Biotechnology involves the integration of biological science with information technology for the development of products and services. Biotechnology products such as drugs, vaccines, genetically modified seeds, and genetically engineered organisms are vital for improving human health, agriculture, and industrial processes. The biotechnology industry includes pharmaceutical, medical device, bioservices, bioagriculture, and bioindustrial segments. Gene therapy seeks to replace, manipulate, or supplement defective genes within the human genome to restore normal cellular function. The rising adoption of gene therapy for cancer and other diseases has accelerated the growth of the global biotechnology market.

The global biotechnology market is estimated to be valued at US$ 820.4 Bn in 2024 and is expected to exhibit a CAGR of 3.5% over the forecast period 2024 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The increasing adoption of gene therapy is one of the major trends in the biotechnology market. Gene therapy involves adding, removing, or modifying genes inside the body's cells to treat or prevent disease. The successful treatment of cancers and genetic disorders through gene therapy has garnered significant interest in this approach. Researchers are accelerating the development of gene therapies for conditions such as hemophilia, sickle cell disease, HIV/AIDS, and various forms of blindness and neurological diseases. The pipeline of gene therapy candidates is rapidly expanding, which is expected to boost the biotechnology market growth during the forecast period.

Segment Analysis

The global biotechnology market is segmented on the basis of technology, application and geography. Within technology, gene therapy holds the largest market share currently due to increasing research funding and clinical trials for new applications. Gene therapy is used for inherited disorders, cancer and neurodegenerative diseases and continued innovation is driving its uptake. Biologics is another major segment due to wide applications across different therapy areas like monoclonal antibodies and vaccines.

Key Takeaways

The Global Biotechnology Market Size is expected to witness high growth over the forecast period.

Regional analysis: North America currently dominates the global biotechnology market owing to presence of major pharmaceutical companies and strong biotechnology research base in the US and Canada. The Asia Pacific region is anticipated to be the fastest growing market in the coming years due to improving healthcare infrastructure, increasing disposable income and rising healthcare spending in countries like China and India.

Key players operating in the biotechnology market are Bausch Healt, Amgen, Biogen, Gilead Sciences, AbbVie, Johnson & Johnson, Bristol-Myers Squibb, Merck & Co and Pfizer.

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