Biotechnology is the backbone of several industrial sectors and the driving force of radical changes in innovation processes in various sectors. The contribution of biotechnology is alarmingly high when it comes to the modernization of the country. High-tech applications of biotechnology are increasingly playing a vital role in improving market competitiveness, raising economic growth, and improving the welfare of the citizens. A handful of developing countries have successfully built scientific, technological and industrial capacity to utilize the opportunities presented by biotechnology.
This article discusses some of the top trends in biotechnology that the world should expect to see in 2020.
- Investment opportunities
Biotech seeks to solve many of the medical problems in the world and the prospect of that appeal to many investors. Because of the wide reach of biotechnology firms, it is no wonder that investors flock to the sector. Investing in the biotechnology sector has both risks and benefits. One of the advantages of investing in the biotechnology sector is that the market worth is increasing. A report published in 2018 says, “the market will show a compounded annual growth rate of 9.9 percent during the forecast period, reaching a total market worth of $775.20 billion by 2024.” Biotech investors also have excellent opportunities to help directly the development of medical progress on a personal level.
- Innovations in biotech
The biotechnology industry is booming with the help of the government’s support. Biotechnology industry is flourishing. Because the consumer demands and innovations go hand in hand, the new ideas are being generated and implemented. Not only that, more than half of the biotechnology start-ups are in the medical field, 18% in biotechnology services, 14% are in agricultural biotechnology, 3% in bio-industry, and 1% in bioinformatics.
- Rapid advancement
The genome editing or genome engineering or gene editing of living organisms, such as microorganisms, plants, and animals, is exciting for many potential applications. With these advances, it is possible to enhance bio-based chemicals production, increase food production, and maintain a better nutritional value. It is also possible to manufacture organs for transplant. Metabolic engineering and synthetic biology are also progressing rapidly, led to the production of many chemicals, fuels, and materials from renewable biomass rather than depending on fossil resources.
- Drug regularization
Patients seek trials to participate in forcing pharmaceutical companies to compete for patients especially in well-characterized, small patient group trials. Regulators are now comfortable and focus on safety, efficacy, and quality of life. Regulators have already addressed the changing requirements for trials, establishing a new standard beyond randomized control trials.
The days will come where biotechnology will be used at homes and even in small villages. People will ask a machine to make some household chemicals they need, instead of buying at the supermarket. In the next 10 years, it is more realistic to say that biotechnology will become a part of our life, from drugs, medicine, and therapeutics to environmentally friendly chemicals, fuels, and minerals.