It's often a slow wait when it comes to gains in the biotech market as companies rely on FDA approvals and feedback. In terms of the sector’s future outlook, Grand View Research predicts that the global biotechnology market will have a compound annual growth rate of 13.96 percent between 2023 and 2030 to reach US$3.88 trillion by the end of the forecast period. It attributes this growth to the increasing need for new drugs to treat chronic diseases, such as strokes, cancer, asthma and hypertension. The focus is on diagnostics and therapeutic solutions for these chronic diseases. There is also increasing demand for biotechnology innovation in the agriculture sector in response to rising demand for organic food products. For its part, Vantage Market Research is forecasting the global biotechnology market will reach a value of more than US$2.77 trillion in 2030. The firm sees significant government support, the expansion of personalized medicine and the potential inherent in orphan drug formulations as major drivers of revenue growth for this life science sector in the coming years. Vantage names nanotechnology as the most notable subsector in its report. "We forecast that the nano Biotechnology in Biotechnology market sales will account for more than 27 (percent) of total sales by 2030," as per analysts at the firm. "Nanotechnology's low toxicity, smaller footprint, and chemical adaptability have proven advantageous in overcoming the limitations associated with traditional routes of generic drug administration."