Biotechnology Services Global Market Report 2024

The biotechnology services market size has grown strongly in recent years. It will grow from $126.58 billion in 2023 to $133.74 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The historical growth in biotechnology services can be attributed to robust economic growth in emerging markets, heightened collaborations with other research institutes and companies, and an increased demand for food.

The biotechnology services market size is expected to see strong growth in the next few years. It will grow to $163.12 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%. Forecasted growth in biotechnology services is fueled by technological advancements, increased demand for agriculture-based services, and the rise of synthetic biology. Key trends include strategic collaborations, cloud-based data management, advanced sequencing and AI in drug research, digitalization in clinical trials, automation in diagnostics, and investments in synthetic biology for solutions in medicine, food supplies, chemicals, and renewable energy.

The increasing prevalence of diseases such as hepatitis B, diabetes, and cancer is fueling extensive research within the realm of biotechnology. This interdisciplinary field utilizes tools from biology and chemistry to scrutinize the genetic material of bacteria and viruses, effectively combating disease-causing agents. Notably, oncology research remains a cornerstone for biopharmaceutical companies, with advancements in stem cell therapy, monoclonal antibody treatments, and genome sequencing paving the way for significant medical applications. As per the Indian Economic Survey 2021, the Indian biotechnology sector is anticipated to burgeon to a valuation of US$ 150 billion by 2025. Consequently, the surge in disease prevalence and substantial investments in research and development are expected to be instrumental in propelling the growth of the biotechnology services market.

The escalating demand for clinical solutions catering to chronic disease treatments is set to be a significant driver for the expansion of the biotechnology services market. Chronic diseases encompass enduring medical conditions persisting for an extended duration, typically three months or more. Biotechnology services play a pivotal role in offering innovative clinical solutions for managing chronic diseases, including advanced therapies, precision medicine, and targeted treatments personalized to individual patients. These advancements significantly enhance the management and outcomes of chronic ailments. For instance, as per the World Health Organization (WHO) in September 2022, chronic diseases account for 74% of global deaths, amounting to 41 million fatalities annually. This includes 17.9 million deaths attributed to cardiovascular diseases, 9.3 million to cancer, 4.1 million to chronic respiratory diseases, and 2.0 million to diabetes. Hence, the mounting demand for clinical solutions tailored to chronic disease treatment is a driving force behind the growth of the biotechnology services market.

Collaborations and partnerships between industry players are becoming increasingly prevalent in the biotech services sector. In January 2021, Novartis, a Swiss pharmaceutical company, entered into a collaboration with Alnylam, a US-based biopharmaceutical company. This partnership aimed to explore Alnylam's siRNA technology and develop targeted therapies to restore liver function. Under an exclusive three-year research collaboration, Alnylam would leverage Novartis' target-specific assays to develop and test potential siRNAs. Once a lead candidate is identified, Novartis would spearhead further development and clinical research efforts.

Key companies within the biotechnology services market are dedicated to pioneering innovative therapies, such as biomarker algorithms for the primary treatment of patients with non-small cell lung cancer (NSCLC). Biomarker algorithms encompass mathematical or computational models integrating data from multiple biological indicators to provide comprehensive assessments of specific medical conditions. For instance, in April 2023, Strata Oncology Inc., a US-based precision oncology company, introduced Strata Select - a groundbreaking molecular profiling test for advanced cancer patients. Noteworthy for being the first immunotherapy biomarker algorithm covered by Medicare across solid tumors, Strata Select empowers oncologists to make more informed treatment decisions, thereby enhancing patient outcomes.

In October 2021, Amgen, a US-based biopharmaceutical company, completed the acquisition of Teneobio for $2.5 billion. The acquisition included Teneobio's bispecific and multispecific antibody technologies, enhancing Amgen's antibody expertise and BiTE platform. This strategic move aims to advance the discovery of novel molecules for treating various diseases within Amgen's key therapeutic areas. TeneoBio, the acquired company, is a US-based biotechnology firm known for its expertise in producing human heavy chain antibodies.

