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02 Jul, 2024
Is BioTech Taking Over? It's expected to be worth £3.44 billion by 2030
21 Nov, 20224 minsBioTech heading to new heights as it continues to go from strength to strength.Over the last...
BioTech heading to new heights as it continues to go from strength to strength.
Over the last few years biotech certainly seems to be going from strength to strength with the expected worth to be $3.44 trillion worldwide by 2030.
The UK life sciences and biotech sector reached all new heights in 2021 by securing £4.5 billion in public and private financings, £1.7 billion more than the year before. This was broken down by £2.5bn from Venture capital, £1.3bn IPO and £684m other public financing.
Quoted in the UK Biotech Financing 2021 report by Sir Jon Symonds, Chairman of GSK ‘The UK life sciences sector is genuinely one of the jewels of the UK economy and continues to demonstrate its capacity for growth based on the extraordinary innovation created here’ and I couldn't agree more.
The current market value for the Biotech industry within the UK is $18.3bn with a whopping 1,057 high growth firms currently active within the UK. (Aug 2022)
So what’s supporting this growth?
This drive is due to the launch of new products, enhanced government policies and solid investments.
Investments for new start-up biotechnology companies to develop new and advanced products along with high support from government schemes are certainly helping market growth.
Clare Terlouw, head of LifeArc Ventures also quoted within the report ‘There has never been a better time to start a new life science company in the UK’.
Throughout 2021 Eight companies achieved funding of over £100 million in 2021 compared to only three in 2020 with Oxford Nanopore hitting the highest achievers for the second year running by securing £195 million.
We know that the UK is strong but what does the rest of the world look like?
Whilst the UK can celebrate a huge increase in investments of 79%, unfortunately the same can't be said across other life science hotspots around the world.
| Location | Investment Amount (£) |
| Europe | £5,060,000 |
| UK | £2,518,000 |
| France | £538,000,000 |
| Switzerland | £360,000,000 |
| Other EU Countries | £360,000,000 |
| USA | £18,801,000 |
| Massachusetts | £8,446,000 |
| San Fransisco | £3,605,000 |
San Diego | £4,611,000 |
| Other USA locations | £4,611,000 (avg) |
| China | £3,362,000 |
Looking at the above figures and the trend of growth within BioTech, it certainly looks like an extremely exciting and solid future for this industry.
Want to check out the report for yourself? Head over to the Bio Industry website.
Want to explore roles within BioTech? Check out our website
