The global biotechnology market size is expected to be worth around US$ 3.44 trillion by 2030 from valued at US$ 852.88 billion in 2020 and is anticipated to grow at a CAGR of 17.83% during forecast period 2021 to 2030.
The factors driving the market include favorable government policies, the launch of new and advanced products, robust investment in the biotechnology sector, and rising demand for Robust funding through alliance investment in start-up biotechnology companies for adopting new and advanced products is contributing to market growth. For instance, in February 2021, Illumina, Inc. invested in nine new genomics companies through Illumina Accelerator in 4 start-ups in the U.K. and 5 start-ups in the U.S. The companies include MultiplAI Health LTD.; BiotaX Labs LTD.; Mitra Bio Limited; Broken String Biosciences Limited; Flightpath Biosciences, Inc.; Doloromics Inc.; Oshun Medical Inc.; Parallel Health Inc.; and Rubik Therapeutics, Inc. Illumina Accelerator is an initiative through which selected startups can access to seed investment, genomics expertise, and Illumina sequencing systems and reagents and seek business guidance.
The bioinformatics application segment is expected to expand at the fastest CAGR from 2021 to 2028 owing to the increasing adoption of these tools for analyzing complex sequencing data. By technology, nanobiotechnology is expected to expand at a lucrative growth rate of 16.8% over the forecast period owing to the growing focus on nanotechnologies for efficient drug delivery and increasing research using this technology.
Supportive government initiatives are significantly contributing to market growth. For instance, in September 2020, the Government of India supported research institutes in agriculture biotechnology, including organic farming. Since the last 3 years, around USD 42.67 million had been invested to support this endeavor.
Moreover, the emergence of the SARS-COV-2 infection is driving the market. Companies are developing new solutions for combating the pandemic situation. For instance, in December 2020, Thermo Fisher Scientific Inc. announced CE-marking for TaqPath COVID-19 that can be used to perform in-vitro diagnosis of SARS-CoV-2, respiratory syncytial virus (RSV) A/B, and influenza A/B infections. The new kit will help in the detection and differentiation between diseases that have similar clinical symptoms.
Report Coverage of Biotechnology Market
|Market Size in 2021||USD 852.88 Billion|
|Growth Rate||17.83% from 2022 to 2030|
|Forecast Period||2022 to 2030|
|Historic Data||2017 to 2021|
|Companies Covered||AstraZeneca, Gilead Sciences, Inc., CELGENE CORPORATION, Biogen, Abbott, Amgen Inc., Novo Nordisk A/S, Merck & Co., Johnson & Johnson Services, Inc., Novartis AG, Sanofi, F. Hoffmann-La Roche Ltd., Pfizer, Inc., Lonza|
The health application segment held the largest share of 48.7% in 2021 and this trend is expected to continue through the forecast period. The growth in the segment can be primarily attributed to the increasing prevalence of diseases. In addition, increasing focus on agri-biotech and providing bio-services, rising adoption of bioinformatic solutions, and flourishing bio-industrial sector are contributing to the segment growth.
The bioinformatics application segment is expected to expand at the fastest CAGR of 21.5% from 2022 to 2030 owing to the increasing alliances to coordinate and advance the adoption of informatics tools. For instance, in September 2020, GC Pharma entered into a partnership with Atomwise for discovering new ways of hemophilia treatment. The companies will focus on treatment options other than replacement therapies that are commonly used for hemophilia treatment.
The others technology segment held the largest share of 27.9% in 2021. DNA sequencing held the second-largest share in 2021. The growth in the segment can be attributed to the rising adoption of advanced DNA sequencing. For instance, in April 2020, the Baylor College of Medicine Human Genome Sequencing Center (BCM-HGSC) received a grant from the National Institutes of Health for Pacific Biosciences Sequel II DNA sequencing instrument. It will help in improving sequencing efficiency and capacity.
Nanobiotechnology is expected to expand at a CAGR of 17% from 2022 to 2030 owing to increasing technological advancement in the field of nanotechnology. The integration of such AI and computing tools helps in quick and accurate DNA or RNA sequencing for increasing the availability of nanopore sequencing data.
North America accounted for the largest share of 44.5% in 2021. The growth of the regional market can be attributed to several factors such as the presence of key players, extensive R&D activities, and high healthcare expenditure. In addition, expanding pool of companies operating in the region is receiving drug approvals, which is contributing to the market growth.
Asia Pacific is expected to expand at the fastest growth rate of 16.9% from 2022 to 2030. The growth of the regional market can be primarily attributed to improving healthcare infrastructure, supportive government policies, clinical trial services, and epidemiological factors. In addition, foreign companies are extensively collaborating with local companies for accelerating the biotechnology industry growth.
Gilead Sciences, Inc.
Novo Nordisk A/S
Merck & Co.
Johnson & Johnson Services, Inc.
F. Hoffmann-La Roche Ltd.
Tissue Engineering and Regeneration
Food & Agriculture
Natural Resources & Environment
Middle East & Africa
The study objectives of this report are: