Global Biotechnology Market Size to Reach USD 5.01 Trillion in 2032 | Emergen Research

Vancouver, Dec. 19, 2023 (GLOBE NEWSWIRE) -- The global biotechnology market, valued at USD 5.01 Trillion in 2032, is set to experience a rapid revenue compound annual growth rate (CAGR) of 13.8% during the forecast period. Key drivers include groundbreaking innovations, the emergence of novel technologies, and a surge in Research & Development (R&D) activities, particularly in tissue culture and cell engineering.

Biotechnology, spanning fields such as biochemistry, genetics, and molecular biology, utilizes biological systems to create products. Notably, innovative technologies like Three Dimensional (3D) bioprinting are making waves in medicine, offering the potential to create human body parts and revolutionize drug development using patients' own cells.

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Genomic analytic techniques, such as microbial identification and detection of genetic changes, are in high demand for diagnosing major infectious diseases. However, the market faces challenges such as the risks associated with genetic data, the high cost of biotechnology reagents, obstacles in Next-Generation Sequencing (NGS) implementation, and ethical and legal limitations.

In 2022, the fermentation segment claimed the largest revenue share in the global biotechnology market. This dominance is attributed to the increasing use of fermentation technology in producing medical products like ethanol, antibiotics, probiotics, and compounds such as citric acid. Advances in bioreactor technology, including simplified and vortex bioreactors, have further propelled fermentation advancements.

The nanotechnology segment is expected to witness rapid revenue growth, driven by its expanding applications in biomedical fields, including drug delivery, gene therapy, molecular imaging, biomarkers, and biosensors. Ongoing advancements in nanomedicine for various medical disciplines contribute to the segment's growth.

The health segment is poised to capture a significant revenue share in the global biotechnology market during the forecast period. Factors such as the focus on regenerative medicines, availability of agri-biotech and bio-services, and improvements in healthcare infrastructure drive this dominance.

Bioinformatics is anticipated to register a moderately fast revenue growth rate. The increasing adoption of tools for analyzing complex sequencing data fuels growth in this segment, evident in strategic mergers and acquisitions by key players to strengthen their capabilities.

In 2022, the North America market held the largest revenue share in the global biotechnology market, propelled by a rising demand for biotechnology, integration of new technologies, and a growing need for organic medicines and drugs. The U.S. market, in particular, led with significant contributions from major players and increased R&D activities.

The Europe market is expected to register the fastest revenue growth rate, driven by collaborations, product launches, business expansion, and strategic developments. Germany emerges as a major contributor, exemplified by Bayer AG's opening of a USD 140 million U.S. cancer research and innovation center in June 2022.

The Asia Pacific market is anticipated to account for a considerably large revenue share, fueled by the increasing prevalence of chronic diseases and a surge in product launches. Notably, Parse Biosciences collaborates with India-based Spinco Biotech to expand its footprint in the Asian market.

In conclusion, the global biotechnology market continues its upward trajectory, fueled by innovations, collaborations, and a surge in R&D activities. As technology evolves, especially in fermentation and nanotechnology, and with key players making strategic moves, the industry is poised for robust growth

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Scope of Research

Major Companies and Competitive Landscape

The global biotechnology market is fragmented with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective biotechnology products in the market. Some major players included in the global biotechnology market report are:

• AstraZeneca
• Gilead Sciences, Inc.
• Novo Nordisk A/S
• Abbott Laboratories
• Amgen Inc.
• Thermo Fisher Scientific Inc.
• Merck KgaA
• Johnson & Johnson Services, Inc.
• Novartis AG
• F. Hoffmann-La Roche Ltd.
• Pfizer, Inc.
• Moderna Inc.
• Bristol-Myers Squibb
• Becton, Dickinson and Company
• Danaher Corporation
• Medtronic plc
• Biogen Inc.
• Bayer AG
• Eli Lily and Company
• AbbVie Inc.

Strategic Development

• In November 2022, AstraZeneca announced to acquire Neogene Therapeutics Inc. into its portfolio, united in its mission to introduce cutting-edge cell therapies for patients battling solid tumors. With a shared commitment to advancing biotechnological approaches, the inclusion of TCR-Ts (cell therapy) from Neogene brings the potential to identify intracellular targets, including cancer-specific mutations, thus opening new possibilities for targeting previously inaccessible markers through cell therapies.
• In August 2022, Gilead Sciences, Inc. acquired MiroBio, gaining access to their exclusive biotechnology discovery platform and comprehensive portfolio of immune inhibitory receptor agonists. The integration of MiroBio's proficiency in checkpoint receptor signaling and proprietary biotechnology methods for generating exceptional agonist antibodies synergizes seamlessly with Gilead's drug development and therapeutic area knowledge

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For the purpose of this report, Emergen Research has segmented the global biotechnology market on the basis of technology, applications, and region:

• Technology Outlook (Revenue, USD Trillion; 2019-2032)
  • Tissue Engineering and Regeneration
  • Nanobiotechnology
  • DNA Sequencing
  • Cell-based Assays
  • Fermentation
  • PCR Technology
  • Chromatography
  • Others
• Application Outlook (Revenue, USD Trillion; 2019-2032)
  • Health
  • Food & Agriculture
  • Natural Resources & Environment
  • Industrial Processing
  • Bioinformatics
  • Others
• Regional Outlook (Revenue, USD Trillion; 2019–2032)
  • North America
    1. U.S.
    2. Canada
  • Europe
    1. Germany
    2. France
    3. UK
    4. Italy
    5. Spain
    6. Benelux
    7. Russia
    8. Rest of Europe
  • Asia Pacific
    1. China
    2. Japan
    3. South Korea
    4. India
    5. ASEAN Countries
    6. Oceania
    7. Rest of APAC
  • Latin America
    1. Brazil
    2. Mexico
    3. Rest of LATAM
  • Middle East & Africa
    1. GCC Countries
    2. Israel
    3. Turkey
    4. South Africa
    5. Rest of Middle East & Africa

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