The biotech industry thrived during the pandemic. Moreover, the United States spent the most on biotech research and development in 2020, totaling $88.42 billion. The industry is expected to remain in the limelight as global medical requirements continue to rise. According to Data Bridge Market Research, the biotechnology market is expected to grow at a CAGR of 29% from 2023 to 2030.
Historically, healthcare has outperformed during market downturns, providing a haven for those seeking stability for their portfolios. As recession fears are heightening, investors’ interest in biotech stocks is evident from the iShares Biotechnology ETF’s (IBB) 11.6% gains over three months and 11.3% gains over the past six months.
