Revolutionizing the startup market: Biotechnology is an expanded sector of biology, which uses living organisms and their derivatives to produce products and processes Like medicine, modified crops in agriculture, health care, biofuels, etc.
In a report release by Grand View Research Inc, it was report that the biotechnology market size is expect to reach $2.44 trillion by 2028; that is, it is expect to grow at a CAGR of 15.83% from 2021 to 2028. The latest growth in the biotechnology industry can be contribute to the massive alliance investment to encourage them to adopt new and advanced products. For instance, Illumina Inc, in February 2021, invested in nine new genomics companies.
To the rapid growth in technology in the last few years, some startups have successfully succeeded in the biotechnology sphere. This is because most companies have been working on evolution rather than revolution. What this means is that the companies have been focusing on refurbishing old inventions rather than creating inventions. This is allow for a scoop to grow faster.
Top three biotech trends of 2021 that will transform the industry are:
- Artificial intelligence: AI has been taking over the entire world by storm. Biotech is no stranger food stop; it reduces the time required to conduct research and develop solutions, which has helped these startups massively. For example, a startup named DeepTrade uses AI to identify genetic markers.
- Massive data: data has become the new gold in today’s digital age. In the biotechnology industry, there is a massive amount of data that is available. Analytical solutions allow biotech startups to conduct more efficiently. A German startup, BioXplor, uses big data and analytical tools to analyze patient outcomes and the positive or negative effects of medicine combinations.
- Gene editing: genetic engineering has been a core biotechnology component, and it has only evolved in the last years with its growing applications. Like, PLANTeDIT provides advanced genome editing with its tools and in-house patented software.
The biotechnology market is only expect to grow in the coming years. Government investments have also helped the market to grow more. In September 2020, The Government of India announced the investment in agricultural biotechnology. Moreover, the Covid pandemic has been driving the market more since 2020. As new companies are trying to innovate rapidly to cope with this pandemic, the market has also seen a recent surge in new startups. This trend is going to continue with more remarkable contributions to the scientific field.
- You may also like to read this:
Latest Digital Payment Methods & Trends