global biotechnology market size was USD 993.87 billion in 2022 and...

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2024-05-15 03:03:25 -

global biotechnology market size was USD 993.87 billion in 2022 and is predicted to reach USD 1983.52 billion in 2031, exhibiting at a CAGR of 9.7% during the forecast period.

The market is driven by strong government support through initiatives aimed at modernization of the regulatory framework, improvements in approval processes and reimbursement policies, as well as standardization of clinical studies. The growing foothold of personalised medicine and an increasing number of orphan drug formulations are opening new avenues for biotechnology applications and are...

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