Biotechnology Market Size, Share, Growth Analysis, By Type, By Product(Instrument & Reagent ), By Technology, By Application, By Region - Industry Forecast 2024-2031

Biotechnology Market size was valued at USD 1.21 Trillion in 2022 and is poised to grow from USD 1.38 Trillion in 2023 to USD 3.90 Trillion by 2031, growing at a CAGR of 13.9% during the forecast period (2024-2031).

The biotech industry is globally interconnected and driven by diverse economic growth across nations, with investments expected to rise due to pressing health challenges like hepatitis B. Population growth in the US, China, and India is increasing demand for staple foods such as wheat, rice, and sugarcane, heightening their economic importance. Concurrently, scientists are intensively researching solutions to issues like water scarcity, agricultural productivity, and pest control, focusing on innovative technologies and collaborations. Government and private sector initiatives bolster biotech funding, supporting R&D and product development. As chronic diseases like diabetes and cancer become more prevalent worldwide, the biotech sector anticipates heightened demand for advanced treatments, offering promising prospects for companies specializing in biotech innovation.

Top-down and bottom-up approaches were used to estimate and validate the size of the Biotechnology Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Biotechnology Market Segmental Analysis

The biotechnology market is segmented by type, product, technology, application, and region. Based on type the market is segmented into Blue Biotechnology, Green Biotechnology, Red Biotechnology, White Biotechnology, and Others. Based on product the market is segmented into Instrument & Reagent (Clinical Diagnostics, Proteomics and genomics, Drug Discovery & Development, Cell Analysis, Others), Software & Service. Based on technology, the market can be segmented into Nanobiotechnology, PCR Technology, Bioinformatics, Tissue Engineering, DNA sequencing, Fermentation Technology, and others. Based on application, the market is segmented into Health, Agriculture, Food and Beverages, Industrial Processing, and others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Biotechnology Market

The biotechnology market is currently driven by advancements in cell and tissue development research, expected to fuel its growth in the coming years. A notable example is Bharat Biotech, an Indian pharmaceutical company, which in August 2022 released phase III clinical trial data for their nasal spray COVID-19 vaccine variant, BBV-154. These trials demonstrated the vaccine's safety and tolerability, receiving approval from the Drug Controller General of India (DCGI) for further comparative studies against Covaxin. This development underscores the market's trajectory towards innovative biotechnological solutions, particularly in vaccine development, influencing the industry's expansion and future prospects significantly.

Restraints in the Biotechnology Market

Legend Biotech Corporation, a U.S.-based biotechnology company specializing in innovative therapies, halted a Phase 1 clinical trial for their CAR-T product after determining it did not meet anticipated outcomes, affecting the biotechnology market's momentum. This decision, communicated to the U.S. FDA, underscores challenges in biotech research where trials may not yield expected clinical benefits. Specifically, in July 2022, Legend Biotech terminated its Investigational New Drug (IND) application for L, a CAR-T therapy, due to findings suggesting no significant therapeutic efficacy akin to their CAR-T product LB1901 under trial in China. Such setbacks can impede growth in the biotechnology sector, influencing investor confidence and research strategies moving forward.

Market Trends of the Biotechnology Market

DNA sequencing has become a pivotal force in the market, driven significantly by cost reductions and the incorporation of advanced techniques. The decreasing expenses and the application of sophisticated methodologies have cemented its critical role in both research and diagnostics, contributing to its widespread acceptance and substantial influence on the market landscape. The increasing accessibility of DNA sequencing not only fosters innovation in genetic research but also enhances its utility in clinical settings, thereby fueling its expansion and market prominence.