Global Biotechnology - Market Research Report (2014-2029)

Explosive growth in biotechnology in recent years can't be understated. What's fueling this rapid growth varies, as biotech's applications range from healthcare and agriculture to energy. COVID-19 brought more attention to biotechnology, as biotech companies were central to vaccine development and reopening the economy. Biotech's potential to develop vaccines shifted the industry's trajectory, with investment reaching unprecedented levels globally and spurring more start-up activity than ever. Sky-high investment began settling in 2022 as higher interest rates moved risk-averse investors away from the industry. While investor uncertainty is alleviating in 2024, many biotechnology companies will still navigate a challenging funding environment. Globally, rising government investment toward biotechnology, specifically regarding R&D, expedited pathways and innovative therapies, helps offset this impact. In all, revenue has been expanding at a CAGR of 2.4% to an estimated $558.8 billion over the past five years, including expected growth of 2.4% in 2023.