The COVID-19 pandemic has created massive opportunities for biotechnology companies to develop treatments and vaccines. Governments worldwide have made large investments to mitigate the public health crisis through mass vaccinations. The substantial private and public sector investments coupled with rapid tech integration have allowed major biotech companies to expand their product portfolios tremendously over the past year.
Advancements in biotechnology have delivered new ways of treating and preventing major life-threatening diseases. And given the inelastic demand for healthcare products and medicines, the biotech industry is expected to perform well in the near term, despite the potential recession. According to Precedence Research, the biotechnology market’s size is expected to surpass $1.68 trillion by 2030, growing at an 8.7% CAGR.
