Releasing India’s Bioeconomy Report 2022, Dr Jitendra Singh, Minister for Science & Technology pointed out that India’s Bioeconomy had reached over $80 billion in enterprise value in 2021 recording 14% growth over $70.2 billion in 2020. Noting the rapid growth in the sector, the minister projected that this segment is likely to touch $150 billion by 2025 and over $300 billion by 2030.
Based on data from India’s biotech sector, this report is compiled each year by the Biotechnology Industry Research Assistance Council (BIRAC). According to the 2022 report, less than a fifth of India’s bio-economy is attributed to the Covid-19 vaccination and testing program. In 2021, the Covid-19 bio-economy was $14.6 billion. Covid-19 vaccines accounted for $8.7 billion in value, while testing accounted for $5.9 billion.
At 49%, BioPharma accounts for the largest share of the Bio-economy. Diagnostics accounted for 52.8%, while Therapeutics stood at 26% of the total BioPharma Market.
Biotherapeutics is estimated to record $1.05 billion in value, with medications for diabetes, oncology, infections, and cardiology being the primary contributors. The BioIndustrial segment’s contribution to the Bio-Economy witnessed 202% growth in 2021, and is estimated at $10.27 billion. Biofuels contributed $5.97 billion in value, while the enzymes market reached $4.3 billion.
The country recorded increased numbers of start-up registrations. The cumulative number of start-ups in 2021 was estimated at 5,365. About 1,128 companies registered in 2021. This is the highest number since 2015.
