Ongoing Advancements in Synthetic Biology, CRISPR Gene Editing, and Genomic Sequencing Positively Affecting Biotechnology Market: Fact.MR Report

According to a new industry report by Fact.MR, a market research and competitive intelligence provider, the global biotechnology market is projected to reach a size of US$ 550.83 billion in 2024 and further touch US$ 2667.36 billion by the end of 2034.

The biotechnology market is growing because of ongoing research and technological advancements, especially in the fields of synthetic biology, CRISPR gene editing, genomic sequencing, and others, which are improving their efficacy and accuracy. Due to advances in genome sequencing, scientists are now able to examine genetic data in great depth, driving crop attributes and detecting genetic abnormalities linked to diseases. More scientists are creating genetically modified organisms (GMOs) in agriculture and targeted medications in medicine because of CRISPR technology, which is enabling them to modify genes with unprecedented precision.

By combining ideas from engineering and biology, synthetic biology is assisting in the development of new biological systems and components. This is opening up new possibilities for the manufacturing of sustainable biofuels, biodegradable materials, and innovative pharmaceuticals.

Over the next ten years, the North American region is projected to lead in the market. North America's established agricultural biotechnology is the key reason for its leading position. Further, the region’s well-organized framework for genetically modified organism (GMO) research, development, and commercialization is what is driving the expansion of the agricultural biotechnology sector.

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Key Takeaways from Market Study

• The global biotechnology market is projected to expand at 17.09% CAGR from 2024 to 2034.
• The market in East Asia is forecasted to expand at a high-value CAGR of 20.4% between 2024 to 2034.
• The North American region is estimated to generate revenue worth US$ 231.68 billion in 2024.
• By major market, the pharma and medical manufacturers and wholesalers segment is evaluated to rise at 18% CAGR through 2034.
• Revenue from biotechnology in India is approximated to reach US$ 327.85 billion by 2034-end.
• In the North American region, the United States is estimated to achieve a value of US$ 207.7 billion in 2024.

“To innovate and produce new biotech products, including genetically modified crops, biopesticides, bio-fertilizers, and others, prominent biotechnology firms are making significant investments in R&D operations,” says a Fact.MR analyst

Key Players:

• Johnson & Johnson
• Roche
• Pfizer
• Novartis
• Gilead Sciences
• Amgen
• Bristol Myers Squibb
• Biogen
• Regeneron Pharmaceuticals
• Vertex Pharmaceuticals

Human Health Technologies Segment Holds a Leading Position

The human health technologies segment accounts for a sizeable percentage of the market because of the increasing need for advanced and more effective medical solutions that improve patient outcomes and healthcare delivery. Recent developments in biotechnology are making it easier to create targeted therapies, biopharmaceuticals, and tailored medications. These treatments are considered to be more beneficial than traditional therapy for treating complex disorders. The increasing prevalence of chronic illnesses and the growing focus on preventative treatment are driving the constant increase in research and development activity in human health technologies.

Country-wise Insights:

The biopharmaceutical industry in the United States is experiencing significant expansion, driven by the increasing prevalence of genetic abnormalities and chronic diseases. In 2024, the market is estimated to be valued at US$ 207.7 billion and is projected to grow at an impressive 14.6% CAGR, reaching approximately US$ 811.79 billion by 2034.

This growth is fueled by the rising demand for advanced therapeutic solutions, including gene therapies and monoclonal antibodies, which offer targeted treatments with enhanced efficacy and minimal side effects. The need for precise interventions in complex diseases such as cancer, autoimmune disorders, and rare genetic conditions is further propelling the market. Additionally, the continuous surge in research and development activities within the biopharmaceutical sector, alongside increased investment in cutting-edge innovations, is playing a crucial role in driving market expansion in the United States.

Biotechnology Market News:

• In October 2024, the first Gene Therapy Center in the Baltic States was launched by Northway Biotech in Vilnius, Lithuania. The state-of-the-art facility is the first building of the BIO CITY project, intended to support innovative enterprises and build Europe's key biotechnology hub.
• Avenue Biosciences, a transatlantic biotechnology company focused on advanced protein engineering technologies, raised an October 2024 US$ 2.5 million seed investment round.
• In October 2023, Epicrispr Biotechnologies, a subsidiary of Gilead, and Kite formed a research collaboration and licensing agreement to employ the latter's gene regulatory technology in the creation of innovative cancer cell therapies.

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More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the biotechnology market, presenting historical demand data (2019 to 2023) and forecast statistics for 2024 to 2034.

The study divulges essential insights into the market based on product and service (human health technologies, industrial & environmental technologies, crop production & agricultural technologies, animal health technologies) and major market (pharma and medical manufacturers and wholesalers, public sector, resource industries, agriculture & food sector), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).

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