Biotechnology

The Biotechnology industry combines pure biological sciences with processing, engineering and technological skills – hence the name ‘biotechnology’. Modern biotechnology is often associated with the use of genetically-altered microorganisms for the production of antibiotics and other synthetic compounds. Biotechnology companies may vary in the type of microorganisms they use (E. coli or yeast, for example) and whether they produce products from mammalian, plant, insect, bacterial, fungal or stem cells.

The global biotechnology market size is expected to reach USD 2.44 trillion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 15.83% from 2021 to 2028. The factors driving the market include favorable government policies, the launch of new and advanced products, robust investment in the biotechnology sector, and rising demand for synthetic biology.