Biotechnology Market Size, Share, and Industry Report [2031]

Segments - Global Biotechnology Market by Technology (Fermentation, Tissue Engineering and Regeneration, PCR Technology, Nanobiotechnology, Chromatography, DNA Sequencing, Cell-based Assays, and Others), Applications (Bio Pharmacy, Bio Services, Bio Agriculture, Bio Industrial, and Bioinformatics), and Regions (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 - 2031

Author : Raksha Sharma

Fact-checked by : Vineet Pandey

Editor : Vishal Golekar

Report Description

Global Biotechnology Market Outlook 2031:

The global biotechnology market size was valued at USD 1 Trillion in 2022 and is projected to reach USD 3.74 Trillion by 2031, expanding at a CAGR of 15.8% during the forecast period 2023 - 2031. Biotechnology is an interdisciplinary, innovative discipline that modifies or develops processes and outcomes for the healthcare-related products and medicines using living creatures, biological systems, or derivatives.

It has a significant impact on a variety of industries, including medicine and pharmaceuticals, genetics, and food and chemical production. It has a broad and considerable use in addressing critical concerns connected to health and well-being, food and energy supply, and environmental protection.

Biotech firms are at the forefront of the development of COVID-19-targeting medications. For example, Gilead Sciences, Inc. acquired the US FDA approval for antiviral Remdesivir for the treatment of COVID-19 patients just 8 months after the first incidence of COVID-19 virus.

Furthermore, the increasing biotechnology industry's collaboration with diagnostic firms, drug manufacturers, research institutes, and multinational pharmaceutical corporations in creating therapeutic compounds to target COVID-19 virus is contributing to market growth.

For instance, in March 2020, Pfizer Inc. announced a collaboration with BioNTech SE to develop BNT162, a COVID-19 vaccine candidate. BioNTech SE created the vaccine using mRNA technology in order to accelerate the development of the COVID-19 vaccine.

Biotechnology Market Drivers, Restraints, Opportunities

The presence of favorable government initiatives in developed countries and growing economies such as India, Brazil, and China are driving the growth of the biotech sector. Government regulations are aimed at improving the medication regulatory process, standardizing clinical trials, improving the reimbursement scenario, and accelerating the product approval process. For instance, the Government of India is taking several steps to encourage the industry. The Department of Biotechnology's National Biotechnology Development Strategy aims to build a solid foundation for discovery and innovation. This strategy combined with fresh technological platforms as well as advantages in improving biotech products are driving the market growth.
Increasing government funding and technical assistance provided to biotech enterprises is accelerating the market growth.
Rising prevalence of hepatitis B, cancer, and diabetes is anticipated to boost the growth of the market.
Significant risk connected with genetically modified crops and creatures, and ethical concerns over clinical trials can restraint the market growth.
A lack of understanding of biosystems enables forecasting the nature of artificial organisms created through biotechnology experiments can create challenges for the market.
Expanding demand for agro-based products such as wheat corn, sugarcane, and sorghum and requirement for biotech innovations in technical research are some of the major factors spurring the market growth.

Scope of Biotechnology Market Report

The report on the global biotechnology market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.

Attributes	Details
Report Title	Biotechnology Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Base Year	2022
Historic Data	2016–2021
Forecast Period	2023–2031
Segmentation	Technology (Fermentation, Tissue Engineering and Regeneration, PCR Technology, Nanobiotechnology, Chromatography, DNA Sequencing, Cell-based Assays, and Others), Applications (Bio Pharmacy, Bio Services, Bio Agriculture, Bio Industrial, and Bioinformatics)
Regional Scope	Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Report Coverage	Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report	Agilent Technologies, BioGen Medical Instruments, Danaher, F. Hoffmann-La Roche, Abbott Laboratories Illumina, Merk, Perkin Elmer, Qiagen, and Thermofisher Scientific, Amgen, Bio-Rad Laboratories

Biotechnology Market segment insights

DNA sequencing segment to hold a major market share

Based on technology, the market can be divided into fermentation, tissue engineering and regeneration, PCR technology, nanobiotechnology, chromatography, DNA sequencing, cell-based assays, and others The DNA sequencing segment is estimated to hold a largest market share.

