The COVID-19 pandemic fostered advancements in drug development and the introduction of vaccines. In 2021, this industry generated huge revenues as countries rushed to vaccinate their population to contain the virus. Moreover, the global biotechnology market is expected to grow at a 13.9% CAGR from 2022 to 2030.
Active development of therapeutics and other medications to meet the growing incidences of chronic diseases, rising investments in innovative technologies, and growing demand for biotechnology tools for agricultural applications are creating significant growth opportunities for this sector. Biotech had 50 new molecular entities (NMEs) approved by the U.S. FDA in 2020 and 2021, up from an annual total of 29 a decade ago.
