Biotechnology Market Size Worth USD 5.85 Trillion by 2034 | CAGR: 13.6%

The biotechnology market size is expected to reach USD 5.85 trillion by 2034, according to a new study by Polaris Market Research. The report “Biotechnology Market Size, Share, Trends & Industry Analysis Report By Technology (PCR Technology, Nanobiotechnology, Cell-based Assays, DNA Sequencing), By Application, By Region – Market Forecast, 2025–2034” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The growing prevalence of chronic diseases, along with the introduction of innovative treatments, is driving revenue growth in the biotechnology market. Biotechnology is highly beneficial for treating many diseases, with the pharmaceutical industry utilizing biotechnological techniques ranging from the cultivation of antibiotic-producing microorganisms in fermentation broth to the purification of antibiotic products. Additionally, modern biotechnology has the potential to enhance the effectiveness of various advanced therapeutic approaches specific to particular diseases. It plays a crucial role in the healthcare system, significantly contributing to the production of numerous drugs and vaccines used for treating various conditions. Furthermore, many other medical procedures that are essential to the healthcare system also involve the use of biotechnology.

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The growing demand for organic food highlights the essential role of biotechnology in agriculture, driving revenue growth in the market. Biotechnology offers farmers solutions that make production more cost-effective and efficient. For instance, certain biotech crops can be genetically modified to withstand specific herbicides, enhancing the efficiency and effectiveness of weed control. Additionally, biotechnology supports breeding crops to be resistant to particular plant diseases and insect pests, due to which it becomes possible to minimize the use of synthetic pesticides and enhance pest control. These options in crop production not only reduce production costs but also aid countries in meeting the demand for food.

Report Highlights

• The DNA sequencing segment accounted for the largest share in 2024 due to an increase in government funding in the genetic research
• The health segment is expected to experience significant growth due to the increasing burden of diseases worldwide.
• The Asia Pacific biotechnology market is experiencing significant growth due to increasing investments, enhancements in healthcare infrastructure, favorable government initiatives, and strategic expansion efforts by key industry players
• In 2024, the US biotechnology market recorded the largest revenue due to the presence of key players, extensive research and development activities, and substantial healthcare expenditure.
• The global key market players are 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., and Sanofi.

Polaris has segmented the biotechnology market report based on technology, application and region:

By Technology (Revenue - USD Trillion, 2020–2034)

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

By Application (Revenue - USD Trillion, 2020–2034)

• Bioinformatics
• Food & Agriculture
• Health
• Industrial Processing
• Natural Resources & Environment
• Others

By Regional Outlook (Revenue - USD Trillion, 2020–2034)

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Australia
  • Rest of APAC
• Latin America
  • Argentina
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa
  • Rest of MEA

Report Scope