Biotechnology refers to the use of living systems and organisms to develop or make products, or “any technological application that uses biological systems, living organisms, or derivatives thereof, to make or modify products or processes for specific use.” Biotechnology products play a key role in improving healthcare, agriculture, industrial processes, and the environment. Products ranging from medicines to fuel and food are now being developed and advanced through biotechnology.
The global Biotechnology Market is estimated to be valued at US$ 820.4 Bn in 2024 and is expected to exhibit a CAGR of 3.5% over the forecast period 2024-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rapid economic development and rising disposable income in countries such as China, India, Brazil and others have led to an increased demand for biotechnology products across various applications. There is substantial investment in research and development of innovative biotech solutions by both private organizations as well as governments in these regions. This emerging business environment coupled with government support is fueling the growth of the biotechnology industry at a global level. Global players are also expanding their presence in Asia Pacific and Latin America to tap the business opportunities in these high growth markets.
The global biotechnology market is dominated by drug development and manufacturing sub-segment. The segment accounted for over 40% share of the total market in 2023. The segment is witnessing high growth due factors such vaccine development and manufacture for infectious diseases like COVID-19 and others. With rising demand for biologics and innovative drugs to treat cancer, rare diseases and other complex conditions, the drug development and manufacturing segment is expected to remain the dominating sub-segment during the forecast period.
The Global Biotechnology Market Size is expected to witness high growth. The global Biotechnology Market is estimated to be valued at US$ 820.4 Bn in 2023 and is expected to exhibit a CAGR of 3.5% over the forecast period 2023 to 2030.
The North America region accounted for the largest share of around 40% of the global biotechnology market in 2023. This can be attributed to the presence of prominent players, availability of latest infrastructure, growing biopharmaceutical industry and increasing R&D expenditure. Asia Pacific is expected to witness the highest growth during the forecast period due to growing biotech industry, low-cost clinical trials and availability of skilled labor in countries like China and India.
Key players related content comprises Key players operating in the biotechnology market are Bausch Health Companies, Inc., Recordati Rare Diseases Inc., Lucane Pharma SA, Acer Therapeutics, Ultragenyx Pharmaceutical Inc., Aeglea BioTherapeutics, Arcturus Therapeutics Holdings Inc., Orpharma Pty Ltd., Selecta Biosciences, Inc., Abbott Laboratories, NESTLÃ‰ S.A., DANONE S.A., and Mead Johnson & Company, LLC. Abbott Laboratories accounted for the largest share of around 15% in 2023 owing to its diverse product portfolio and strong regional presence. Other prominent players like DANONE S.A. are focusing on mergers & acquisitions to strengthen their market position.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it