It’s no secret that the world is in some tough financial times. As a result of the events of the last few years, many companies have resorted to re-shaping how they operate, including laying employees off. Industries in their totality changed too, as small to medium companies had to fight and innovate to stay afloat all while the gap to the large companies grew bigger. However, one industry that hasn’t seen much pain from the sign of the times is the biotechnology industry. This industry has rallied even through the adversity presented in these times, and has been an attractive one for investors to enter considering the high level of innovation and creativity companies are developing products with. These high risks taken by these companies are welcome to the investors due to the subsequent high pay off as well.
The biotechnology industry is projected by many to see major growth over the next seven years. According to a projection made by Polaris Market Research, “the Global Biotechnology Market was valued at USD 1,000.46 billion in 2021”, and is projected to hit a staggering USD 3,088.54 billion in 2029, over triple the current value of the market.” They also added the following, which includes a strong statement about their thoughts on where the industry is truly thriving:
Investors aren’t shying away any time soon from the industry either. If reports towards the end of last year were any indicator, you’d have reason to believe that the investments will only keep coming. GeekWire says that “Venture capital funding for the life sciences hit record highs nationally for the 12 months ending in September, reaching more than $30 billion”, showing that despite uncertain times financially for many, the biotech industry was a constant in terms of growth and investment.”
One of the things that spurred on some of this growth is that fact that the events of the past two years “has accelerated both the development and adoption of biotech, with the hope that it will lead to new solutions for major global challenges, including illness, food shortages, and damage to the environment”. The 5 Biggest Biotech Trends In 2022 (forbes.com) All signs point to continued growth in the industry in staggering numbers, as Forbes forecasts the industry as a whole to surpass $100 billion this year. That would truly be the indicator that biotechnology is here to stay, and not only stay, but continue a level of historic growth unseen so far in the industry.
