U.S. Biotechnology Market Size (USD 1,783.36 Bn by 2033) Report

U.S. Biotechnology Market Size and Future Analysis Report

The U.S. biotechnology market size reached US$ 553.10 billion in 2023 and is expected to hit US$ 1,783.36 billion by 2033. It is poised to grow at a CAGR of 12.42% from 2024 to 2033. The rising demand for biotechnology in healthcare is driving the market’s growth.

Unlock Infinite Advantages: Subscribe to Annual Membership

Key Takeaways

• By technology, the DNA sequencing segment dominated market with the largest revenue share of 19% in 2023.
• By technology, the nanobiotechnology segment is estimated to grow at the fastest rate during the forecast period.
• By application, the health segment has held a major revenue share of 45% in 2023.
• By application, the bioinformatics segment is estimated to grow at the fastest CAGR of 17.13% during the forecast period.

Industry at a Glance

The U.S. biotechnology market is rapidly growing due to the continuous demand from various industries, including healthcare, food & beverages, agriculture, pharmaceutical, fermentation, natural resources & environment, biofuels and so on. Many useful items have been developed as a result of the wide range of uses of biotechnology. Biotechnology is the use of biology to the creation of novel goods, processes, and living things with the goal of enhancing society and human health. Innovations in modern biotechnology are enabling us to fight uncommon and crippling diseases, lessen our impact on the environment, feed the needy, use cleaner and less energy, and improve the safety, efficiency, and cleanliness of industrial production processes. The U.S. biotechnology market is developing fast and has enormous potential to address major global issues and raise people's standard of living everywhere.

Top Companies in the U.S. Biotechnology Market

• Johnson & Johnson Services, Inc.
• Amgen Inc.
• Pfizer, Inc.
• Abbott Laboratories
• Biogen
• Bristol-Myers Squibb
• Gilead Sciences, Inc.
• NVIDIA Healthcare
• Walgreens

Pfizer Pipeline to the U.S. Biotechnology Market

Johnson & Johnson Services Inc. Pipeline to the U.S. Biotechnology Market

Growing Demand in Different Industries Drives the U.S. Biotechnology Market

Biotechnology has applications in various industries, such as agriculture, pharmaceuticals, environmental conservation, food production, and energy. In agriculture, biotechnology is used to develop genetically modified crops with higher yields and resistance to pests and diseases. In the pharmaceutical industry, biotechnology plays a crucial role in the development of new drugs, personalized medicine, and gene therapy. Environmental biotechnology is focused on waste management, pollution control, and the development of renewable energy sources. Additionally, biotechnology is utilized in the production of biofuels, bio-based materials, and bio-based chemicals, contributing to the energy industry. In the food industry, biotechnology is employed for food processing, quality improvement, and the development of genetically modified organisms with enhanced nutritional value. These applications demonstrate the diverse and far-reaching impact of biotechnology across multiple industries, highlighting its importance in addressing global challenges and improving our quality of life.

Ethical Concerns Restraint the Market’s Growth

There are several ethical concerns associated with biotechnology that prevent the growth of the U.S. biotechnology market. A number of ethical considerations apply to biotechnology, including those of justice and human dignity, science and technology ethics, medical ethics, and more. Diverse cultural perspectives and values exist. Their enduring notion is reflected in these values. Biotechnology may occasionally undermine these cultural ideas; thus, this is something to be cautious about. One of the most difficult problems is modifying the genes of different crops to create hybrids. The fact that biotechnology offends people's religious sensibilities is one of the main problems it encounters. Developmentally speaking, bioethics in biotechnology has always been challenging. However, upholding moral integrity is also a crucial responsibility for a developer or scientist.

Biofuels Holds Great Opportunity for the U.S. Biotechnology Market’s Growth

Concern over converting biomass to biofuel is growing again as a result of rising energy costs and running out of fossil resources. Biofuels that come from sustainable feedstocks can be used to fulfill almost 25% of global transportation fuel demand by 2050. They are also considered ecologically benign fuels. In addition, it is anticipated that biofuels would lessen dependency on foreign oil, cut greenhouse gas emissions, and boost local economies by boosting the demand and cost of bioproducts and generating jobs. Due to their notable qualities, which include their low sulfur content, higher cetane number, higher flash point, improved ignition property, and overall lower emission of CO2 and other toxic pollutants, biofuels have recently attracted a lot of attention as potential replacements for fossil fuels. They can be used directly or blended with fossil fuels in different ratios.

For instance,

• In September 2023, the AlgaePrize 2023–2025 Competition was launched by the U.S. Department of Energy's (DOE) Bioenergy Technologies Office in collaboration with the National Renewable Energy Laboratory and the Algae Foundation. By developing innovative solutions that enable gigaton-scale algae commercialization, the competition pushes students to become the next wave of bioeconomy specialists. Student competitors will create practical solutions for the production of industrial chemicals, meals, feeds, ecological services, and biofuels over the course of the next two years.

