Biotechnology Market to Witness Huge Growth by 2030

Biotechnology Industry Overview

The global biotechnology market size is expected to reach USD 3,879.51 billion by 2030, registering a CAGR of 13.9% over the forecast period, according to a new report by Grand View Research, Inc. The market is driven by factors including the advent of innovative and advanced technologies, significant investments & government initiatives favoring the biotechnology industry, and rising demand for synthetic biology applications. Biotechnology startups are acquiring robust funding support and venture capital investments, which, in 2021, amounted to USD 41 billion; an increase of over 11% as compared to the previous year’s USD 36.7 billion. Notable funding rounds included Caris Life Sciences’ $830 million in May 2021 for its precision medicine platform expansion, Abogen’s $700 million Series C funding in August 2021 for its COVID-19 vaccine candidate’s clinical development, & ElevateBio’s $525 million Series C funding in March 2021 for advancing its cell & gene therapy technologies.

Biotechnology Market Segmentations

Grand View Research has segmented the global biotechnology market based on technology, application, and region:

Based on the Technology Insights, the market is segmented into DNA Sequencing, Nanobiotechnology, Tissue Engineering & Regeneration, Fermentation, Cell-based Assays, PCR Technology, Chromatography, and Others.

• The nanobiotechnology segment is expected to expand at the fastest CAGR of 14.8% from 2022 to 2030 owing to an increase in nanomedicine approvals and the advent of advanced technology. For instance, applications of theranostics nanoparticles have gained impetus for enabling prompt diagnosis and customization of treatment options for multiple disorders at once.
• Tissue engineering and regeneration medicine held a significant share due to government and private investments in the field, along with high healthcare spending & presence of several mature & emerging players in this space.
• DNA sequencing technology led the market in 2021 and accounted for the largest revenue share due to declining sequencing costs and rising penetration of advanced DNA sequencing techniques.

 

Based on the Application Insights, the market is segmented into Health, Food & Agriculture, Natural Resources & Environment, Industrial Processing, Bioinformatics, and Other Applications.

• The health application segment accounted for the largest share in 2021 at more than 50.00% and is expected to be the leading segment throughout the forecast period.
• The segment growth is also fueled by significant advancements in the fields of Artificial Intelligence (AI), machine learning, and big data, which are expected to increase penetration of bioinformatics applications, especially in industries, such as food and beverages.
• Moreover, collaborative efforts and partnerships aimed at the development and commercialization of new therapeutic platforms and molecules are anticipated to drive market growth.  For instance, in January 2021, Novartis collaborated with Alnylam for exploring the application of the latter’s siRNA technology for the development of targeted therapy for the restoration of liver function. Furthermore, the growing demand for biosimilars and rising applications of precision medicine is expected to boost segment growth during the forecast period

 

Biotechnology Regional Outlook

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

 

Key Companies Profile & Market Share Insights

Biotechnology products have become the vanguard strategy to combat challenges posed by the COVID-19 pandemic. A robust pipeline of companies operating in this industry has helped them sustain the dynamic market competition in 2021.

Some of the key players in the global biotechnology market include:

• 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
• Hoffmann-La Roche Ltd.
• Lonza

 

Order a free sample PDF of the Biotechnology Market Intelligence Study, published by Grand View Research.