The global biotechnology Market size was estimated at USD 1.95 trillion in 2024 and is projected to hit around USD 5.90 trillion by 2034, growing at a CAGR of 11.7% during the forecast period from 2025 to 2034.
The biotechnology market is experiencing rapid rise in demand with support from government agencies which is aimed at standardization of clinical trials, modernization of regulatory frameworks, approval processes improvement and reimbursement policies. Another aspect that is helping market growth is the rise in personalized medicine practices which is aiding market growth. The impact of COVID 19 on biotechnology was extremely positive as new and innovative research and drug development were given a big boost.
The government initiatives as well as regulation policies have had a favorable effect on the biotechnology market. The availability and funding provided by the government towards clinical trials, drug discovery and innovation therapies has helped market growth. There is more opportunity and funding for development of new therapies like stem cell, gene therapy etc., and for increasing pipelines by key players for clinical trials. The biotechnology is being used by other industries like agricultural in the recent years. Micro-propagation, tissue culturing, plant development and breeding, genetic crop modification, molecular breeding etc., are being worked with biotechnological tools.
Published by Deepa Pandey
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| Stats ID: | 6104 |
| Format: | Databook |
| Published: | November 2024 |
| Delivery: | Immediate |
| Price | US$ 1550 |
| Stats ID: | 6104 |
| Format: | Databook |
| Published: | November 2024 |
| Delivery: | Immediate |
| Price | US$ 1550 |
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