2022 Taiwan Industrial Outlook—Applied Biotechnology Industry

In 2021, the global economic situation was turbulent; in addition to the US-China trade war extending to the US-China technology war and economic war, coupled with the COVID-19 (Coronavirus Disease 2019) variant strains Alpha, Delta and Omicron successively raging and causing the continuous spread of the epidemic, resulting in global supply chain disruptions and rising prices in many countries, as well as inflation problems becoming increasingly serious. Governments around the world have introduced loose fiscal and monetary policies in response to the pandemic, and have one by one proposed relief and fiscal stimulus plans. At the same time, with the successive investment of major pharmaceutical companies in the development of COVID-19 drugs and the continuous improvement of vaccine administration rates in various countries, consumption has boomed, leading to the gradual recovery of the economy. According to the report of Polaris Market Research, the global biotechnology market size in 2021 will be 1.0 trillion US dollars, and the compound annual growth rate (CAGR) will be 15.6% in 2021~2025, it is estimated that the global biotechnology market will reach 1.3 trillion US dollars in 2025. North America dominates the global market, accounting for more than 40% of the overall market size, mainly due to long-term government policy support and the continuous increase in R&D investment by biotechnology pharmaceutical manufacturers for the development of innovative biotechnology. Asia Pacific, which includes emerging countries with fast-growing markets such as China and India, is the fastest-growing region in the biotech industry market due to increasing R&D investments by biotech pharmaceutical manufacturers, rising healthcare costs, and growing healthcare infrastructure, and their market size is expected to continue to grow in the future.