Growth Factors

The global biotechnology market was valued at USD 1.55 trillion and is projected to grow at a compound annual growth rate (CAGR) of 13.96% from 2024 to 2030. The market is driven by strong government support through initiatives aimed at the modernization of regulatory framework, improvements in approval processes & reimbursement policies, as well as standardization of clinical studies. The growing foothold of personalized medicine and an increasing number of orphan drug formulations are opening new avenues for biotechnology applications and are driving the influx of emerging and innovative biotechnology companies, further boosting the market revenue.

Expanding demand for biotechnology tools for agricultural applications including micro-propagation, molecular breeding, tissue culturing, conventional plant breeding & development of genetically modified crops, among others, have boosted the market growth. Moreover, genetically modified crops and herbicide-tolerant & insect resistant seeds are witnessing an increasing popularity and are contributing to the market growth. Rise in adoption of tissue culture technology for production of novel rice variants and disease- & pest-free banana varieties in regions of South Asia and Africa, and use of the technology for cloning of disease-free and nutritious plant varieties have propelled the agricultural applications for biotechnology.

The market is also driven by the presence of strong clinical trial pipeline and funding opportunities available in tissue engineering and regeneration technologies. As per the Alliance for Regenerative Medicine, companies developing cell and gene therapies raised over USD 23.1 billion investments globally in 2021, an increase of about 16% over 2020’s total of USD 19.9 billion. Clinical success of leading gene therapy players in 2021, such as promising results from an in vivo CRISPR treatment for transthyretin amyloidosis, developed by Intellia Therapeutics and Regeneron, are significantly affecting the market growth.