The global biotechnology market size was US$ 541.1 billion in 2021. The global biotechnology market is forecast to grow to US$ 1040.1 billion by 2030, registering a compound annual growth rate (CAGR) of 7.5% during the forecast period from 2022 to 2030.

Regional Analysis

North America is forecast to hold dominance in the global biotechnology market in terms of revenue. The growth of the market is attributed to the rising number of investments in research & development activities. In addition, North America is home to some of the prominent industry players, such as Agilent Technologies and Danaher, which will contribute to the market growth. Furthermore, growing awareness regarding biotechnology applications will surge the growth of the market.

The Asia-Pacific biotechnology market is forecast to grow at a significant pace due to rising investment in research & development. Furthermore, growing government initiatives to expand the medical and healthcare infrastructure will benefit the regional biotechnology market during the forecast period. The Central Council for Research in Siddha (CCRS) unveiled ARIVU in August 2021. The program intends to encourage academics and businesses to invent a value chain in biotechnology. Thus, it will benefit the overall biotechnology market.

COVID-19 Impact Analysis

The COVID-19 pandemic has fueled the biotechnology market expansion. Biotech companies are at the forefront of the development of COVID-19-targeting medications. Moreover, FDA also gave approval to many companies due to the growing effect of the virus. For instance, Gilead Sciences, Inc. won FDA approval for antiviral Remdesivir. It helps in the treatment of COVID-19 patients.

Factors Influencing the Market

The rising adoption of artificial intelligence in the biotechnology industry will benefit the overall market over the forecast period. In addition, the biotechnology industry also deals with food-related items and pharmacies. The growth of these industries will ultimately fuel the growth of the biotechnology industry during the forecast period.
The need for biotech solutions for diabetic and cancer patients is predicted to increase, thereby boosting the growth of the biotechnology market.
The biotechnology sector has also been influenced by increasing demand for the efficient treatment of new types of ailments and diseases. On the contrary, stringent laws and regulations linked to product registration may limit the growth of the biotechnology market.
Increasing spending on medical and healthcare is likely to surge the market growth in the coming years.
The growing number of partnerships and acquisitions are likely to raise the scope of the biotechnology market. For instance, Amgen inked a partnership with Adaptive Biotechnologies in April 2020. The partnership aims to develop efficient antibodies to combat the COVID-19 pandemic.
Competitors in the Market

Agilent Technologies
BioGen Medical Instruments
Danaher
F. Hoffmann-La Roche
Abbott Laboratories Illumina,
Merck
PerkinElmer
Qiagen and Thermo Fisher Scientific
Amgen
Bio-Rad Laboratories.
Other Prominent Players
Market Segmentation

The global biotechnology market segmentation focuses on Technology, Application, and Region.

Based On Technology

DNA Sequencing
Nanobiotechnology
Tissue engineering and Regeneration
Fermentation
Cell-Based Assay
Based On Application

Bio pharmacy
Bio services
Bio agriculture
Bioindustries
Bioinformatics
Based on Region

North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America