Biotechnology Market (By Technology: DNA Sequencing, Nanobiotechnology; By Application: Health, Bioinformatics) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2024-2033

The global biotechnology market size was estimated at around USD 1.57 trillion in 2023 and it is projected to hit around USD 5.81 trillion by 2033, growing at a CAGR of 13.98% from 2024 to 2033.

Key Pointers

• North America led the market with a significant share of 42% in 2023.
• Asia Pacific is projected to grow at the fastest growth rate from 2024 to 2033.
• By Technology, the DNA sequencing held the largest revenue share of 18% in 2023.
• By Technology, the nanobiotechnology is anticipated to grow at the noteworthy CAGR from 2024 to 2033.
• By Application, the health application segment generated the maximum market share in 2023

Biotechnology Market Overview

The biotechnology market stands at the forefront of innovation, driving advancements in healthcare, agriculture, industrial processes, and environmental sustainability. Characterized by the manipulation of living organisms or their systems to develop products and technologies, biotechnology continues to reshape industries and improve quality of life worldwide.

Biotechnology Market Growth Factors

The growth of the biotechnology market is driven by an advancements in genomic technologies and molecular biology techniques have unlocked new avenues for drug discovery, personalized medicine, and agricultural improvements, driving demand for biotechnological solutions. Additionally, increasing prevalence of chronic diseases, coupled with an aging population, has spurred investment in biopharmaceutical research and development. Moreover, growing awareness of environmental sustainability and the need for renewable resources has fueled demand for bio-based products and green technologies. Furthermore, supportive regulatory frameworks and government initiatives aimed at fostering innovation and investment in biotechnology have facilitated market growth. Lastly, strategic collaborations and partnerships between biotechnology companies, research institutions, and pharmaceutical giants have accelerated the pace of innovation and commercialization, further driving market expansion. Overall, these factors collectively contribute to the robust growth trajectory of the biotechnology market, promising a future of continued innovation and transformative impact across industries.

Biotechnology Market Trends:

• Gene Editing Technologies: The widespread adoption of gene editing tools such as CRISPR-Cas9 is revolutionizing biotechnology by enabling precise modifications to DNA sequences. These technologies hold immense potential for therapeutic applications, agricultural improvements, and industrial processes.
• Biopharmaceutical Innovation: The biopharmaceutical sector continues to drive market growth with the development of novel biologics, cell therapies, and gene therapies. Advancements in bioprocessing techniques, coupled with increased understanding of disease mechanisms, are accelerating the discovery and development of targeted therapeutics.
• Digitalization and Big Data Analytics: Integration of digital technologies and data analytics is enhancing efficiency and productivity across the biotechnology value chain. From genomic sequencing and drug design to clinical trials and precision agriculture, big data analytics is driving insights and optimization in biotechnological processes.
• Microbiome Research: The human microbiome and its role in health and disease are garnering increased attention from researchers and biotechnology companies. Exploration of the microbiome's influence on immunity, metabolism, and neurological function is driving the development of microbiome-based therapies and diagnostics.
• Synthetic Biology: Synthetic biology is enabling the design and engineering of biological systems for diverse applications, including biofuel production, bioremediation, and drug synthesis. By designing biological components and circuits from scratch, synthetic biology holds promise for creating tailored solutions to complex challenges.

Technology Insights

In 2023, DNA sequencing accounted for a substantial market share of 18%, primarily driven by the decreasing costs of sequencing and the increased adoption of advanced DNA sequencing techniques. Government funding in genetic research has played a pivotal role in expanding the applications of sequencing, particularly in enhancing our understanding of various diseases. For instance, in May 2021, a significant NIH grant of USD 10.7 million was allocated to the University of Pittsburgh Graduate School of Public Health and Washington University School of Medicine in St. Louis to investigate the genetic underpinnings of Alzheimer’s disease.

Nanobiotechnology is anticipated to experience noteworthy growth from 2024 to 2033, propelled by the rise in approvals for nanomedicine and the introduction of advanced technologies. Notably, theranostic nanoparticles are gaining traction for enabling rapid diagnosis and tailored treatment options for multiple disorders simultaneously. The advantages of nanoparticles, including low toxicity, small size, and chemical versatility, have proven beneficial in overcoming limitations associated with conventional methods of drug administration. Additionally, significant investments from both government and private sectors, coupled with high healthcare expenditure and the presence of numerous established and emerging players, contribute to the significant share held by tissue engineering and regenerative medicine. These factors are poised to drive growth in this segment throughout the forecast period.

Application Insights

The health application segment held the largest share in 2023, driven by several factors. The increasing disease burden, coupled with the growing availability of agri-biotech and bio-services, contributed to the segment's growth. Additionally, technological advancements in the bio-industrial sector played a significant role in driving this growth. Furthermore, the segment benefited from notable progress in Artificial Intelligence (AI), machine learning, and big data, which are expected to enhance the adoption of bioinformatics applications, particularly in industries such as food and beverages.

Moreover, collaborative efforts and partnerships focused on the development and commercialization of new therapeutic platforms and molecules are expected to fuel market growth. For example, in January 2021, Novartis partnered with Alnylam to explore the application of the latter’s siRNA technology for the development of targeted therapy aimed at restoring liver function. Similarly, in September 2021, AstraZeneca and VaxEquity collaborated to develop and commercialize a self-amplifying RNA therapeutics platform for exploring novel therapeutic programs. Furthermore, increasing demand for biosimilars and the rising applications of precision medicine are anticipated to further boost segment growth during the forecast period.

Regional Insights

In 2023, North America dominated the market with a significant share of 42%. This regional market is experiencing growth driven by various factors, including the presence of key industry players, extensive research and development activities, and substantial healthcare expenditure. North America boasts a high penetration of genomics, proteomics, and cell biology-based platforms, which are accelerating the adoption of life sciences tools. Moreover, the region's increasing prevalence of chronic diseases and the rising adoption of personalized medicine applications for treating life-threatening disorders are expected to further drive market growth.

On the other hand, Asia Pacific is projected to witness the fastest growth rate from 2024 to 2033. This growth is attributed to increasing investments in healthcare infrastructure, favorable government initiatives, and expansion strategies implemented by key market players. For instance, in February 2022, Moderna Inc. announced plans for geographic expansion of its commercial network in Asia, with the opening of four new subsidiaries in Malaysia, Singapore, Hong Kong, and Taiwan. Additionally, biopharmaceutical collaborations, such as the strategic collaboration 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 further propel market growth.

Biotechnology Market Key Companies

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

Biotechnology Market Segmentations:

By Technology

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

By Application

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

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa