Biotechnology Market Size Worth $1452.3 Billion By 2032 | CAGR: 13.4%

The global biotechnology market size is expected to reach USD 1452.3 billion by 2032, according to a new study by Polaris Market Research. The report “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” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The increase in the incidence of chronic diseases and the introduction of innovative treatments are driving the growth of market revenue. Biotechnology proves highly beneficial in the treatment of many diseases, with the pharmaceutical industry employing biotechnological techniques from cultivating antibiotic-producing microorganisms in fermentation broth to obtaining a purified antibiotic product. Furthermore, the application of modern biotechnology has the potential to enhance the effectiveness of numerous disease-specific advanced therapeutic approaches. Biotechnology plays a crucial role in the healthcare system, contributing significantly to the production of numerous drugs and vaccines used in the treatment of various diseases. Additionally, various other medical procedures integral to the healthcare system involve the utilization of biotechnology.

The increasing desire for organic food products underscores the indispensability of biotechnology in the agricultural sector, contributing to the market's revenue growth. Biotechnology provides farmers with technologies that can render output more cost-effective and manageable. For instance, certain biotech crops can be genetically modified to withstand specific herbicides, enhancing the efficiency and effectiveness of weed control. By breeding crops to be resistant to particular plant diseases and insect pests, 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.

The biotechnology market has experienced a positive impact from the COVID-19 pandemic, leading to increased opportunities and advancements in drug development and the manufacturing of vaccines for the disease. In 2021, the global production of over 11 billion doses of COVID-19 vaccine facilitated the vaccination of approximately half of the world's population within a year. Additionally, the success of mRNA vaccines and expedited approval processes has resulted in a significant increase in vaccine-related revenues. This is exemplified by the collective revenue generation of around USD 31 billion in 2021 from vaccines developed by Moderna, Pfizer/BioNTech, and Johnson & Johnson.

Do you have any questions? Would you like to request a sample or make an inquiry before purchasing this report? Simply click the link below: https://www.polarismarketresearch.com/industry-analysis/biotechnology-market/request-for-sample

Additionally, a study published in the National Library of Medicine in June 2021 highlighted the significant impact of coronary artery disease (CAD) on global health. CAD alone is responsible for approximately 610,000 deaths annually, accounting for an estimated one in four deaths and making it the foremost cause of mortality in the United States. With the incidence of CAD rising, there is a growing demand for effective Biotechnology devices to address this pressing medical need. Consequently, this factor is projected to drive the demand for Biotechnologys throughout the forecast period.

Biotechnology Market Report Highlights

• In 2022, the DNA Sequencing segment dominated the market in terms of revenue share. The rise in this segment can be attributed to the reduction in sequencing costs and the widespread adoption of advanced DNA sequencing techniques. The increase is credited to government funding in genetic research, which has enabled the broader applications of sequencing, contributing to a more profound understanding of diseases.
• During the forecast period, the Health segment captured the largest market share. Anticipated growth in this segment is driven by an increasing disease burden, the growing availability of agri-biotech and bio-services, and technological advancements in the bio-industrial sector. Furthermore, significant strides in machine learning, Artificial Intelligence (AI), and big data are expected to boost the adoption of bioinformatics applications, especially in industries such as food and beverages, further contributing to the segment's expansion.
• In 2022, North America held the top position as the largest market. The regional market's growth is propelled by several factors, including the presence of key players, extensive research and development activities, and substantial healthcare expenditure. The region demonstrates a significant penetration of genomics, proteomics, and cell biology-based platforms, contributing to the accelerated adoption of life sciences tools. Furthermore, the increasing prevalence of chronic diseases and the rising adoption of personalized medicine applications for the treatment of life-threatening disorders are expected to positively impact market growth in the region.
• The global key market players 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.

Polaris Market Research has segmented the Biotechnology market report based on technology, application, and region:

Biotechnology, Technology Outlook (Revenue - USD Billion, 2019 - 2032)

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

Biotechnology, Application Outlook (Revenue - USD Billion, 2019 - 2032)

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

Biotechnology, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia

• Latin America

• Argentina
• Brazil
• Mexico

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa

Biotechnology Market Report Scope