Over the last couple of decades, the biotech industry has diversified and thrived, especially during the pandemic, owing to the persistent demand and advanced innovations. Evidently, the bioscience industry's impact on the U.S. economy amounted to $2.9 trillion in 2021.
In addition, lucrative government initiatives, such as President Biden’s National Biotechnology and Biomanufacturing Initiative, could bolster the industry’s growth in the near future. The global biotechnology market is projected to grow at a CAGR of 14.3% to reach $644.24 billion by 2027.
