Wales is witnessing a significant growth in its biotech sector, driven by initiatives from the Welsh government and support from science parks, med-tech companies, and universities. The industry has generated a £2.62 billion turnover in 2022 and is expected to continue its upward trend. Biotech startups like Jellagen are making waves with innovative products, and the sector is poised for further expansion.
Forecast for 6 months: The Welsh government is expected to announce additional funding for the biotech sector, further boosting the industry’s growth. Jellagen and other biotech startups will continue to attract significant investments, solidifying Wales’ position as a hub for biotech innovation.
Forecast for 1 year: The biotech sector in Wales is expected to reach a £3 billion turnover, driven by the growth of startups and the expansion of existing companies. The Welsh government will establish a new life sciences hub to support the industry’s growth and provide access to funding and resources for biotech startups.
Forecast for 5 years: By 2030, Wales is expected to become a leading biotech hub in Europe, with a £10 billion turnover and a thriving ecosystem of startups, scale-ups, and established companies. The Welsh government will have established a comprehensive strategy to support the industry’s growth, including initiatives to attract talent, invest in research and development, and promote collaboration between industry, academia, and healthcare.
Forecast for 10 years: By 2035, Wales’ biotech sector is expected to have transformed the country’s economy, creating thousands of high-skilled jobs and generating significant revenue. The sector will have become a major driver of innovation, with a strong focus on areas such as regenerative medicine, synthetic biology, and digital health. The Welsh government will have established a world-class life sciences ecosystem, with a strong reputation for supporting biotech innovation and entrepreneurship.
