US biotechnology market is estimated to grow significantly at a CAGR of 7.4% during the forecast period. The US biotechnology industry was valued at $200 billion in 2019 and anticpated to grow significantly during the forecast period. This growth is backed by the advanced and well-developed healthcare infrastructure which homes several research institutes mainly focusing on stem cell research. Research institutes strive to develop innovative and advanced techniques to cure diseases including diabetes and cancer. Moreover, there are a range of stem cell research institute in the country that has started focusing on carrying research with cell harvesting procedures. The US is the largest investor in public research funding, and it continues to increase its investment to maintain its position at the global level. Moreover, Large-scale integrated programs are being funded by government agencies such as the NSF and DARPA to innovate solutions for sustainable development. It is anticipated that with the sustainable strategic investment from the US government agencies, biotechnology will continue to thrive in both, basic and applied research in the US.
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US biotechnology market is classified on the basis of type. Based on type, the market is segmented into healthcare, crop production and agriculture, industrial, natural resources & environment, and others. The companies which are contributing to the growth of the US biotechnology industry include Amgen Inc., Novo Nordisk A/S, CSL Ltd., Bristol-Myers Squibb Co., AstraZeneca PLC, Merck & Co., Inc., Johnson & Johnson Services Inc., and Pfizer Inc. The market players are considerably contributing to the market growth by the adoption of various strategies including new product launch, merger, and acquisition, collaborations with government, funding to the start-ups, and technological advancements to stay competitive in the market.
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Market Segmentation
US Biotechnology Market by Type
• Healthcare
• Crop Production and Agriculture
• Industrial
• Natural Resources & Environment
• Others (Bioinformatics)
Company Profiles
• Abbott Laboratories
• AbbVie Inc.
• ADOCIA
• Alere Inc.
• Alkermes PLC
• Amgen Inc.
• AstraZeneca PLC
• BIOCAD
• Biogen Inc.
• Bristol-Myers Squibb Co.
• CSL Ltd.
• F. Hoffmann La-Roche Ltd.
• Galapagos NV
• Johnson & Johnson Services Inc.
• Merck & Co., Inc.
• Miltenyi Biotec B.V. & Co. KG
• Novartis AG
• Novo Nordisk A/S
• Pfizer Inc.
• Regeneron Pharmaceuticals, Inc.
• Sanofi SA
• Thermo Fisher Scientific Inc.
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