The US biotechnology market has been forecast to grow at a compound annual growth rate (CAGR) of 8.7% through the five years to 2017, to reach a market value of $132.2 billion.
The US Biotechnology industry was adversely affected by the global financial crisis, with several leading companies reporting fall in revenues amid restricted capital inflows, and project cancellations and delays.
Revenue declined between 2008 and 2009, but growth returned in 2010. In 2012, revenue is expected to increase 3.9% to $87 billion, which is slightly lower than the expected CAGR of 4.4% from 2007 to 2012.
The US biotechnology market looks set to be driven by a favourable regulatory environment combined with an aging population and mounting environmental concerns.
On a global scale the US represents the world's largest biotechnology market, home to more than 1,300 firms and employing more than 60% of the worldwide workforce. The US leads with its innovation, extensive R&D, and regular company developments in various spheres of the biotechnology sector.
The future looks bright for the US biotechnology market with a substantial amount of investment expected in research and entrepreneurship development in the near future.
For more information on the US biotechnology market, see the latest research: US Biotechnology Market Report
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