Biotechnology

Biotechnology

Global Biotechnology Market to Reach US$1.1 Trillion by 2030

The global market for Biotechnology estimated at US$621.0 Billion in the year 2023, is expected to reach US$1.1 Trillion by 2030, growing at a CAGR of 8.4% over the analysis period 2023-2030. DNA Sequencing Market, one of the segments analyzed in the report, is expected to record a 8.6% CAGR and reach US$33.5 Billion by the end of the analysis period. Growth in the Fermentation Market segment is estimated at 8.1% CAGR over the analysis period.

The U.S. Market is Estimated at US$161.9 Billion While China is Forecast to Grow at 11.7% CAGR

The Biotechnology market in the U.S. is estimated at US$161.9 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$252.4 Billion by the year 2030 trailing a CAGR of 11.7% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 5.3% and 6.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 6.4% CAGR.

Global Biotechnology Market - Key Trends & Drivers Summarized

How Is Biotechnology Revolutionizing Medicine and Agriculture?

Biotechnology is fundamentally transforming the fields of medicine, agriculture, and industrial processes by harnessing biological systems to develop innovative products and solutions. In medicine, biotechnology has enabled the development of life-saving therapies such as gene editing, monoclonal antibodies, and vaccines. It is also pivotal in advancing personalized medicine, where treatments are tailored to an individual’s genetic makeup. In agriculture, biotechnology has led to the development of genetically modified crops that offer higher yields, pest resistance, and improved nutritional content, helping to address global food security challenges. The role of biotechnology extends to industrial applications, where bio-based products and processes are replacing traditional chemical-based methods, fostering more sustainable manufacturing practices.

What Technological Advancements Are Shaping the Future of Biotechnology?

Technological advancements such as CRISPR gene-editing, synthetic biology, and biomanufacturing are at the forefront of shaping the future of biotechnology. CRISPR, in particular, has revolutionized genetic research by enabling precise modifications to DNA, opening new possibilities in curing genetic diseases, improving crop traits, and creating more efficient biofuels. Synthetic biology, which involves designing new biological components or systems, is driving innovation in fields like bioengineering, where microbes are engineered to produce everything from pharmaceuticals to bio-based plastics. Meanwhile, biomanufacturing techniques, such as continuous manufacturing and the use of single-use systems, are enhancing the scalability and efficiency of producing biologic drugs and other biotech products.

What Sectors Are Driving Biotechnology Growth?

The biotechnology market spans several key sectors, including healthcare, agriculture, and industrial biotechnology. In healthcare, the demand for biologic drugs, gene therapies, and personalized medicine is driving significant investment in biotech research and development. In agriculture, the adoption of genetically modified organisms (GMOs) and bio-based fertilizers and pesticides is helping to meet the global demand for sustainable food production. Industrial biotechnology is also witnessing rapid growth, particularly in the production of biofuels, biodegradable plastics, and enzymes used in manufacturing processes. The environmental benefits of biotech solutions, especially in reducing carbon footprints and minimizing chemical waste, are further expanding its applications across industries.

What Factors Are Driving Growth?

The growth in the biotechnology market is driven by several factors, including advancements in genetic engineering technologies, increasing investments in healthcare R&D, and the growing need for sustainable agricultural solutions. The rise of personalized medicine and the demand for biologic drugs are key drivers in the healthcare sector, while the need for more resilient and sustainable crops is boosting the agricultural biotech market. Additionally, the industrial sector is experiencing growth in bio-based production methods as companies aim to reduce environmental impact. The regulatory support for biotech innovations and the increasing public acceptance of GMOs and biologic therapies are further contributing to market expansion.

Select Competitors (Total 93 Featured) -

• Agilent Technologies, Inc.
• BD Biosciences
• Bio-Rad Laboratories, Inc.
• Danaher Corporation
• F. Hoffmann-La Roche AG
• Illumina, Inc.
• Merck KgaA
• PerkinElmer, Inc.
• QIAGEN GmbH
• Thermo Fisher Scientific, Inc.

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