According to latest report, the global biotechnology market size was USD 1.95 trillion in 2024, calculated at USD 2.18 Trillion in 2025 and is expected to reach around USD 5.90 trillion by 2034, expanding at a CAGR of 11.7% from 2025 to 2034.
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Biotechnology Market Key Takeaway
• The U.S. biotechnology market size was estimated at USD 621.47 billion in 2024 and is predicted to be worth around USD 2,018.12 billion by 2034, at a CAGR of 12.5% from 2025 to 2034.
• North America accounted for a revenue share of 45.79% in 2024.
• Asia Pacific has generated a revenue share of 28.99% in 2024.
• By application, the bio-pharmacy segment has captured 45.73% revenue share in 2024.
• The bio-industries application segment held a 29.33% revenue share in 2024.
• By technology, the tissue engineering and regeneration segment has garnered a 19.27% revenue share in 2023.
The global biotechnology market is fostered by the growing number of enrolments in clinical trials, development of innovative platforms, successful funding rounds and increased focus on advancing biotechnology applications in space research.
Biotechnology field refers to the combination of engineering and natural sciences by utilizing organisms and their parts for developing products and services. This field has various applications such as in industrial biotechnology for development of biofuels, in environmental biotechnology for addressing environmental issues such as reducing pollution and renewable energy sources, in medical biotechnology for advancing potential treatments and in agricultural biotechnology for improving crops and livestock.
The surging demand for biosimilars, implementation of sustainability initiatives by various organizations and government authorities, rising investments for R&D activities, growing patient volume suffering from chronic disorders, increased emphasis on regenerative medicine, strict regulations and rapid advancements in genetic research, vaccine development and molecular biology are the factors driving the growth of the biotechnology market.
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Biotechnology Market Report Scope
|
Report Attribute |
Details |
|
Market size value in 2026 |
USD 2.43 trillion |
|
Revenue forecast in 2034 |
USD 5.90 trillion |
|
Growth rate |
CAGR of 11.7% from 2025 to 2034 |
|
Actual data |
2019 - 2024 |
|
Forecast period |
2025 - 2034 |
|
Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2030 |
|
Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
|
Segments covered |
Technology, application, region |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; MEA |
|
Country scope |
U.S.; Canada; Germany; UK; France; Italy; Spain; Denmark; Sweden; Norway; Japan; China; India; South Korea; Thailand; Australia; Brazil; Mexico; Argentina; South Africa; Saudi Arabia; UAE; Kuwait |
|
Key companies profiled |
AstraZeneca, Gilead Sciences, Inc., Bristol-Myers Squibb, Biogen, Abbott Laboratories, Amgen Inc., Novo Nordisk A/S, Merck KGaA., Johnson & Johnson Services, Inc., Novartis AG, Sanofi, F. Hoffmann-La Roche Ltd., Pfizer, Inc., Lonza |
Role of Artificial Intelligence in the Biotechnology Market
The integration of AI in biotechnology can be applied in various fields of biotechnology for improving research process and enhancing product development while addressing the pressing challenges such higher costs and constraints in supply chain. AI can be applied in various fields of biotechnology such as in drug discovery for analysing large datasets to detect potential drug targets, in bioinformatics, in environmental biotechnology for mitigating environmental concerns and in developing sustainability goals, in advancing therapeutic applications for rare conditions and also for analysing data in real-time for making decisions by using AI algorithms in intelligent biosensors. Furthermore, advancements in big data analytics, biomedical ontologies, natural language processing, incorporation of traditional drug discovery process with quantum machine learning tools and predictive modelling techniques is boosting the applications of AI in biotechnology.
Major Trends in the Biotechnology Market
• Growing Demand for Precision Medicine:
The recent advancements in genetic sequencing technologies leading to accurate diagnoses, enhancements in data analysis allowing better understanding of patient’s genetic profile, growing focus on developing new strategies for drug development for improving the scope of therapeutic applications, increased emphasis on pharmacogenomics and growing awareness among the population is creating the demand for precision medicine thereby expanding the market growth. Moreover, the rising investments for advancing precision medicine paves the way for new applications in biotechnology. For instance, in December 2024, NeuroKaire, a pioneering biotechnology company advancing precision medicine in psychiatry and neurology received $10 million in funding for developing their innovative approach of identifying personalized drug efficacy for depression.
