The COVID-19 pandemic highlighted the biotech industry's importance, and several biotech companies have been helping the world curb coronavirus cases through vaccines and special treatments. The spread of the new monkeypox virus is leading to further investors’ interest in the industry. This is evident from the iShares Biotechnology ETF’s (IBB) 4.1% gains over the past month compared to the SPDR S&P 500 Trust ETF’s (SPY) 6.9% loss.
Moreover, government and private funding support for finding cures for other medical challenges and the growing aging population should significantly drive the industry’s growth. According to a report by Vision Research Reports, the global biotechnology market is expected to grow at a CAGR of 16.8% by 2030.
