Despite macro uncertainties, the biotech industry has fared relatively well over the past year thanks to consistent breakthroughs and inelastic demand. Along with increasing opportunities to serve an aging population, the Biden Administration’s National Biotechnology and Biomanufacturing Initiative is expected to bolster the industry’s growth.
The global biotechnology market is expected to grow at a CAGR of 8.7% to $1.68 trillion by 2030. Investors’ interest in biotech stocks is evident from the SPDR S&P Biotech ETF’s (XBI) 25.5% returns over the past nine months.
