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The global biotech industry is one of the leading and key industries right now, resulting in increasing jobs in Biotechnology. Governments worldwide are oriented toward advancing and modernizing their biotechnologies, such as standardizing clinical studies, streamlining product approval processes, and enhancing reimbursement policies. Since biotechnology is such an important topic today, knowing the state of the global biotech industry is extremely important. If you don’t know where to find all the necessary information regarding this field, we gathered all the crucial information and data in one spot; check out our website.
Biotechnology Industry: Market Size The market size of the Biotechnology industry can easily be estimated by its worth. According to the latest statistics, the industry is expected to grow at a CAGR of 7.4%, which means the industry’s worth will increase to approximately $727.1 billion by 2025. Furthermore, there are around 6,653 biotech companies in the US alone, while the number reaches 20,922 globally. Since the industry is rapidly growing and developing, the number of biotech companies is expected to increase as well.
The key technologies of the biotechnology industry are:
Out of these, nanobiotechnology is the biggest and most influential one, holding 17% of the market share.
Here is a quick look at the future developments across the industry, the global biotechnology market value is estimated to reach $727.1 billion by 2025 and $2440.0 billion by 2028. Molecular diagnostics, an essential sector of the biotechnology industry, will likely exceed $25.2 billion by 2025, thus making the detection and monitoring of illnesses even more successful. Moreover, artificial intelligence is another key part of the biotech industry. Although AI is already an essential part of many industries, it’s yet to be implemented in healthcare on a much larger scale.
Right now, there are over 800,000 biotech employees in the US alone. Employees work in numerous biotech sectors, such as research, development, manufacturing, and technical support.
While salaries in the biotech industry greatly depend on the sector and occupation, the average biotechnologist makes $80,455 annually. Since the industry is rapidly evolving, the employment rate for biological technicians is expected to grow by 5% between 2019 and 2029.
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