Biotechnology is a broad field with amazing possibilities that are dynamic and filled with potential. Have you ever wondered: how can I break into this fascinating field and find my own path? While biotechnology is a fascinating field, the ins and outs of its operations are filled with difficult questions that must be answered! How do we make the inventions of tomorrow accessible to all? What are the costs and benefits needed to meet the market demand? What distribution channels are needed to take this invention to the next level? These are the big questions that need the next generation of leaders to take charge of and guide in the right direction. In fact, many biotechnology companies are revolutionizing sectors such as agriculture, medicine, fossil fuels, and more. Biological inventions are not just being introduced into commerce - biotechnology firms are becoming the businesses of the future!
Here are the facts to back up:
The global biotechnology market is predicted to be worth $727.1 billion by 2025
Experts predict that the biotechnology employment rate will grow by 5% between 2019 and 2029 - an incredible increase in new jobs and occupations
In an average of 12 years, an experimental drug will traverse from the laboratory setting to the patient.
Curious to learn more? Here’s an in-depth look at the market and these statistics!
1. By 2025, the antidepressant pharmaceutical market value will reach about $16 billion. And here’s why!
With companies like Johnson & Johnson and Pfizer that have established an empowering presence among other companies, antidepressants are an important product that will continue to be in high demand due to the greater impacts of mental health treatments in the pharmaceutical industry. Check out Johnson & Johnson and Pfizer's most recent opportunities!
2. In 2020, the revenue of the biotech industry was $108.2 billion by IBS World.
According to the reports on biotechnology industry statistics for 2020, the dire events of this year were evident that biotechnology is in high demand. It’s evident that biotech is a multi-billion-dollar industry, but it was enhancing at an extraordinary pace. Even before 2020 came to a close, the industry market size was over $100 billion.
3. According to BioPharma Dive, eight biotech organizations raised $1.3 billion through the first quarter of the earnings.
In the face of the coronavirus, many companies were at the mercy of their serious economical, social and political consequences. However, the biotech company is withstanding the impact remarkably well as we witness the resilience in the market's stats on offerings made in the industry. The earnings reaching billions of dollars indicates that new opportunities are opening for these industries in hospitals, doctors' offices, and many other healthcare settings.
4. Health-associated applications made up 51% of the biotechnology industry share.
With the mounting prevalence of chronic viruses and illnesses alongside demand for personalized medicine becoming a factor, the applications of different devices from breathalyzers and personal home medical devices anticipate high sales in the future.
At a staggering 51%, the future is bright with potential for bioengineering innovations.
5. On October 7, Johnson & Johnson’s market value was around $387 billion.
Looking further into the biotech financial statistics of this company, it has been reported that Johnson and Johnson have never dipped below $380 billion in revenue when undergoing the coronavirus. Their ability to handle the shifting demonstrates their resistance in times of crisis.
About the Writer:
This article was conducted by Jessica Ng, a BSc Biotechnology/Economics candidate at the University of Waterloo. She enjoys collaborating with others with the same energy and passion in the UWBioTEC team and enjoys learning about intersections between science and business. As a lifelong learner, Jessica is interested in exploring how biotechnology can improve the standard of living for all.