Bioengineering Technology Global Market Opportunities and Strategies to 2034

This report describes and explains the bioengineering technology market and covers 2019-2024, termed the historic period, and 2024-2029, 2034F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global bioengineering technology market reached a value of nearly $320.38 billion in 2024, having grown at a compound annual growth rate (CAGR) of 13.45% since 2019. The market is expected to grow from $320.38 billion in 2024 to $565.16 billion in 2029 at a rate of 12.02%. The market is then expected to grow at a CAGR of 10.26% from 2029 and reach $920.83 billion in 2034.

Growth in the historic period resulted from the increasing healthcare expenditure, increasing focus on cell therapies, rising demand for personalized medicine and rising consumer awareness and acceptance of biotech solutions. Factors that negatively affected growth in the historic period were strict regulatory approvals and ethical and social concerns.

Going forward, rising prevalence of chronic diseases, rising investments in biotechnology and healthcare R&D, demand for sustainable and eco-friendly solutions and rising awareness and adoption of bio-based materials and products will drive the growth. Factors that could hinder the growth of the bioengineering technology market in the future include high research and development costs, workforce and infrastructure limitations and impact of trade war and tariffs.

North America was the largest region in the bioengineering technology market, accounting for 39.36% or $126.1 billion of the total in 2024. It was followed by Asia Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the bioengineering technology market will be Asia Pacific and Africa where growth will be at CAGRs of 13.18% and 13.18% respectively. These will be followed by Western Europe and Middle East where the markets are expected to grow at CAGRs of 12.75% and 12.66% respectively.

The global bioengineering technology market is fragmented, with large number of small players operating in the market. The top 10 competitors in the market made up 11.55% of the total market in 2024. Thermo Fisher Scientific was the largest competitor with 2.68% share of the market, followed by Roche Holding AG with 1.51%, Pfizer Inc. with 1.17%, Illumina, Inc with 1.14%, Agilent Technologies with 1.02%, AstraZeneca plc with 0.95%, Lonza Group Ltd. with 0.82%, Moderna Inc. with 0.81%, Johnson & Johnson with 0.77% and Abbott Laboratories with 0.68%.

The bioengineering technology market is segmented by product into biomedical engineering, genetic engineering, tissue engineering, biomaterial, biomechanical engineering, nano-biotechnology and other products. The biomedical engineering market was the largest segment of the bioengineering technology market segmented by product, accounting for 29.93% or $95.89 billion of the total in 2024. Going forward, the genetic engineering segment is expected to be the fastest growing segment in the bioengineering technology market segmented by product, at a CAGR of 17.31% during 2024-2029.

The bioengineering technology market is segmented by technology into nanobiotechnology, tissue engineering and regeneration, DNA sequencing, cell-based assays, fermentation, chromatography, PCR technology and other technologies. The other technologies market was the largest segment of the bioengineering technology market segmented by technology, accounting for 21.87% or $70.08 billion of the total in 2024. Going forward, the DNA sequencing segment is expected to be the fastest growing segment in the bioengineering technology market segmented by technology, at a CAGR of 17.75% during 2024-2029.

The bioengineering technology market is segmented by application into health, food and agriculture, natural resources and environment, industrial processing, bioinformatics and other application. The health market was the largest segment of the bioengineering technology market segmented by application, accounting for 52.14% or $167.04 billion of the total in 2024. Going forward, the bioinformatics segment is expected to be the fastest growing segment in the bioengineering technology market segmented by application, at a CAGR of 18.21% during 2024-2029.

The top opportunities in the bioengineering technology market segmented by product will arise in the genetic engineering segment, which will gain $78.66 billion of global annual sales by 2029. The top opportunities in the bioengineering technology market segmented by technology will arise in the DNA sequencing segment, which will gain $65.29 billion of global annual sales by 2029. The top opportunities in the bioengineering technology market segmented by application will arise in the health segment, which will gain $136.09 billion of global annual sales by 2029. The bioengineering technology market size will gain the most in the USA at $71.22 billion.

Market-trend-based strategies for the bioengineering technology market include focus on developing high viability and cell yield to improve the efficiency of cell-based therapies and biomanufacturing, developing next-generation rice crops to deliver efficiency and resilience, developing simulation-based tools as they gain ground in medical device regulation, because these tools enable faster, safer and more cost-effective product development, developing advanced sustainable PTMEG designed for high-performance applications, developing advanced cutting-edge prosthetic technology that balances affordability and performance, developing advanced breakthrough devices that deliver consistency in biological nanoparticle analysis developing AI-powered omics integration, which sets a new benchmark in biomedical innovation, developing innovative products such as ribonucleic acid sequencing (RNAseq) data analysis, developing innovative products such as genomic profiling tools to enable personalized medicine, improve disease diagnosis and accelerate targeted therapy development, developing innovative products such as lightspeed technology and developing optical electrophysiology and electrical stimulation of tissues.

Player-adopted strategies in the bioengineering technology market include focus on expanding operational capabilities through new launches, focus on enhancing operational capabilities through strategic partnerships and focus on expanding business through new developments.

To take advantage of the opportunities, the analyst recommends the bioengineering technology market companies to focus on advancing cell processing efficiency, focus on developing climate-resilient rice varieties, focus on adopting simulation-based regulatory tools, focus on developing sustainable high-performance PTMEG, focus on developing affordable high-performance prosthetics, focus on advancing consistent nanoparticle analysis, focus on ai-powered multiomics integration, focus on ai-enhanced MA sequencing analysis, focus on advancing genomic profiling for precision medicine, focus on accelerating genetic data analysis, focus on optical electrophysiology and tissue stimulation, focus on genetic engineering for growth, focus on DNA sequencing for market expansion, expand in emerging markets, focus on expanding and diversifying distribution channels, focus on competitive and value-based pricing strategies, focus on targeted educational and thought leadership campaigns, focus on integrated multi-channel awareness and engagement, focus on bioinformatics for strategic growth.