APAC Intelligence Signal: Biotech's Ongoing Expansion
Boosted by significant investor funding?throughout the pandemic, biotechnology firms are expanding rapidly beyond healthcare to providing solutions for sectors like agriculture, fuel, and fashion
Prior to the pandemic, Asia's biotechnology sector was valued at?approximately US$94 billion.?With the ensuing urgency for?biotech sectors to develop COVID-19 vaccines?over the subsequent year, investment in the field?has only grown more fervent. By 2028, biotech's global value as a market is expected to reach?approximately US$2.44 trillion.
As a result, biotechnology's growth is rapidly accelerating and evolving to encompass sectors and applications far beyond its associated healthcare solutions. Various?firms are already developing microbiology to?enhance?skincare,?transform?industrial waste to low-carbon fuel, and craft fashion accessories from?lab-produced spider silk.?
Across each of the impacted sectors,?sustainability is a recurring priority. With consumers, governments, and investors demanding?more sustainable business models, biotechnology's ability to synthesise materials and sidestep traditional production chains has the sector being perceived as a potentially vital pursuit for businesses worldwide.
Key Takeaway:?With?consumers continuing?to?prioritise?expertise?and?security, biotech's ongoing expansion will only further cement the emergence of?a more scientific and authoritative style of brand communications. Stakeholders will likely soon hold even higher expectations of data, science, and proof from brand and business campaigns.?
Further Reading:?New Hotel Hygiene,?The Mycelium Material Revolution, Healthcare & Technology