28 Jun Which sector in APAC is poised to grow significantly?
APAC’s biotech market is expected to grow quite rapidly with a Compound Annual Growth Rate (CAGR) of 16.8% up to 2028.
Biotechnology is the intersection between science and technology, where cellular processes are used to develop technologies and products that help improve lives and the health of our planet. Artificial Intelligence (AI), data sciences, Internet of Things (IoT) and augmented reality (AR) are just come technologies utilized in biotech.
Partly due to the pandemic, the global biotechnology market was valued at USD 752 Bil, covering across manufacturing drugs and vaccines, developing cleaner energy and food production.
The speed of growth in APAC can be attributed to improvements in healthcare infrastructure, supportive government policies and clinical trials.
As emerging economies in SEA grow, their consumption needs might push them to facilitate the development of this sector. Vietnam has already begun developing cleaner and greener energy resources as part of their smart city initiative.
At NAOS International, we have been recruiting for top talents in this space all across Asia. Reach out to our Senior Consultants to find out more about expanding in APAC.