Biotechnology Market Size Expected to Reach USD 5.90 Trillion by 2034
Regional Insights:
North America dominated the global biotechnology market in 2024. The recent advancements in CRISPR-based gene editing techniques for various therapeutic applications, increased emphasis on tailored treatments by leveraging advanced genetic analysis, growing focus on mRNA vaccine development, active involvement of government bodies, implementation of AI-driven tools such as AlphaFold from DeepMind for prediction of protein structures, increased healthcare expenditure, surge in drug approvals and rising investments by major biotechnology companies in the region for enhancing research capabilities are the factors driving the market growth of this region.
U.S. market in North America region is fostered by the rising investments by several government agencies such as the Department of Agriculture (USDA), the Department of Energy (DOE) and the White House for advancing applications in biotechnology and development of sustainability initiatives is boosting the market growth. Moreover, initiatives for advancing personalized medicine by the government drives the market growth.
• For instance, in July 2024, the U.S. Department of Commerce’s Economic Development Administration (EDA) under the Biden-Harris Administration, awarded about $49 million to the Wisconsin Biohealth Tech Hub, an organization led by BioForward Wisconsin which will further focus on executing five projects to boost the region’s capacity for scaling up the production and delivery of critical technology for advancing biotechnology in precision and predictive medicine.
