Biotechnology Market Size, Share, Growth Analysis, By Type(Blue Biotechnology, Green Biotechnology, Red Biotechnology, White Biotechnology), By Product(Instrument & Reagent (Clinical Diagnostics, Proteomics and genomics, Drug Discovery & Development, Cell Analysis), By Technology(Nanobiotechnology, PCR Technology, Bioinformatics, Tissue Engineering), By Application(Health, Agriculture, Food and Beverages, Industrial Processing), By Region - Industry Forecast 2024-2031

Biotechnology Market size was valued at USD 1.21 Trillion in 2022 and is poised to grow from USD 1.38 Trillion in 2023 to USD 3.90 Trillion by 2031, growing at a CAGR of 13.9% during the forecast period (2024-2031).

Biotech industry is one of the globalized sectors. Investment in business is characterized by greatly diversified economic growth among countries. The expansion of problems such as hepatitis B disease as well as other issues is expected to drive the expansion in this field. The demand for subsistence and agricultural products such as wheat, rice, sugarcane and beans are expected to increase mainly because the population in US, China, and India is on the rise, and this will boost the importance of these products. Furthermore, scientists are involved in wide research and development activities to address problems such as water shortage, low productivity, insect attacks, and limited farmland. Their focus is on the improvement of smart systems and helping the industry by partnering with other organizations. Large scale associations, including government subsidized organizations and other independent communities acting against biotechnology funding, on the other hand, boost financing to R&D and new product development programs. 

The ongoing high incidents of either chronic diseases like diabetes or cancers across the globe are expected to increase the demand for biotechnology products in the coming years. Also, the prevalence of type 2 diabetes among many individuals is seeing a growing trend around the world and thus, the market is likely to experience higher margins. The wide range of uses as well as the currently existing demand for highly effective drugs and treatment options, companies that devote themselves to this branch would presumably benefit more. 

US Biotechnology Market is poised to grow at a sustainable CAGR for the next forecast year.