In April 2020, the National Institutes of Health offered the Baylor College of Medicine Human Genome Sequencing Center (BCM-HGSC) a grant for a Pacific Biosciences Sequel II DNA sequencing apparatus. The nanotechnology segment is anticipated to expand at a CAGR of 16.8% during the forecadt period. The incorporation of such AI and computational tools improves in the rapid and accurate sequencing of DNA or RNA, hence improving the availability of nanopore sequencing data.

Bio pharmacy segment is estimated to hold a significant market share

Based on applications, the market can be classified as bio pharmacy, bio services, bio agriculture, bio industrial, and bioinformatics. The bio pharmacy segment is anticipated to accounted for over 45% market share in 2020.

The increasing prevalence of diseases is primarily responsible for the segment's growth. Furthermore, the growing emphasis on agri-biotech and bio-services, expanding acceptance of bioinformatic solutions, and a thriving bio-industrial sector are major factors contributing to the segment growth.

North America is expected to grow at a healthy rate

Based on regions, the market can be segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa North America dominated the biotechnology market with over 40% market share in 2020.

One of the major factors of its large share is high R&D investments in new drug development by players in the US and Canada. According to an OECD report published in June 2018, it is projected that the US spent roughly 17.2 percent of its GDP on health care, which is contributing to the regional market growth.

Segments

By Technology

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

By Applications

Bio Pharmacy
Bio Services
Bio Agriculture
Bio Industrial
Bioinformatics

By Regions

North America
Europe
Latin America
Asia Pacific
Middle East & Africa

By Key Players

Agilent Technologies
BioGen Medical Instruments
Danaher
F. Hoffmann-La Roche
Abbott Laboratories Illumina
Merk
Perkin Elmer
Qiagen
Thermofisher Scientific
Amgen
Bio-Rad Laboratories

Competitive Landscape

The major players are Agilent Technologies, BioGen Medical Instruments, Danaher, F. Hoffmann-La Roche, Abbott Laboratories Illumina, Merk, Perkin Elmer, Qiagen, and Thermofisher Scientific, Amgen, Bio-Rad Laboratories. To maintain and strengthen their positions in the market, these players engaged in the initiatives such as merges and acquisitions and new product launches.

