Biotechnology Market Revenue and Share Trends in the Business Sector: Future Prospects 2024-2032

The global Biotechnology Market is expected to reach USD 4,482.21 billion by 2032, growing at an 13.4% CAGR from 2024 to 2032. It was valued at USD 1452.30 billion in 2023. The market is experiencing significant growth and is expected to continue expanding in the coming years.

Biotechnology is the usage of progressions in molecular biology for solicitations in human and animal health, environment, agriculture, and the vocation of biochemical manufacturing. In the next century the prominent prime mover for biotechnology will be the deliberate usage of genomic information. With the accomplishment of the human genome project, the ensuing comprehension of what these genes code and how the commodities of these genes respond to and communicate will entirely transfigure the practice of medicine. It is now feasible to translate revelations in bacteria, yeast, or fruit flies into crucial therapeutic objectives for drug detection. DNA chip diagnostics, cell and gene therapy, and tissue engineering will surface over the subsequent ten years as crucial biotechnological commodities.

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Market Highlights

• The demand for biotechnology is surging due to the rise in the prevalence of detrimental illnesses, which is credited in proportion to a growingly desk-bound lifestyle, which has increased the middle class and hastened urbanization.
• The biotechnology market demand is further increased by the escalating prevalence of earmarked illnesses and genetic irregularities, continuing technical progressions in Polymerase Chain Reaction technologies, and escalated funding and grants for scientific research.
• North America dominated the market with the largest share.
• Asia Pacific is expected to grow at a quickest rate during the forecast period.

Major Companies

The market is portrayed by exceptional contention with entrenched players depending on progressive technology, excellent commodities, and a robust brand image to push revenue growth. Some of the companies which are currently dominating the biotechnology market are:

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

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Market Opportunities and Trends

• Personalized Medicine: Development of personalized therapies and diagnostics based on individual genetic profiles.
• CRISPR and Gene Editing: Expanding applications of CRISPR technology in medicine, agriculture, and industrial processes.
• Synthetic Biology: Engineering new biological parts, devices, and systems for various applications.
• Microbiome Research: Exploring the human microbiome for new therapeutic targets and probiotics.
• Bioinformatics: Increasing use of computational tools to analyze biological data and support research.
• Sustainable Agriculture: Growth in demand for sustainable agricultural practices and products.

Segmental Outlook

By Technology

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

By Application

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

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Biotechnology Market Report Highlights

• In 2022, the DNA Sequencing segment dominated the market in terms of revenue share. The rise in this segment can be attributed to the reduction in sequencing costs and the widespread adoption of advanced DNA sequencing techniques. The increase is credited to government funding in genetic research, which has enabled the broader applications of sequencing, contributing to a more profound understanding of diseases.
• During the forecast period, the Health segment captured the largest market share. Anticipated growth in this segment is driven by an increasing disease burden, the growing availability of agri-biotech and bio-services, and technological advancements in the bio-industrial sector. Furthermore, significant strides in machine learning, Artificial Intelligence (AI), and big data are expected to boost the adoption of bioinformatics applications, especially in industries such as food and beverages, further contributing to the segment’s expansion.
• In 2022, North America held the top position as the largest market. The regional market’s growth is propelled by several factors, including the presence of key players, extensive research and development activities, and substantial healthcare expenditure. The region demonstrates a significant penetration of genomics, proteomics, and cell biology-based platforms, contributing to the accelerated adoption of life sciences tools. Furthermore, the increasing prevalence of chronic diseases and the rising adoption of personalized medicine applications for the treatment of life-threatening disorders are expected to positively impact market growth in the region.

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