Biotechnology Market is Estimated to Reach USD 6.64 Trillion by 2032 | SkyQuest Technology Consulting

The biotechnology market is anticipated to expand at a rapid pace owing to high incidence of chronic diseases, growing demand for novel treatments, and advancements in cell technologies. 

WESTFORD, Mass., Sept. 3, 2025 /PRNewswire/ -- SkyQuest Technology Consulting published a report, titled, 'Biotechnology Market - Global Opportunity Analysis and Industry Forecast, 2025-2032', valued at $2.16 Trillion in 2024. With a projected CAGR of 14.96% from 2025 to 2032, the market is expected to reach $6.64 Trillion by the end of 2032. Growing investments in biotechnology R&D, rising awareness regarding benefits of cell therapies, and increasing healthcare expenditure are also supporting biotechnology demand.

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Biotechnology Market Dynamics

Surge in incidence of chronic and genetic diseases, including cancer, cardiovascular disorders, and autoimmune conditions is primarily boosting the demand for cell therapies. These therapies offer promising curative potential, especially for patients unresponsive to conventional treatments. Advancements in stem cell and CAR-T therapies have led to improved outcomes and long-term remission. As healthcare systems shift toward personalized medicine, cell therapies provide targeted, patient-specific solutions, making them a pivotal component of future therapeutic strategies.

Surging investments in biotechnology R&D around the world and advancements in genomics and cell manufacturing technologies are also promoting market development. Techniques such as CRISPR gene editing, induced pluripotent stem cells (iPSCs), and automated bioreactors have revolutionized the development pipeline. Government funding, public-private partnerships, and increased investments by biopharma companies are further fostering R&D.

Recent Developments in Biotechnology Market

• In March 2025, Bharat Biotech, a renowned vaccine making company from India launched its new cell gene therapy facility with an investment of USD 75 million. The company's new therapies are expected to hit the market in 2028.
• Amgen, a pioneer in biotechnology innovation announced that it had won FDA approval for its IMDELLTRA (tarlatamab-dlle) candidate. The new treatment can be used to treat extensive-stage small cell lung cancer (ES-SCLC) in adult patients.
• Kite Pharma, a renowned American biotechnology company received approval for a new CAR-T manufacturing process that will help speed up the turnaround times for Yescarta-related therapies. This approval will help shorten manufacturing time by 2 days, making it 5 days from the previous 7 days.

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Major Challenges in Biotechnology Industry

High cost of cell therapies, often exceeding hundreds of thousands of dollars per treatment is expected to hinder market development over the coming years. These prices are driven by complex manufacturing processes, personalized approaches, and logistical challenges such as cryopreservation and transportation. Limited reimbursement policies, particularly in developing economies, make therapies unaffordable for many patients.

Biotechnology manufacturing involves intricate, time-consuming processes requiring specialized facilities, skilled personnel, and strict quality controls. Autologous therapies, customized for individual patients, are especially difficult to scale efficiently. Maintaining cell viability during storage and transportation is another technical challenge, requiring cryogenic conditions and tight timelines.

Competitive Landscape

Biotechnology companies can also benefit from government grants and supportive initiatives launched to help boost medical R&D. Biotechnology providers should invest heavily in research to boost innovation and stand out from the competition. New companies can penetrate the market with hefty capital raise and innovative approach to compete with established market players.

The major players in the biotechnology industry include:

• Novo Noridisk
• Amgen
• Johnson & Johnson
• Gilead Sciences
• Bristol Myers Squibb
• Vertex Pharm
• Roche
• Regeneron
• Moderna Inc.
• Biogen Inc
• Thermo Fisher Scientific Inc.
• Pfizer Inc.
• Corteva Agriscience
• Sanofi
• Bayer AG
• Merck KGAA
• Bluebird Bio Inc.
• Abbvie Inc
• Syngenta Group
• CSL Limited

Biotechnology Market Segmental Analysis

Global biotechnology market is segmented by technology, cell type, therapy type, therapeutic area, and end user.

• By therapeutic area, the oncology segment dominated the global biotechnology market in 2024 as incidence of cancer diseases rises and remission of cancers increases.
• By therapy type, the autologous therapy segment dominated the global biotechnology market in 2024 owing to robust adoption of CAR-T cell therapies in treatment of genetic and cancer diseases.
• By end user, the hospitals and clinics segment dominated the global biotechnology market in 2024, which can be linked to high investments in adoption of advanced cell therapies in these establishments.

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Regional Outlook

Robust healthcare R&D activity, quick adoption of cell therapies, and high prevalence of chronic diseases help cement the dominance of North America in terms of biotechnology demand. Government support for cell R&D is also helping United States boost biotechnology adoption in the region.

U.S. Innovation Driving Global Momentum of Biotechnology Market

• The U.S. continues to lead in biotech innovation, with companies like Amgen, Kite Pharma, and Moderna securing FDA approvals and streamlining CAR-T manufacturing. Kite Pharma's recent process upgrade reduced turnaround time for Yescarta therapies from 7 to 5 days, accelerating patient access and improving outcomes.
• Meanwhile, Amgen's IMDELLTRA (tarlatamab-dlle) received FDA approval for treating extensive-stage small cell lung cancer, reinforcing the U.S. biotech sector's commitment to precision medicine.

U.S. Healthcare Ecosystem: A Catalyst for Growth

• Hospitals and clinics across the U.S. are rapidly adopting advanced cell therapies, supported by government grants and public-private partnerships. The oncology segment remains dominant, with autologous therapies gaining traction due to their effectiveness in treating genetic and cancer-related conditions.

The Asia Pacific is slated to emerge as the fastest-growing region for biotechnology providers in the future. Growing awareness regarding cell therapies and availability of favorable reimbursement for novel therapies are further creating new opportunities. Emphasis on reducing cancer mortality rates is also driving the demand for cell therapies.

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About SkyQuest Technology Consulting

SkyQuest Technology Consulting is a leading Strategy Consulting and Market Research firm, provides syndicated as well as customized research reports and growth consulting services, trusted by CXOs from Fortune 500 Companies, Start-ups, and MSMEs. The company comprises a team of expert research analysts and consultants, adding more than 1200 market research reports in our database each year. These reports offer in-depth analysis on 40+ industries & sub industries across 25 major countries worldwide, serving global clients across diverse industries. The company specializes in delivering customized intelligence, data-driven insights, and strategic advisory services that enable businesses to stay competitive and make informed decisions in rapidly evolving industries.

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