Market Overview

Biotechnology is inextricably linked to everyday life. Biotechnological breakthroughs have produced items for fundamental needs. It is expected that this business will grow on an annual basis.

The global biotechnology market was worth approximately USD 859.94 billion in 2022 and is anticipated to reach USD 1,683.52 billion by 2030, expanding at a CAGR of 8.7%. North America accounted for 37.76% of the revenue, followed by Asia-Pacific countries with a revenue share of 23.8%. As has been the case for the previous ten years biology-based pharmaceuticals are currently on the rise

As for Indonesia, its biotechnology services market increased at a compound annual growth rate (CAGR) of 7.7% in 2021. It is anticipated to increase again from $1,068.0 million in 2021 to $1,650.6 million by 2026, at a CAGR of 9.1%. This is predictable given Indonesia’s rapidly rising population and increased demand for high-quality healthcare.

In a recent speech, President Joko Widodo applauded the ground-breaking achievements of Indonesia’s biotechnology industry, as the first in Southeast Asia to manufacture vaccines using a messenger RNA (mRNA) based technology platform. In addition, the President desires to completely support biotechnological industries that cater not just to human necessities, but plants and animals as well.

This is a major opportunity for the growth of Indonesian biotechnology from a commercial and economic standpoint.