Biotech Sector Sees Major Funding: Tome Biosciences Leads with USD 213M
Following Tome Biosciences, Bicara Therapeutics secured a USD 165 million Series C funding, underscoring the sector's vibrancy. True Anomaly's USD 100 million investment in space technology and Essential AI's USD 57 million in artificial intelligence funding further highlight the diversity and dynamism of the biotech landscape.
Despite facing economic challenges and the aftermath of COVID-19, the biotechnology market has shown remarkable resilience, expanding by 10-15% in 2023, as reported by MarketsandMarkets. This growth is fueled by continuous innovation, strategic mergers, and acquisitions. The Global Biotech Industry Outlook for 2024 projects sustained momentum, with gene editing technologies and the development of novel therapies at the forefront.
Key biotech R&D and manufacturing industry players, including Thermo Fisher Scientific Inc., Danaher, Becton, Dickinson and Company, and GE HealthCare, are central to this growth. Their commitment to product development, technological advancements, and strategic alliances is shaping the future of biotechnology.
A notable growth area within biotech is the cell and gene therapy market, poised for a >20% increase from 2023 to 2024, reaching approximately USD 11 billion. This expansion is driven by a surge in clinical trials and the impending approval of advanced therapies. The industry is set for an influx of new treatments, particularly in cell and gene therapies, which are revolutionizing patient care for rare and ultra-rare diseases.
GET AHEAD
Top Research Reports to Fuel Your Industry KnowledgeEditor's Pick
Information and Communication Technology
Insurtech Funding News - Coverdash raises USD 13.5 MillionPODCASTS
Sustainable Digital Transformation & Industry 4.0
Sanjay Kaul, President-Asia Pacific & Japan, Cisco, and host Aashish Mehra, Chief Research Officer, MarketsandMarkets, in conversation on unraveling 'Sustainable Digital Transformation and Industry 4.0'
11 July 2023|S2E12|Listen Now
Generative AI
Prasad Joshi, Senior Vice President-Emerging Technology Solutions, Infosys, and host, Vinod Chikkareddy, CCO, MarketsandMarkets, in exploring the recent advances in AI and the generative AI space.
7 Nov 2023|S2E13|Listen Now
Gene Therapy Market
Download Whitepaper