The global biotechnology market was valued at USD 1,000.46 billion in 2021 and is expected to grow at a CAGR of 15.6% during the forecast period. The remarkable advancement of genetic biology leads to the formation of modern research domains such as proteomics, genomics, and metabolomics, which in turn is boosting industry growth.
Biotechnology utilizes living organisms, particularly organisms and microbes, to create diverse solutions that benefit humans. It is a synthesis of numerous techniques used to live cells, encompassing not just biological but also arithmetic, biochemistry, and engineering. The outbreak of the COVID-19 pandemic is expected to have a long-lasting effect on the industry. Increasing investment in research for the development of vaccines and drugs by several biotech businesses has boosted the industry’s growth
HEAL THE WORLD
Biotech is helping to heal the world by harnessing nature’s own toolbox and using our own genetic makeup to heal and guide lines of research by:
- Reducing rates of infectious disease;
- Saving millions of children’s lives;
- Changing the odds of serious, life-threatening conditions affecting millions around the world;
- Tailoring treatments to individuals to minimize health risks and side effects;
- Creating more precise tools for disease detection; and
- Combating serious illnesses and everyday threats confronting the developing world.
FUEL THE WORLD
Biotech uses biological processes such as fermentation and harnesses biocatalysts such as enzymes, yeast, and other microbes to become microscopic manufacturing plants. Biotech is helping to fuel the world by:
- Streamlining the steps in chemical manufacturing processes by 80% or more;
- Lowering the temperature for cleaning clothes and potentially saving $4.1 billion annually;
- Improving manufacturing process efficiency to save 50% or more on operating costs;
- Reducing use of and reliance on petrochemicals;
- Using biofuels to cut greenhouse gas emissions by 52% or more;
- Decreasing water usage and waste generation; and
- Tapping into the full potential of traditional biomass waste products.
FEED THE WORLD
Biotech improves crop insect resistance, enhances crop herbicide tolerance and facilitates the use of more environmentally sustainable farming practices. Biotech is helping to feed the world by:
- Generating higher crop yields with fewer inputs;
- Lowering volumes of agricultural chemicals required by crops-limiting the run-off of these products into the environment;
- Using biotech crops that need fewer applications of pesticides and that allow farmers to reduce tilling farmland;
- Developing crops with enhanced nutrition profiles that solve vitamin and nutrient deficiencies;
- Producing foods free of allergens and toxins such as mycotoxin; and
- Improving food and crop oil content to help improve cardiovascular health.