The biotechnology industry significantly benefited amid the pandemic and is expected to stay resilient to economic challenges due to the inelastic demand. Furthermore, the Biden Administration recently announced its plans to invest $2 billion in the U.S. biotechnology industry, brightening its prospects.
Around $40 million would be allotted to advanced bio-manufacturing, which is expected to multiply growth in the biotech sector in the coming years. Furthermore, according to Acumen Research and Consulting, the global biotechnology market is projected to grow at a CAGR of 15.5% from 2022 to 2030.
