Biotechnology Market Size, Share & Trends Report

Biotechnology Market Size, Share & Trends Analysis Report By Technology (DNA Sequencing, Nanobiotechnology), By Application (Health, Bioinformatics), By Region, And Segment Forecasts, 2021 - 2028

  • Published Date: Mar, 2021
  • Base Year for Estimate: 2020
  • Report ID: 978-1-68038-134-4
  • Format: Electronic (PDF)
  • Historical Data: 2017 - 2019
  • Number of Pages: 150

Report Overview

The global biotechnology market size was valued at USD 752.88 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 15.83% from 2021 to 2028. The market is driven by favorable government initiatives owing to the growth of the biotechnology sector in developing countries, such as India and China. Government initiatives are oriented towards modernizing the drug regulatory pathway, standardizing clinical studies, improving reimbursement policies, and speeding up the product approval process, thereby offering lucrative growth opportunities to the market. In addition, in 2019, small molecules dominated the pharmaceutical compounds pipeline with around 22 U.S. FDA approvals as compared to eight large molecules (biotech). Around 4 out of every 10 drugs are biotech derived, which can be attributed to the growing demand for orphan drugs and personalized medicine. This is driving the influx of emerging and innovative biotechnologies companies, further boosting the market revenue.

Germany biotechnology market size, by application, 2017 - 2028 (USD Billion)

Moreover, agricultural-input companies are focusing on improving the existing technologies that include the development of new stacked traits in crops and new germplasm by breeding innovations and gene sequencing. Companies are focusing on bringing agricultural innovations to the market for improving productivity with sustainable solutions. For instance, in February 2020, BASF announced that by 2029, the company will launch more than 30 projects for developing novel seeds, traits, biological and chemical crop protection solutions, new formulations, and digital products. Hence, extensive use of biotechnology techniques essential to enhance agricultural products contributes to the market growth.

Furthermore, the COVID-19 pandemic acts as a positive catalyst to market growth. Biotech companies are the frontrunners in the development of drugs targeting COVID-19. For instance, just after 8 months of the first case of COVID-19, Gilead Sciences, Inc. received the U.S. FDA approval for antiviral Remdesivir for the treatment of COVID-19 patients.

In addition, expanding the involvement of the biotechnology industry with diagnostic companies, drug manufacturers, research laboratories, and multinational pharmaceutical companies for developing therapeutic molecules to target COVID-19 is contributing to the market growth. For instance, in March 2020, Pfizer Inc. entered into a collaboration with BioNTech SE for the development of BNT162, COVID-19 vaccine candidate. BioNTech SE developed the vaccine using mRNA technology for the rapid development of the COVID-19 vaccine.

Application Insights

The health application segment held the largest share of 48.64% in 2020 and this trend is expected to continue through the forecast period. The growth in the segment can be primarily attributed to the increasing prevalence of diseases. In addition, increasing focus on agri-biotech and providing bio-services, rising adoption of bioinformatic solutions, and flourishing bio-industrial sector are contributing to the segment growth.

Moreover, companies are entering into partnerships for the development of new therapeutic molecules, which is driving the market. For instance, in April 2020, Amgen collaborated with Adaptive Biotechnologies for discovering and developing antibodies to combat the COVID-19 pandemic. The collaboration will use Adaptive's proprietary immune medicine platform for identifying virus-neutralizing antibodies and combine Amgen's expertise in the field of novel antibody therapy and immunology for developing promising new medicines against SARS-CoV-2.

The bioinformatics application segment is expected to expand at the fastest CAGR of 21.2% from 2021 to 2028 owing to the increasing alliances to coordinate and advance the adoption of informatics tools. For instance, in September 2020, GC Pharma entered into a partnership with Atomwise for discovering new ways of hemophilia treatment. The companies will focus on treatment options other than replacement therapies that are commonly used for hemophilia treatment. Atomwise’s AI platform called AtomNet investigated potential targets by screening around 16 billion compounds in less than two days.  

Technology Insights

The others technology segment held the largest share of 27.83% in 2020. DNA sequencing held the second-largest share in 2020. The growth in the segment can be attributed to the rising adoption of advanced DNA sequencing. For instance, in April 2020, the Baylor College of Medicine Human Genome Sequencing Center (BCM-HGSC) received a grant from the National Institutes of Health for Pacific Biosciences Sequel II DNA sequencing instrument. It will help in improving sequencing efficiency and capacity. The new sequencer is capable of sequencing through tough regions in the human genome, hence enabling comprehensive genome sequencing

Global biotechnology market share, by technology, 2020 (%)

Nanobiotechnology is expected to expand at a CAGR of 16.8% from 2021 to 2028 owing to increasing technological advancement in the field of nanotechnology. For instance, in January 2021, Oxford Nanopore collaborated with NVIDIA for integrating NVIDIA DGX Station A100 in PromethION, the company’s ultra-high-throughput sequencing system. The integration of such AI and computing tools helps in quick and accurate DNA or RNA sequencing for increasing the availability of nanopore sequencing data.

