalized medicine and the expanding portfolio of orphan drug formulations create opportunities for biotechnology applications, attracting emerging innovative companies and contributing to market revenue growth.

Biotechnology Market Size

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The market experiences growth due to rising demand for biotechnology tools in agricultural applications, such as micro-propagation, molecular breeding, tissue culturing, conventional plant breeding, and the development of genetically modified crops. The increasing popularity of genetically modified crops, herbicide-tolerant, and insect-resistant seeds further contributes to market expansion. The adoption of tissue culture technology for producing novel rice variants and disease- and pest-free banana varieties in South Asia and Africa, along with its use in cloning disease-free and nutritious plant varieties, drives the application of biotechnology in agriculture.

A robust clinical trial pipeline and available funding opportunities in tissue engineering and regeneration technologies propel the market. According to the Alliance for Regenerative Medicine, companies involved in cell and gene therapies received over USD 23.1 billion in global investments in 2021, marking a 16% increase from the previous year's total of USD 19.9 billion. The clinical success of key gene therapy players in 2021, such as positive outcomes from Intellia Therapeutics and Regeneron's in vivo CRISPR treatment for transthyretin amyloidosis, has a substantial impact on market growth.

Biotechnology Market share

The life sciences and healthcare sectors are witnessing extensive utilization of fermentation technology, contributing significantly to market growth. Innovations and enhancements in traditional bioreactors, including the introduction of simplified and vortex bioreactors, have resulted in advancements and increased adoption of fermentation technology. Moreover, improvements in vortex bioreactors for wastewater processing enhance operational feasibility. These modifications and advancements in fermentation technology are anticipated to drive accelerated market growth in the foreseeable future.

Industry Dynamics

Growth Drivers

  • Increasing prevalence of chronic illnesses

Over time, there has been a rise in the prevalence of chronic diseases, attributed in part to an increasingly sedentary lifestyle accompanying the expansion of the middle class and accelerated urbanization. This trend contributes to higher rates of obesity and the increased occurrence of diseases such as malaria, HIV, diabetes, TB, and genetic abnormalities. The market is further driven by a growing frequency of target diseases and genetic anomalies, ongoing technological advancements in Polymerase Chain Reaction technologies, and increased investments, funding, and grants for scientific research. The bio-pharmacy industry plays a crucial role in preventing chronic diseases, with a focus on developing personalized treatments. This approach is expected to pave the way for individualized procedural healthcare requirements and contribute to the treatment of hereditary genetic diseases. Additionally, innovative concepts like Cell Therapy are being introduced to the market, showing potential for efficient treatment of certain cancers.

Report Segmentation

The market is primarily segmented based on technology, application, and region.

By Technology

By Application

By Region

  • Fermentation
  • Tissue Engineering and Regeneration
  • Chromatography
  • PCR Technology
  • Nanobiotechnology
  • Cell-based Assays
  • DNA Sequencing
  • Others
  • Bioinformatics
  • Food & Agriculture
  • Health
  • Industrial Processing
  • Natural Resources & Environment
  • Others
  • North America (U.S., Canada)
  • Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
  • Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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By Technology Analysis

  • The DNA Sequencing segment held the largest revenue share in 2022

The decrease in sequencing costs and the increased adoption of advanced DNA sequencing techniques are credited for the surge. Government funding in genetic research has facilitated the expanded applications of sequencing, leading to a deeper understanding of diseases. For instance, in May 2021, the University of Pittsburgh Graduate School of Public Health and Washington University School of Medicine in St. Louis received a USD 10.7 million NIH grant for the exploration of the genetic foundation of Alzheimer's disease.


Nanobiotechnology is anticipated to experience substantial growth at a high compound annual growth rate (CAGR), propelled by the increasing approvals of nanomedicine and the introduction of advanced technology. Notably, theranostic nanoparticles have garnered attention for their ability to facilitate swift diagnosis and customize treatment options for multiple disorders simultaneously. The advantages of nanoparticles, such as low toxicity, smaller size, and chemical flexibility, prove beneficial in overcoming limitations associated with traditional routes of generic drug administration. Additionally, the field of tissue engineering and regenerative medicine commands a noteworthy share, supported by both government and private investments, substantial healthcare expenditure, and the presence of a significant number of established and emerging players. These factors are expected to propel growth in this segment throughout the forecast period.

By Application Analysis

  • The Health segment accounted for the highest market share during the forecast period

The growth of the segment is anticipated to be fueled by a rising disease burden, the expanding availability of agri-biotech and bio-services, and technological advancements in the bio-industrial sector. Moreover, substantial progress in machine learning, Artificial Intelligence (AI), and big data is expected to enhance the penetration of bioinformatics applications, particularly in industries like food and beverages, contributing further to the segment's growth.

