Biotechnology Market Size Worth USD 5.85 Trillion by 2034 | CAGR: 13.6%

The biotechnology market size is expected to reach USD 5.85 trillion by 2034, according to a new study by Polaris Market Research. The report “Biotechnology Market Size, Share, Trends, Industry Analysis Report: By Technology, Application (Bioinformatics, Food & Agriculture, Health, Industrial Processing, Natural Resources and Environment, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa) – Market Forecast, 2025–2034” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The increase in the incidence of chronic diseases and the introduction of innovative treatments are driving the growth of biotechnology market revenue. Biotechnology proves highly beneficial in the treatment of many diseases, with the pharmaceutical industry employing biotechnological techniques from cultivating antibiotic-producing microorganisms in fermentation broth to obtaining a purified antibiotic product. Furthermore, the application of modern biotechnology has the potential to enhance the effectiveness of numerous disease-specific advanced therapeutic approaches. Biotechnology plays a crucial role in the healthcare system, contributing significantly to the production of numerous drugs and vaccines used in the treatment of various diseases. Additionally, various other medical procedures integral to the healthcare system involve the utilization of biotechnology.

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The increasing desire for organic food products underscores the indispensability of biotechnology in the agricultural sector, contributing to the market's revenue growth. Biotechnology provides farmers with technologies that can render output more cost-effective and manageable. For instance, certain biotech crops can be genetically modified to withstand specific herbicides, enhancing the efficiency and effectiveness of weed control. Additionally, biotechnology supports breeding crops to be resistant to particular plant diseases and insect pests, due to which it becomes possible to minimize the use of synthetic pesticides and enhance pest control. These options in crop production not only reduce production costs but also aid countries in meeting the demand for food.

Biotechnology Market Report Highlights

• The DNA sequencing segment accounted for largest share in 2024 due to increase in government fundings in the genetic research
• The health segment is market is expected to experience significant growth in the biotechnology market due to the increasing burden of diseases worldwide.
• The Asia Pacific region is experiencing significant growth in the global market due to increasing investments, enhancements in healthcare infrastructure, favorable government initiatives, and strategic expansion efforts by key market players
• In 2024, North America biotechnology market recorded largest revenue due to presence of key players, extensive research and development activities, and substantial healthcare expenditure.
• The global key market players 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 and Sanofi.

Polaris market research has segmented the biotechnology market report based on technology, application and region:

By Technology (Revenue - USD Trillion, 2020–2034)

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

By Application (Revenue - USD Trillion, 2020–2034)

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

By Regional Outlook (Revenue - USD Trillion, 2020–2034)

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Australia
  • Rest of APAC
• Latin America
  • Argentina
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa
  • Rest of MEA

Biotechnology Market Report Scope