Major companies operating in the biotechnology services market report are Parexel International Corporation, Thermo Fisher Scientific, Laboratory Corporation of America Holdings, IQVIA, ICON PLC, Charles River Laboratories, Syneos Health, Sartorius AG, Precision for Medicine Inc., Novartis, Eppendorf Asia Pacific Sdn. Bhd., Emmessar Biotech & Nutrition Ltd., Vcanbio Cell & Gene Engineering Corp., Ltd., Ke Rui Gene, Absea Biotechnology Ltd., CStone Pharm-B, Daiichi Sankyo, bitBiome, Taisho Pharmaceutical, AGC Biologics, Hamamatsu Pharma Research, Artios Pharma, AstraZeneca, Bio Products Laboratory (BPL), Cambridge Bioscience, Shire Pharmaceuticals Ltd., BTG Ltd., eXmoor Pharma, 4D Pharma PLC, Touchlight Genetics, Ophidia Medical Technologies, ATAI Life Sciences, Phaseform, Evotec, Sanity Group, Primmbiotech, , Vaccitech, Biolat, Pharmidea, Asla-Biotech, Genera, Anima Lab, Silvanols, OU TBD-Biodiscovery, Qvalitas Arstikeskus AS, Concise Systems OU, GPE Globalpharma OU, Belarusian National Biotechnology Corporation , Innothera , Olainfarm, Pharmaidea, Amgen Inc., Gilead Sciences, Celgene Corporation, Biogen Inc., Vertex Pharmaceuticals, Illumina, Inc., Regeneron Pharmaceuticals Inc., Alexion Pharmaceuticals , Hemostemix Inc., Resverlogix Corporation, Zenith Epigenetics Corp., Bayer, AMEGA Biotech, Pierre Fabre, Pfizer, Quantificare, Apsen Farmaceutica, BioMarin Pharmaceutical, DK Diagnostics, Biosonda Biotechnology, Laboratorios Legrand, Biomerics, Julphar Pharmaceuticals, Medpharma, Pharmax, Neopharma , City Breeze Technical Services, CinnaGen, BioSun Pharmed, AryoGen Pharmed, 4Clinics, 54gene, Amoun, Aspen Pharmacare, BBI Solutions, BioTech Africa, ClinArt MENA, Crux Pharmaceuticals, Genesis Pharmaceuticals, Massive Genomics, Mayne Pharma, Sanofi Genzyme, Teleflex Medical, The Micron Group.

Asia-Pacific was the largest region in the biotechnology services market in 2023. North America was the second largest region in the global biotechnology services market analysis. The regions covered in the biotechnology services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the biotechnology services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

Key types of biotechnology services include prevention and disease control, public engagement activities, health education and research, food biotechnology services, donor recruitment, tissue collection, cell processing and isolation, and research and development. Food biotechnology services cover various technologies applied in crops, livestock, forestry, fisheries, aquaculture, and agro-industry. These services are utilized for genetic improvement, conservation of genetic resources, disease diagnosis, vaccine development, and fermented food production. Applications of biotechnology services span the pharmaceutical, biotechnological, academic, clinical trial, and healthcare sectors, with usage by Clinical Research Organizations (CROs), Contract Manufacturers Organizations (CMOs), and Contract Research and Manufacturing Services (CRAMS).

The biotechnology services market research report is one of a series of new reports that provides biotechnology services market statistics, including biotechnology services industry global market size, regional shares, competitors with a biotechnology services market share, detailed biotechnology services market segments, market trends and opportunities, and any further data you may need to thrive in the biotechnology services industry. This biotechnology services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The biotechnology services market consists of revenue earned by entities that engage in conducting research and experimental development in biotechnology. Numerous global issues are helped by biotechnology, including infectious diseases, ageing societies, food security, energy security, and climate change, to name a few. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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