1.1 Definition and scope of the study
Biotech has been defined by the OECD as «the application of science and technology to living organismsas well as parts, products and models thereof, to alter living or non-living materials for the production of knowledge, goods and services ».
Biotechnology is obviously very much in demand for the health industry, but it can be used in many fields.
The global biotech market is expected to continue growing at rapid pace going forward amid higher rates of chronic diseases, together with an increase in innovative technologies in biotechnology sector and growing demand for bio-agriculture products. North America accounts for the largest market share, followed by Europe and Asia Pacific.
The North American BioTech market is growing. In general, the most important metrics for this market are R&D investments and drug approvals.
In the US, most of biotech companies are privately owned. Moreover, the market is small; in the US it is only the 105thlargest market. Finally, in light of COVID-19, biotech companies are at the forefront of developing a vaccine.
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