Biotechnology Market Key Players

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Biotechnology Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Biotechnology Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Biotechnology Market - Supply Chain
  4.5. Global Biotechnology Market Forecast
     4.5.1. Biotechnology Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Biotechnology Market Size (000â€™ Units) and Y-o-Y Growth
     4.5.3. Biotechnology Market Absolute $ Opportunity
5. Global Biotechnology Market Analysis and Forecast by Applications
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Applications
     5.2.2. Y-o-Y Growth Projections by Applications
  5.3. Biotechnology Market Size and Volume Forecast by Applications
     5.3.1. Bio Pharmacy
     5.3.2. Bio Services
     5.3.3. Bio Agriculture
     5.3.4. Bio Industrial
     5.3.5. Bioinformatics
  5.4. Absolute $ Opportunity Assessment by Applications
  5.5. Market Attractiveness/Growth Potential Analysis by Applications
6. Global Biotechnology Market Analysis and Forecast by Region
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Region
     6.2.2. Y-o-Y Growth Projections by Region
  6.3. Biotechnology Market Size and Volume Forecast by Region
     6.3.1. North America
     6.3.2. Latin America
     6.3.3. Europe
     6.3.4. Asia Pacific
     6.3.5. Middle East and Africa (MEA)
  6.4. Absolute $ Opportunity Assessment by Region
  6.5. Market Attractiveness/Growth Potential Analysis by Region
  6.6. Global Biotechnology Demand Share Forecast, 2019-2026
7. North America Biotechnology Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
  7.2. North America Biotechnology Market Size and Volume Forecast by Country
     7.2.1. U.S.
     7.2.2. Canada
  7.3. Absolute $ Opportunity Assessment by Country
  7.4. North America Biotechnology Market Size and Volume Forecast by Applications
     7.4.1. Bio Pharmacy
     7.4.2. Bio Services
     7.4.3. Bio Agriculture
     7.4.4. Bio Industrial
     7.4.5. Bioinformatics
  7.5. Basis Point Share (BPS) Analysis by Applications
  7.6. Y-o-Y Growth Projections by Applications
  7.7. Market Attractiveness/Growth Potential Analysis
     7.7.1. By Country
     7.7.2. By Product Type
     7.7.3. By Application
  7.8. North America Biotechnology Demand Share Forecast, 2019-2026
8. Latin America Biotechnology Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Latin America Average Pricing Analysis
  8.2. Latin America Biotechnology Market Size and Volume Forecast by Country
      8.2.1. Brazil
      8.2.2. Mexico
      8.2.3. Rest of Latin America
   8.3. Absolute $ Opportunity Assessment by Country
  8.4. Latin America Biotechnology Market Size and Volume Forecast by Applications
     8.4.1. Bio Pharmacy
     8.4.2. Bio Services
     8.4.3. Bio Agriculture
     8.4.4. Bio Industrial
     8.4.5. Bioinformatics
  8.5. Basis Point Share (BPS) Analysis by Applications
  8.6. Y-o-Y Growth Projections by Applications
  8.7. Market Attractiveness/Growth Potential Analysis
     8.7.1. By Country
     8.7.2. By Product Type
     8.7.3. By Application
  8.8. Latin America Biotechnology Demand Share Forecast, 2019-2026
9. Europe Biotechnology Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Europe Average Pricing Analysis
  9.2. Europe Biotechnology Market Size and Volume Forecast by Country
     9.2.1. Germany
     9.2.2. France
     9.2.3. Italy
     9.2.4. U.K.
     9.2.5. Spain
     9.2.6. Russia
     9.2.7. Rest of Europe
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Europe Biotechnology Market Size and Volume Forecast by Applications
     9.4.1. Bio Pharmacy
     9.4.2. Bio Services
     9.4.3. Bio Agriculture
     9.4.4. Bio Industrial
     9.4.5. Bioinformatics
  9.5. Basis Point Share (BPS) Analysis by Applications
  9.6. Y-o-Y Growth Projections by Applications
  9.7. Market Attractiveness/Growth Potential Analysis
     9.7.1. By Country
     9.7.2. By Product Type
     9.7.3. By Application
  9.8. Europe Biotechnology Demand Share Forecast, 2019-2026
10. Asia Pacific Biotechnology Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Asia Pacific Average Pricing Analysis
  10.2. Asia Pacific Biotechnology Market Size and Volume Forecast by Country
     10.2.1. China
     10.2.2. Japan
     10.2.3. South Korea
     10.2.4. India
     10.2.5. Australia
     10.2.6. Rest of Asia Pacific (APAC)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Asia Pacific Biotechnology Market Size and Volume Forecast by Applications
     10.4.1. Bio Pharmacy
     10.4.2. Bio Services
     10.4.3. Bio Agriculture
     10.4.4. Bio Industrial
     10.4.5. Bioinformatics
  10.5. Basis Point Share (BPS) Analysis by Applications
  10.6. Y-o-Y Growth Projections by Applications
  10.7. Market Attractiveness/Growth Potential Analysis
     10.7.1. By Country
     10.7.2. By Product Type
     10.7.3. By Application
  10.8. Asia Pacific Biotechnology Demand Share Forecast, 2019-2026
11. Middle East & Africa Biotechnology Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Middle East & Africa Average Pricing Analysis
  11.2. Middle East & Africa Biotechnology Market Size and Volume Forecast by Country
     11.2.1. Saudi Arabia
     11.2.2. South Africa
     11.2.3. UAE
     11.2.4. Rest of Middle East & Africa (MEA)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Middle East & Africa Biotechnology Market Size and Volume Forecast by Applications
     11.4.1. Bio Pharmacy
     11.4.2. Bio Services
     11.4.3. Bio Agriculture
     11.4.4. Bio Industrial
     11.4.5. Bioinformatics
  11.5. Basis Point Share (BPS) Analysis by Applications
  11.6. Y-o-Y Growth Projections by Applications
  11.7. Market Attractiveness/Growth Potential Analysis
     11.7.1. By Country
     11.7.2. By Product Type
     11.7.3. By Application
  11.8. Middle East & Africa Biotechnology Demand Share Forecast, 2019-2026
12. Competition Landscape
  12.1. Global Biotechnology Market: Market Share Analysis
  12.2. Biotechnology Distributors and Customers
  12.3. Biotechnology Market: Competitive Dashboard
  12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     12.4.1. Agilent Technologies
     12.4.2. BioGen Medical Instruments
     12.4.3. Danaher
     12.4.4. F. Hoffmann-La Roche
     12.4.5. Abbott Laboratories Illumina
     12.4.6. Merk
     12.4.7. Perkin Elmer
     12.4.8. Qiagen