Signal Global biotechnology market valued at 1.55 trillion dollars in 2023

Summary

According to the report, the global biotechnology market was valued at 1.55 trillion US dollars in 2023. Governments and businesses see engineering biology as capable of transforming health, agriculture, manufacturing, energy and the environment, and the UK and other nations have made it a strategic priority. This growth has been driven by the completion of the human genome sequence, advances in DNA sequencing and synthesis, and falling costs. Engineering biology has made crops more resilient through advanced breeding and enabled alternatives such as lab-grown proteins and biomanufacturing from waste. The report warns, however, that easier access to these technologies is also raising the risk of misuse.