Indian Biotechnology Industry Market Growth, Share, Trends & Forecast to 2026

The new era of growth has begun for the biotechnology industry in India. Crucial sectors such as pharmaceuticals, agriculture, industry, services, and information technology hold the potential to transform the Indian economy and drive the country’s growth. The biotechnology industry is recognized as one of the key drivers for India’s economy targeting $5 Trillion by 2024. India is among the top 12 destinations for biotechnology across the globe, with approximately a 3% share in the global biotechnology industry. As a result of the government’s effort and support over the years, the Indian biotechnology industry is expected to grow at a CAGR of 8.5%, which shows the potential to ensure significant economic growth and development to the citizens of the country.

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The Indian biotechnology market is composed of five major sectors that include bio-pharmaceutical, bio-services, bio-Agriculture, bio-industrial, and bioinformatics. Each sector contributes significantly to the biotechnology industry. The Indian biotechnology industry is complexly unified such that there is constant interaction between all these segments. For instance, the production of biofertilizers is a result of output from both the bio-agriculture segment and the bio-industrial segment. Similarly, the product that Bio-IT provides is heavily dependent on the research and analysis of products generated by the other segments.

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BEST BIOTECHNOLOGY STARTUPS IN INDIA

The Indian biotechnology market is tremendously growing owing to the significant contribution of biotech startup companies. Major biotechnology startups aggressively contributing to the market include Biocon, Sea6 Energy, Bharat Biotech, GANIT Labs, and MedGenomes. These players are continuously performing R&D in the market. During the pandemic, Biocon and Bharat Biotech have emerged as strong players to fight against COVID-19. In June 2020, the first Covid-19 vaccine candidate, Covaxin developed by Indian-based Bharat Biotech company. Phase 1 Trial Showed India’s Covaxin is Safe and Phase 2 started in September 2020. Further, in July 2020, Biopharmaceuticals company Biocon has secured approval from the Drugs Controller General of India (DCGI) for its plaque psoriasis drug Itolizumab (ALZUMAb) for emergency use in Covid-19 patients. Such impressive performance by Indian biotechnology companies to fight against COVId-19 is creating enormous opportunities for the biotechnology industry. These start-ups are supported by funding to boost R&D across the country. For instance, in July 2020, Tata Capital will invest $30 million for a 0.85% stake in Biocon's biosimilar business Biocon Biologics, valuing the company at $3.5 billion, Biocon.

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