• Increased Emphasis on Advancing Space Biotechnology:
Space biotechnology refers to the applications of biology for space exploration and improving human survival in space by studying the adoption of living organisms to microgravity, radiation and other conditions in space. The increased focus on advancing space biotechnology by various space research organizations and biotechnology entities with support from government funding and several investors across the world is promoting the development and market growth of this field. The applications of space biotechnology focus on drug development processes in microgravity, disease modelling for astronauts on long term space missions, environmental monitoring and development of bioregenerative life support systems. Furthermore, the initiatives for research on space biotechnology by National Aeronautics and Space Administration (NASA) in the U.S. and the Indian Space Research Organization (ISRO) drives the market.
• For instance, in October 2024, the Indian Space Research Organization (ISRO) and the Department of Biotechnology (DBT) signed a MoU (Memorandum of Understanding) for designing and conducting biotechnology experiments with the goal of advancing research in biomanufacturing and bioastronautics which will further be integrated in the upcoming Bharatiya Antariksh Station (BAS), India’s proposed first space station by 2035.
Biotechnology Market Segmentation:
Application Insights
The bio-pharmacy segment dominated the biotechnology market with the largest share in 2024. The surging demand for biopharmaceuticals, increased investments in advancing research for developing innovative therapies, large number of ongoing clinical trials, growing healthcare expenditure, development of technological platforms, focus on developing targeted therapies and unserved medical needs are the factors driving the market growth of this segment.
The bio-informatics segment is anticipated to witness lucrative growth during the forecast period. The growth of this segment can be attributed to the ongoing advancements in integrating computer technologies and Internet of Things (IoT), advancements in gene editing techniques, development of user-friendly software, growing investments by the government and other investors, growing collaborations among academic researchers and biotechnology industries for innovation and technology transfer and increased applications in drug discovery, molecular biology, proteomics and genomics.
Technology Insights
The tissue engineering and regeneration segment dominated the market with the largest share in 2024. The market dominance of this segment can be attributed to the rising incidences of trauma injuries, increased investments in R&D of stem cells, industrial collaborations, ongoing clinical trials, emergence of novel technologies for regenerative medicine and support from the government bodies. Additionally, recent advancements such as use of 3D bioprinting techniques, bioinks, incorporation of biomaterials, development of artificial neural networks and organ-on-a-chip technology among others are fostering the growth of this segment in the market.
• For instance, in December 2024, Humacyte Global Inc., a leading regenerative medicine company received the FDA approval for a first-of-a-kind acellular tissue engineered vessel called Symvess for treatment of extreme vascular trauma in adults.
The chromatography segment is expected to flourish over the forecast period. The increased adoption of software integrated with web and cloud-based solutions, advancements in chromatography reagents, rising merger and acquisition activities among industries, stringent regulatory standards for ensuring product purity and safety, growing focus on R&D of novel drugs and biomolecules are the factors driving the market growth of this segment.
Furthermore, the continuous improvements in chromatography techniques such as accelerated analysis times, enhanced sensitivity and improved selectivity for expanding applications in biotechnology fields such as in proteomics, genomics and detection of molecules among other is expected to drive the market growth of this segment in the upcoming years.
• For instance, in September 2024, Dotmatics, a leader in R&D scientific software, successfully acquired Virscidian which is a specialized provider of analytical chemistry solutions as well as automated chromatography and mass spectrometry data processing. The acquisition allows Dotmatics’ to automate laboratory data workflows for experiments and offers scientists with cutting-edge scientific software integrated with an essential Scientific Intelligence Platform promoting a multimodal approach for scientific research and development.
Regional Insights:
North America dominated the global biotechnology market in 2024. The recent advancements in CRISPR-based gene editing techniques for various therapeutic applications, increased emphasis on tailored treatments by leveraging advanced genetic analysis, growing focus on mRNA vaccine development, active involvement of government bodies, implementation of AI-driven tools such as AlphaFold from DeepMind for prediction of protein structures, increased healthcare expenditure, surge in drug approvals and rising investments by major biotechnology companies in the region for enhancing research capabilities are the factors driving the market growth of this region.
U.S. market in North America region is fostered by the rising investments by several government agencies such as the Department of Agriculture (USDA), the Department of Energy (DOE) and the White House for advancing applications in biotechnology and development of sustainability initiatives is boosting the market growth. Moreover, initiatives for advancing personalized medicine by the government drives the market growth.