Furthermore, the market is expected to experience growth driven by collaborative efforts and partnerships focused on the development and commercialization of new therapeutic platforms and molecules. For instance, in January 2021, Novartis joined forces with Alnylam to explore the application of the latter's siRNA technology in developing targeted therapy for the restoration of liver function. Similarly, in September 2021, AstraZeneca and VaxEquity collaborated to develop and commercialize a self-amplifying RNA therapeutics platform, aiming to explore novel therapeutic programs. Additionally, the increasing demand for biosimilars and the expanding applications of precision medicine are anticipated to contribute to the growth of this segment during the forecast period.

Biotechnology Market share

Regional Insights

  • North America dominated the largest market in 2022

The growth of the regional market is driven by various factors, including the presence of key players, extensive research and development activities, and substantial healthcare expenditure. The region exhibits a notable penetration of genomics, proteomics, and cell biology-based platforms, thereby accelerating the adoption of life sciences tools. Additionally, the increasing prevalence of chronic diseases and the growing adoption of personalized medicine applications for treating life-threatening disorders are anticipated to have a positive impact on market growth in the region.

The Asia Pacific region is poised to exhibit the most rapid growth rate. This expansion can be attributed to increasing investments, enhancements in healthcare infrastructure, favorable government initiatives, and strategic expansion efforts by key market players. Notably, in February 2022, Moderna Inc. disclosed plans for a geographic expansion of its commercial network in Asia, establishing new subsidiaries in Malaysia, Singapore, Hong Kong, and Taiwan. Furthermore, collaborations in the biopharmaceutical sector, such as the strategic partnership between Kiniksa Pharmaceuticals and Huadong Medicine for the development and commercialization of Kiniksa's ARCALYST and mavrilimumab in the Asia-Pacific region, are expected to contribute significantly to the market's growth.

Biotechnology Market size

Key Market Players & Competitive Insights

The market is characterized by intense competition, with established players relying on advanced technology, high-quality products, and a strong brand image to drive revenue growth. These companies employ various strategies such as research and development, mergers and acquisitions, and technological innovations to expand their product portfolios and maintain a competitive edge in the market.

Some of the major players operating in the global market include:

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

Recent Developments

  • In May 2023, Gilead Sciences, Inc. announced the completion of its acquisition of XinThera, obtaining all outstanding shares. This strategic maneuver bolsters Gilead's clinical development goals by integrating complementary pipeline assets concentrated on validated targets in oncology and inflammation. By gaining access to a portfolio of small molecule inhibitors targeting PARP1 for oncology and MK2 for inflammatory diseases, Gilead reinforces its prominent position in the biotechnology industry.
  • In January 2023, Gero and Pfizer have initiated a strategic research collaboration, leveraging Pfizer's domain expertise and Gero's advanced technology platform. This partnership is focused on uncovering genes and pathways linked to fibrotic diseases, representing a notable advancement in the biotechnology market. By combining the machine-learning capabilities of an innovative biotech firm with the resources of a prominent biopharmaceutical company, the collaboration aims to address chronic diseases and age-related conditions.
  • In November 2022, AstraZeneca declared the inclusion of Neogene Therapeutics Inc. in its portfolio, both driven by the common objective of introducing cutting-edge cell therapies for patients grappling with solid tumors. Aligned in their commitment to advancing biotechnological approaches, the integration of TCR-Ts (cell therapy) from Neogene holds the potential to pinpoint intracellular targets, including cancer-specific mutations. This breakthrough offers new avenues for targeting markers that were previously inaccessible through cell therapies. The strategic collaboration holds significant promise in reshaping the landscape of cancer treatment and personalized medicine.
  • In August 2022, Gilead Sciences, Inc. has completed a successful acquisition of MiroBio, securing access to their distinctive biotechnology discovery platform and extensive portfolio of immune inhibitory receptor agonists. The amalgamation of MiroBio's expertise in checkpoint receptor signaling and proprietary biotechnology techniques for producing exceptional agonist antibodies aligns seamlessly with Gilead's expertise in drug development and therapeutic areas. This marks a strategic advancement in the application of biotechnological innovations for the treatment of immune-related conditions.

Biotechnology Market Report Scope

Report Attributes


Market size value in 2024

USD 1639.64 billion

Revenue forecast in 2032

USD 4,482.21 billion


13.4% from 2024 – 2032

Base year


Historical data

2019 – 2022

Forecast period

2024 – 2032

Quantitative units

Revenue in USD billion and CAGR from 2024 to 2032

Segments Covered

By Technology, By Application, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America; Middle East & Africa


Report customization as per your requirements with respect to countries, region and segmentation.