Report Highlights

Technology Insights

By technology, the DNA sequencing segment dominated the U.S. biotechnology market in 2023. DNA sequencing is essential in many fields, including medicine, where it is used for epidemiological research, illness diagnosis, and therapy. Sequencing has the power to fundamentally alter the fields of public health, plant, animal, and food safety, as well as sustainable agriculture. It facilitates the improvement of agriculture by means of efficient breeding of plants and animals, which in turn reduces the likelihood of disease outbreaks. Furthermore, DNA sequencing can potentially protect and improve human and wildlife habitats. DNA sequencing plays a crucial role in genomics research by helping us interpret an organism's full genomic sequence, which advances our knowledge of the organism's genomic structure and composition. The diagnosis and treatment of illness are important uses for DNA sequencing. It is an invaluable instrument for the diagnosis of hereditary disorders, the detection of microbial infections, and the identification of tumorigenic gene alterations, among other applications that support the development of customized medicine.

For instance,

• According to the National Institute of Health, through the “All of Us Research Program” of the National Institutes of Health, about 100,000 highly varied whole genome sequences are now accessible. People who identify as belonging to racial or ethnic groups that have historically been underrepresented in research make up about 50% of the data.

By technology, the nanobiotechnology segment is estimated to grow at the fastest rate during the forecast period. Nanobiotechnology has recently emerged in the U.S. biotechnology market. Creating and modifying materials at the nanoscale is the focus of nanotechnology. With fast-expanding commercial uses, this is a relatively new field of study for researchers. Biotechnology on a nanoscale is known as nanobiotechnology, and it has many fascinating uses in regenerative medicine, medication delivery, and diagnostic medical testing.

Application Insights

By application, the health segment dominated the U.S. biotechnology market and is expected to remain dominant throughout the forecast period. The healthcare business has seen a notable impact from biotechnology in recent times, leading to modifications in the approaches for disease diagnosis, treatment, and prevention. Innovative drugs, vaccines, diagnostic tools, and other healthcare products that are transforming human health are being developed by biotech companies and researchers utilizing the latest advancements in molecular biology, genetics, and nanotechnology. This has made it feasible to develop new treatment options for diseases like cancer and other hereditary issues. Biotechnology has also enabled the detection and treatment of infectious diseases such as HIV infection through the creation of innovative antiretroviral drugs and diagnostic tools.

For instance,

• In April 2024, in an effort to broaden its specialty pharmacy services, Walgreens said that it will begin collaborating directly with pharmaceutical companies to offer cell and gene treatments to patients in the U.S. The business will build a freshly licensed facility in Pittsburgh devoted to cell and gene therapy services as part of its efforts to "transform" its specialized pharmacy offerings.
• Innovative Medicine and MedTech are the two business sectors of Johnson & Johnson (J&J), a worldwide healthcare organization with headquarters in the U.S.. As of April 18, 2024, the company is valued at $351.2 billion on the market. J&J reported $85.2 billion in sales in 2023, of which $54.8 billion and $30.4 billion, respectively, may be attributable to Innovative Medicine and MedTech.

By application, the bioinformatics segment is estimated to grow at the fastest CAGR during the forecast period. Through the creation of software and algorithms, bioinformatics is primarily used to extract knowledge from biological data. Gene and proteome analysis, image analysis, drug discovery, and many more fields are among the many areas in which bioinformatics is actively used. Developing strategies to avoid, manage, and treat dangerous infectious illnesses is the primary goal of precision and preventive medicine, two domains where bioinformatics plays a major role. The primary goal of bioinformatics is to improve our comprehension of biological mechanisms.

For instance,

• In July 2023, proteomics-based precision medicine technology developer Bertis announced the opening of its Pan-omics Analysis Service & Solution (PASS) service in the US via its fully owned US subsidiary, Bertis Bioscience Inc. PASS is a perceptive analytical tool that uses Bertis's expertise in pan-omics in conjunction with its in-house bioinformatics and artificial intelligence technology to provide analytical services such as core protein identification and biomarker discovery, as well as drug development and clinical research procedures.

Recent Developments in the U.S. Biotechnology Market

• In April 2024, FDA-approved for intravenous and subcutaneous use, Tyenne® is the first tocilizumab biosimilar from Fresenius Kabi, an operational business of Fresenius SE. For patients in the United States, the tocilizumab biosimilar offers improved access as well as a high-quality, reasonably priced, and secure therapy choice. The first tocilizumab biosimilar to be made available in Europe in November 2023 was Tyenne®, which contributed to the (Bio)Pharma business's outstanding success thus far in 2024.
• In February 2024, in order to introduce its life-saving cell therapy platforms in the US for important cancer studies and potential commercial supply, AstraZeneca is spending $300 million in a state-of-the-art facility in Rockville, Maryland. In order to facilitate global clinical trials, over 150 new, highly trained employees will be generated, the majority of which will initially be dedicated to the production of T-cell treatments. Eventually, the website could broaden its scope to encompass more illness domains.

Segments Covered in U.S. Biotechnology Market Report

By Technology

• Nanobiotechnology
• Tissue Engineering and Regeneration
• DNA Sequencing
• Cell-based Assays
• Fermentation
• PCR Technology
• Chromatography
• Others

By Application

• Health
• Food & Agriculture
• Natural Resources & Environment
• Industrial Processing
• Bioinformatics
• Others