20 February 2023 | Monday | News
Image Source : Public Domain
According to a report by Deloitte, the APAC biotech market is expected to grow at a compound annual growth rate (CAGR) of 10.9% between 2020 and 2025, with a market size of $318.8 billion by 2025. This growth is being fueled by a number of factors, including increasing demand for new therapies and drugs, the rise of precision medicine, and advances in technology.
One of the key drivers of biotech investment in the APAC region is the availability of funding. In recent years, governments and private investors in the region have been investing heavily in biotech, recognizing the potential for growth and innovation in the industry. For example, in 2020, the Singapore government announced a $500 million fund to support the growth of the country's biotech industry, while China has also been investing heavily in biotech, with the government announcing plans to invest over $10 billion in the industry.
Another factor driving biotech investment in the APAC region is the growth of precision medicine. Advances in genomics, proteomics, and other fields have enabled researchers to develop more targeted therapies, which can lead to better outcomes for patients. This has resulted in a growing interest in precision medicine in the region, with companies such as Japan's Astellas and South Korea's Celltrion leading the way in this field.
Finally, advances in technology are also driving biotech investment in the APAC region. With the rise of artificial intelligence, machine learning, and big data analytics, researchers are able to analyze vast amounts of data to identify new drug targets and develop more effective therapies. This has led to the emergence of a new breed of biotech startups in the region, focused on developing cutting-edge technologies to drive innovation in the industry.
In conclusion, biotech investment in the APAC region is on the rise, driven by a combination of factors, including funding, precision medicine, and advances in technology. As the region continues to grow and innovate, it is likely that we will see even more exciting developments in the biotech industry in the coming years.
BioPharma APAC Insight Series