President Joe Biden signed an executive order last year and launched a national initiative to invest more than $2 billion in the U.S. biotechnology sector. Additionally, the U.S. Department of Energy (DOE) is committed to taking key steps to advance the Biden-Harris Administration’s National Biotechnology and Biomanufacturing Initiative. Favorable government initiatives like these are likely to propel the industry’s growth.
Moreover, the increasing adoption of organic food products necessitates the use of biotechnology in agriculture, which will drive the biotechnology market revenue growth. According to Data Bridge Market Research, the biotechnology market is expected to grow at a CAGR of 29% from 2023 to 2030.
