Global Biotechnology Market Analysis, Size, Growth, Share, Trend, Outlook & Forecast to 2030
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. Robust funding through alliance investment in start-up biotechnology companies for adopting new and advanced products is contributing to market growth. For instance, in February 2021, Illumina, Inc. invested in nine new genomics companies through Illumina Accelerator in 4 startups in the U.K. and 5 start-ups in the U.S. The companies include MultiplAI Health LTD.; BiotaX Labs LTD.; Mitra Bio Limited; Broken String Biosciences Limited; Flightpath Biosciences, Inc.; Doloromics Inc.; Oshun Medical Inc.; Parallel Health Inc.; and Rubik Therapeutics, Inc. Illumina Accelerator is an initiative through which selected startups can access to seed investment, genomics expertise, and Illumina sequencing systems and reagents and seek business guidance.
Download Exclusive Sample Report (150 Pages PDF with All Related Graphs & Charts) For Free @ https://www.grandviewresearch.com/industry-analysis/biotechnologymarket?utm_source=WordPress&utm_medium=referral&utm_campaign=jitendra-m_HC_07-feb22&utm_term=biotechnology-market&utm_content=rd The bioinformatics application segment is expected to expand at the fastest CAGR from 2021 to 2028 owing to the increasing adoption of these tools for analyzing complex sequencing data. By technology,