The biotechnology industry in India comprises around 2700 biotech start-ups and is estimated to reach 10,000 by 2024. India is among the top 12 destinations for biotechnology across the globe.
The Indian biotechnology industry amounted to US$ 63 billion in FY20 and is forecast to reach US$ 150 billion by 2025, with a CAGR of 16.4%. By 2025, the contribution of the Indian biotechnology industry in the global biotechnology market is expected to grow to 19%.
Biopharmaceutical is the largest segment that contributed about 58% to the Indian biotechnology market , followed by bio-agriculture, which accounted for 19% and bio-services, which accounted for 15% in FY20. The Indian biologics market is expected to register a CAGR of 22% from 2019 to 2025 to reach US$ 12 billion by 2025.
Under the Union Budget 2021-22, the government outlaid Rs. 1,660 crore (US$ 227.94 million) for biotechnology research and development. The current Covid scenario is expected to up further research and development in the area of biotechnology in India, though the country underwent some hiccups through the lockdown period.