What is the global biotechnology market size?

The global biotechnology market size was valued at USD 1292.5 billion in 2023, driven by rising focus on personalised medicine across the globe. The market is expected to grow at a CAGR of 19% during the forecast period of 2024-2032, with the values likely to rise from USD 1538.2 billion in 2024 to USD 6189.9 billion by 2032.

What is the biotechnology market in India?

The biotechnology market in India is majorly driven by the application of biotechnology in the healthcare sector, which majorly includes recombinant therapeutics and vaccines. According to Biospectrum, in December 2023, India was a global supplier of BCG, DBT, and measles vaccines, making it a prominent player in the biotechnology market.

How is the biotechnology market evolving?

The biotechnology market is currently observing a trend where-in companies are joining forces through business collaborations, partnership, and development agreements etc. These strategic initiatives are mainly driven by the need to develop novel therapeutics in a collaborative manner for better outcomes as well as reduced overheads.