Regional Insights

North America accounted for the largest share of 44.19% in 2020. The growth of the regional market can be attributed to several factors such as the presence of key players, extensive R&D activities, and high healthcare expenditure. In addition, expanding pool of companies operating in the region is receiving drug approvals, which is contributing to the market growth. For instance, in February 2021, Biogen Inc. received the U.S. FDA for PLEGRIDY (peginterferon beta-1a) that is used for the treatment of relapsing forms of multiple sclerosis. The approval expands the company’s leading portfolio for multiple sclerosis treatment.

Asia Pacific is expected to expand at the fastest growth rate of 16.8% from 2021 to 2028. The growth of the regional market can be primarily attributed to improving healthcare infrastructure, supportive government policies, clinical trial services, and epidemiological factors. In addition, foreign companies are extensively collaborating with local companies for accelerating the biotechnology industry growth. For instance, in September 2019, Bayer AG completed a USD 63 billion merger agreement with Monsanto India for forming Bayer CropScience Ltd. This will help in including Monsanto's expertise in seeds and traits and digital farming applications to Bayer’s product portfolio. 

Key Companies & Market Share Insights

Companies are expanding their product portfolio through different business development strategies, such as acquisitions, mergers, and agreements. For instance, in September 2020, F. Hoffmann-La Roche Ltd. completed the acquisition of Inflazome, an Irish biotechnology firm engaged in the development of inflammasome inhibitors. The acquisition will give the company rights for Inflazome’s complete portfolio of the clinical and preclinical small molecule of NLRP3 inhibitors. In addition, the company intends to develop NLRP3 inhibitors for targeting a wide variety of indications. Some prominent players in the global biotechnology market include:

  • AstraZeneca

  • Gilead Sciences, Inc.  

  • CELGENE CORPORATION

  • Biogen

  • Abbott

  • Amgen Inc.

  • Novo Nordisk A/S

  • Merck & Co.

  • Johnson & Johnson Services, Inc.

  • Novartis AG

  • Sanofi

  • F. Hoffmann-La Roche Ltd.

  • Pfizer, Inc.

  • Lonza

Biotechnology Market Report Scope

Report Attribute

Details

Market size value in 2021

USD 1,006.68 billion

Revenue forecast in 2028

USD 2,438.90 billion

Growth rate

CAGR of 15.83% from 2021 to 2028

Base year for estimation

2020

Historical data

2017 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD billion and CAGR from 2021 to 2028

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; Middle East & Africa

Country scope

U.S.; Canada; Germany; U.K.; France; Italy; Spain; Japan; China; India; South Korea; Australia; Brazil; Mexico; South Africa; Saudi Arabia

Key companies profiled

AstraZeneca; Gilead Sciences, Inc.; CELGENE CORPORATION; Biogen; Abbott; Amgen Inc.; Novo Nordisk A/S; Merck & Co; Johnson & Johnson Services, Inc.; Novartis AG; Sanofi; F. Hoffmann-La Roche Ltd.; Pfizer, Inc.; Lonza

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Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2028. For the purpose of this report, Grand View Research has segmented the global biotechnology market report on the basis of technology, application, and region:

  • Technology Outlook (Revenue, USD Billion, 2017 - 2028)

    • Nanobiotechnology

    • Tissue Engineering and Regeneration

    • DNA Sequencing

    • Cell-based Assays

    • Fermentation

    • PCR Technology

    • Chromatography

    • Others

  • Application Outlook (Revenue, USD Billion, 2017 - 2028)

    • Health

    • Food & Agriculture

    • Natural Resources & Environment

    • Industrial Processing

    • Bioinformatics

    • Others

  • Regional Outlook (Revenue, USD Billion, 2017 - 2028)

    • North America

      • U.S.

      • Canada

    • Europe

      • Germany

      • U.K.

      • France

      • Spain

      • Italy

    • Asia Pacific

      • China

      • Japan

      • India

      • South Korea

      • Australia

    • Latin America

      • Brazil

      • Mexico

    • Middle East & Africa

      • South Africa

      • Saudi Arabia

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