Biotechnology Market Expected to Surpass US$ 2.6 Trillion by 2034
- The global biotechnology market is projected to grow from US$ 550.83 billion in 2024 to US$ 2667.36 billion by 2034.
- Advancements in CRISPR technology pave the way for new GMOs and targeted therapies in healthcare.
- The biotechnology sector is expanding significantly, particularly in North America, due to a strong framework supporting research and development.
According to a report by Fact.MR, the biotechnology market is on track for significant growth, expected to reach US$ 550.83 billion in 2024 and grow to US$ 2667.36 billion by the end of 2034. This expansion is largely driven by advancements in technology, particularly in CRISPR gene editing, allowing scientists to develop genetically modified organisms (GMOs) and targeted treatments. North America's strong agricultural biotechnology framework, along with robust investment in human health technologies, is reinforcing its dominant position in the market. The increasing prevalence of chronic diseases is pushing more research and development towards innovative medical solutions. Notable recent partnerships in the industry further reflect the active pursuit of advanced methods for disease treatment and prevention.