Biotechnology uses parts or the entirety of a living organism to create various products, such as genetically-modified foods and treatments for various debilitating diseases. Biotechnology, which includes biology, engineering, physics, and chemistry, aims to improve humanity's overall standard of living, particularly in healthcare, waste management, nutrition, and environmental conservation.
Biotechnology plays an important role in today's world. The COVID-19 pandemic only increased its impact as many biotech companies used the technology to combat the virus and other emerging health threats.
The pandemic prompted significant public and private investment in biotechnology. According to a McKinsey study, European and US biotechs saw their share prices rise at more than twice the rate of the S&P 500 between January 2020 and January 2021. Similarly, between 2019 and 2020, the annual growth rate in VC fundraising and deals such as partnerships, developments, and joint ventures for biotech grew by double digits.
Furthermore, by all indications, biotechnology is on an upward momentum, with data from the Biotechnology Market Share, Size, Trends & Industry Analysis Report stating that the biotechnology market is estimated to reach revenue of $741.7bn by 2026.
There are various factors beyond the pandemic propelling this growth. For instance, the adoption of agricultural biotechnology is growing due to increased demand for agro-based products to meet growing populations. Additionally, agricultural biotech in the food chain results in foods containing fewer toxins while increasing food security globally due to adapted crops. It also reduces fuel use and C02 emissions.
Similarly, the biotechnology market is expected to expand due to the increased adoption of biotech practices in technical research and manufacturing. This is because of the growing climate crisis and the resulting push for environmentally friendly energy, which is expected to increase the use of industrial biotech as an alternative and preferred energy form globally, replacing volatile fossil fuels. As a result, businesses' carbon footprints are reduced, and global warming is combated. Already, biotechnology has resulted in significant reductions in greenhouse gas emissions.
In medicine, biotechnology is revolutionizing the area of disease diagnosis, particularly those caused by genetic factors. Several emerging biotech tests can detect changes in the DNA sequence of genes associated with disease risk and predict the likelihood that a patient will develop a disease.
Likewise, there are several emerging biotech treatments, such as Nanomedicine which aims to manipulate molecules and structures on an atomic scale. Medical practitioners hope to use this treatment to destroy cancer cells by using nanoshells, or metallic lenses, which convert infrared light into heat energy.
Also, manufacturers are using biotech to develop new drug delivery systems that utilize microscopic particles called microspheres, which are fitted holes used to dispense drugs to their targets. Manufacturers aim for this Microsphere therapy to treat various cancers and diseases. Other emerging biotech-based treatments include stem cells and gene therapy.
The biotechnology industry's upward momentum and massive innovations are positioning it to potentially address several challenges facing humanity in the coming years, including affordable and accessible healthcare, resource efficiency, food security, and energy shortages. Biotechnology's future appears bright, and the field will benefit millions worldwide.
