Biotechnology Market Is Driven By Strong Government Support Through Initiatives Aimed At Modernization Of Regulatory Framework
Biotechnology Industry Overview The global biotechnology market size was valued at USD 752.88 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 15.83% from 2021 to 2028. The market is driven by favorable government initiatives owing to the growth of the biotechnology sector in developing countries, such as India and China. Government initiatives are oriented towards modernizing the drug regulatory pathway, standardizing clinical studies, improving reimbursement policies, and speeding up the product approval process, thereby offering lucrative growth opportunities to the market. In addition, in 2019, small molecules dominated the pharmaceutical compounds pipeline with around 22 U.S. FDA approvals as compared to eight large molecules (biotech). Around 4 out of every 10 drugs are biotech derived, which can be attributed to the growing demand for orphan drugs and personalized medicine. This is driving the influx of emerging and innovative bio...