• For instance, in July 2024, the U.S. Department of Commerce’s Economic Development Administration (EDA) under the Biden-Harris Administration, awarded about $49 million to the Wisconsin Biohealth Tech Hub, an organization led by BioForward Wisconsin which will further focus on executing five projects to boost the region’s capacity for scaling up the production and delivery of critical technology for advancing biotechnology in precision and predictive medicine.
Asia Pacific region is expected to witness lucrative growth over the forecast period. The growth of this region can be attributed to the increased focus on advancing healthcare infrastructure, growing presence biotechnology market players, rising international collaborations by regional biotech companies, large number of ongoing clinical trials, surging demand for biopharmaceutical products to cater the huge population, adoption of automated technologies, and initiatives by the governments for implementing green manufacturing practices.
• For instance, in August 2024, the Union Cabinet of India approved the Department of Biotechnology’s proposal “BioE3 (Biotechnology for Economy, Environment and Employment) Policy for Fostering High Performance Biomanufacturing.” The policy focuses on innovation-driven support for R&D purposes and entrepreneurship covering thematic sectors further boosting the technological development and commercialization by creating Biomanufacturing & Bio-AI hubs and Biofoundry.
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Biotechnology Market Top Key Companies:
• Lonza
• AstraZeneca
• Pfizer Inc.
• Gilead Sciences Inc.
• F. Hoffmann-La Roche Ltd.
• Biogen
• CELGENE Corporation
• Sanofi
• Abbott
• Novartis AG
Recent Developments in the Biotechnology Market
• In February 2025, Hexaell Biotech, a Shanghai-based biotech raised $31 million in a series B+ funding round which be utilized for boosting the commercial production and clinical research of the company’s flagship product, HepaCure further accelerating their pipeline of candidates for liver disease.
• In February 2025, Torrey Pines Investment, a specialty life-science investment company and Oost NL, a regional development agency encouraging innovation-driven companies declared the pre-seed funding and launch of Mair Therapeutics. Mair Therapeutics which is biotechnology start-up headquartered in The Netherlands, emphasizes on development of transformative treatments for neurodegenerative disorders.
• In October 2023, Gilead Sciences, Inc. and Assembly Biosciences collaborated to create advanced therapeutics for severe viral diseases.
• In October 2023, Gilead's subsidiary, Kite and Epicrispr Biotechnologies, announced a research collaboration and licensing agreement to utilize Epic Bio's gene regulation platform in developing advanced cancer cell therapies.
• In September 2023, Merck KGaA announced collaborations with BenevolentAI and Exscientia, leveraging artificial intelligence for drug discovery in oncology, neurology, and immunology, with the potential to produce innovative candidates for clinical development.
• In July 2023, Alexion and AstraZeneca Rare Disease announced an agreement with Pfizer Inc. to procure preclinical gene therapy programs, solidifying their dedication to advancing next-generation genomic medicines by incorporating complementary assets and cutting-edge technologies.
• In June 2023, Lonza acquired Synaffix B.V., a biotechnology company specializing in advancing its clinical-stage technology platform for ADC development. The revenues and margins of Synaffix were expected to be incorporated into Lonza's business accounts starting from the acquisition date.
• In January 2023, Anima Biotech collaborated with AbbVie to accelerate the development of novel mRNA biology modulators for the treatment of various oncology and immunology targets. Some of the key players in the global biotechnology market include:
• In December 2022, Merck KGaA announced a collaboration with Mersana Therapeutics to advance the development of antibody-drug conjugates (ADCs), specifically focusing on novel STING-agonist ADCs targeting up to two distinct targets. This collaboration aimed at harnessing the potential of ADCs for therapeutic innovation.
Biotechnology Market Report Segmentation
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2019 to 2034. For this study, Statifacts has segmented the global Biotechnology Market
By Application
• Bio-pharmacy
• Bio-industries
• Bio-services
• Bio-agriculture
• Bio-informatics
By Technology
• Fermentation
• Tissue Engineering and Regeneration
• Polymerase Chain Reaction (PCR) Technology
• Nanobiotechnology
• Chromatography
• Deoxyribonucleic Acid (DNA) Sequencing
• Cell Based Assay
• DNA Sequencing
• Others
By Regional
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East Africa
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