The biotechnology market is massive. In 2018, the industry recorded a revenue of $338 billion and according to a new research report by Global Market Insights, Inc., by 2025, the biotech market is expected to surpass $775 billion, making it one of the fastest growing industries in the economy. This progress can be associated with the continuous developments and innovations in various segments of biotechnology. With industry growth comes changes and as we enter a new decade, here are some of the top 5 trends that are expected to impact careers in the biotechnology market.
5 trends that will impact careers in the biotech market
Digitalization & technology
The digitalization of biotech is one of the most anticipated trends of the new decade. From online and remote assessment to diagnosis and treatment of patients across the globe, the possibilities of digitalization in biotech are endless. New technologies such as AI and Machine Learning are also making waves in the industry. Many companies have used machine learning to understand individual cancer cases in order to improve cancer screening technologies, diagnostics and disease detection, as well as to fuel drug discovery and development. AI technologies are also found at hospitals, where they are used to develop personalized treatment plans and predict patient outcomes. To unleash the power of these new technologies, biotech companies will need talent with the necessary skills to take advantage of these innovations and better position them to be successful in the market. Thus, in this new decade, there will be increased demand for talents with these tech-based skills in the biotech industry. Those already in the industry will need to develop and evolve their skills as per the new requirements.
Personalized medicine & targeted therapies
Research in disease pathology has shown that a great deal of health conditions can be traced back to genetics. This discovery has paved the way for personalized medicine, a type of treatment specifically designed based on the genetic and molecular makeup of an individual. As personalized medicine is customized based on the unique genome characteristics of a patient, it is ultimately more effective at targeting specific genes or proteins which may be mutated or defective and treating a patient compared to a non-specific drug or therapy. Last year, 42% of newly approved drugs and therapeutic biologics were classified as personalized medicines and in this decade, there will be a major shift in healthcare to establish personalized medicine and targeted therapies as concrete parts of the system.
The discovery of genetic origins in health conditions has paved the way for a type of treatment known as gene editing.Gene editing is a medical procedure in genetic engineering in which the DNA in the genome of an individual is altered either by inserting, replacing, modifying or deleting genes to enable patients fight specific medical ailments and syndromes. This gene editing is bound to revolutionized biotech as the technology could potentially prevent diseases and other conditions that can be inherited from the mother to the child as well as enable researchers to identify genome sequences to prevent disorders in humans and animals.
Investors are flocking to the sector, eager to become associated with what may be the next big thing. There are many benefits to investing in this sector, one of them being a fast growing market worth. In 2018, the biotech market recorded an annual growth rate of 9.9% and as earlier stated, by 2025, the market worth of the industry could reach $775.20 billion. In addition to a booming market, the industry also appeals to investors as it provides them with incredible opportunities to be involved in the advancement of medical studies and technologies that will help to improve healthcare for people all over the world. This means more opportunities will open up in this sector, in terms of roles, remuneration, and the chance to work on ground-breaking projects.
Heightened focus on immune cell function
Immunity is one interesting aspect of biotech. It has the potential to prevent the spread of harmful diseases which could bring about a devastating epidemic, especially in developing regions of the world. Researchers are interested in certain mechanisms of cells which are immune to certain types of viruses and bacteria. This new decade will feature advances in emerging technologies and studies in immune cell function that will bring about profound implications in the field of immunotherapy.
And there you have it, the anticipated trends in the biotech industry that will open up opportunities for candidates in the industry, in terms of new skills, opportunities and progression. If your biotech company is interested in hiring candidates with skills that meet the requirements of the biotech industry, Insight Recruitment is here to help. As the Specialist Biotech Recruiter for Insight, I can help you hire top talent in the industry that will easily adapt to new roles and trends while effectively increasing their scope of the job. Contact me today at Shawn@InsightRecruitment.com to find out how we can help.