Pharmaceutical & Biotechnology Environment Monitoring Market Size

Pharmaceutical & Biotechnology Environment Monitoring Market size was valued at USD 1.04 Billion in 2023 and is set to reach USD 2.36 Billion by the end of 2036, registering around 6.5% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of pharmaceutical & biotechnology environment monitoring is assessed at USD 1.1 Billion. This market is anticipated to grow in the near future due to increased safety-related awareness among researchers in the pharmaceutical sector. Global biotechnology accounted for USD 266 billion in drug revenues in 2019, a figure that has been steadily growing for the past several years. It is projected to reach USD 505 billion by 2026, while the conventional drug market is expected to be worth USD 681 billion that same year.

With the adoption of modern technologies that have shown to be more efficient and economical, the pharmaceutical sector has undergone a significant transition. The expansion of this market has been positively affected by an increase in the flow of investment. Each year, the pharmaceutical sector as a whole invests more than USD  80 billion in research and development in the United States.