Investors interested in the biotech market understand it’s often a slow wait when it comes to growth in gains, as companies rely on FDA approvals and feedback.
In terms of the sector’s future outlook, a recent report from Global Market Insights indicates that the global biotechnology market is expected to soar past US$950 billion by the year 2027, fueled by an increase in chronic diseases and the healthcare costs associated with those conditions. Innovative products within the biotechnology sector will also contribute to the revenue size. These areas include growing human organs, plants and meat in labs.
Fior Markets predicts that the global biotechnology market will have a compound annual growth rate of 7.02 percent between 2020 and 2027 to reach US$833.34 billion by the end of the forecast period.
The firm’s analysts attribute this growth to the increasing need for new drugs to treat chronic diseases, such as strokes, cancer, asthma and hypertension. The focus is on diagnostics and therapeutic solutions for these chronic diseases. There is also increasing demand for biotechnology innovation in the agriculture sector in response to rising demand for organic food products.