United States Biotechnology Market Overview
Base Year: 2023
Historical Years: 2018-2023
Forecast Years: 2024-2032
Market Growth Rate: 9.50% (2024-2032)
The United States biotechnology market is witnessing robust growth, driven by advancements in scientific research, increased healthcare demand, and significant investments in innovation. According to the latest report by IMARC Group, the market size is projected to exhibit a growth rate (CAGR) of 9.50% during 2024-2032.
Expanding knowledge in genomics, proteomics, and cell biology has expedited the development of new biotechnological products and services, propelling the market forward. The demand for personalized medicine and targeted therapies, which use biological systems and organisms to treat diseases, is further fueling industry expansion. Moreover, the growing need for advanced diagnostic tools and treatments for chronic conditions such as cancer, diabetes, and cardiovascular diseases is creating significant opportunities for biotechnology companies. Furthermore, the rise in biotechnology-based drug development is facilitating breakthroughs in previously difficult-to-treat medical conditions, attracting both public and private investments. Additionally, the rising focus on biologics and biosimilars is a significant growth-inducing factor. The increasing demand for biologic treatments, which include therapeutic proteins, antibodies, and gene therapies, is reshaping the pharmaceutical landscape.
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United States Biotechnology Industry Trends and Drivers:
Key trends in the United States biotechnology market include significant government support. Federal agencies such as the National Institutes of Health (NIH) and the Food and Drug Administration (FDA) have consistently funded biotechnology research and streamlined regulatory approval processes, enabling faster product development and commercialization. Moreover, tax incentives, grants, and initiatives such as the Orphan Drug Act encourage innovation in biotechnology, particularly for rare diseases. As a result, biotechnology companies are well-positioned to develop cutting-edge therapies that meet vital healthcare needs. Additionally, the biotechnology industry is also benefiting from collaborations between pharmaceutical companies, academic institutions, and research organizations. Strategic partnerships are facilitating the exchange of knowledge and resources, enabling faster development of new therapies and increasing United States biotechnology market growth. These collaborations are helping to create a more favourable environment for biotechnology startups, which are contributing to innovation in the industry. Other than this, the agricultural biotechnology sector is also growing rapidly. Biotechnology innovations in agriculture, such as genetically modified crops and pest-resistant plants, are contributing to improved food production and sustainability. The rising global population and the need for enhanced food security are driving the demand for these technologies. Furthermore, biotechnology solutions are helping farmers increase crop yields, reduce pesticide use, and develop more resilient crops, thus benefiting both the environment and food supply chains.
United States Biotechnology Industry Segmentation:
The report has segmented the market into the following categories:
Product Type Insights:
- Instruments
- Reagents
- Software and Services
Technology Insights:
- Nanobiotechnology
- Tissue Engineering and Regeneration
- DNA Sequencing
- Cell-Based Assays
- Fermentation
- PCR Technology
- Chromatography
- Others
Application Insights:
- Healthcare
- Food and Agriculture
- Natural Resources and Environment
- Industrial Processing
- Bioinformatics
- Others
Regional Insights:
- Northeast
- Midwest
- South
- West
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
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Key highlights of the Report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Strategic Recommendations
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
About Us:
IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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