We recently compiled a list of the 15 Most Advanced Countries in Biomedical Engineering and in this article, we will talk about the most advanced country in biomedical engineering.
The biotechnology global market size was estimated at $1.38 trillion in 2023 and is expected to reach around $4.25 trillion by 2033 while growing at a CAGR of 11.8%. North America led the market with a 37.79% revenue share in 2023 owing to the strong R&D initiatives and high healthcare expenses. Meanwhile, the Asia-Pacific region is anticipated to grow at the fastest rate, with a CAGR of over 12.7% during the forecast period, due to improved healthcare infrastructure and supportive government regulations.
The bio-pharmacy segment, which captured 41.73% of the revenue share in 2023, is a major driver due to the increasing demand for medicines and drugs. Additionally, tissue engineering and regeneration technologies, which dominated the market by technology with a 19.26% share, are expanding tremendously in different healthcare domains.
In 2023 alone, the FDA approved 53 new drugs, with over 60% originating from biotech firms. The adoption of CRISPR technology for gene editing and the development of monoclonal antibodies for targeted therapies have only confirmed the sector’s potential. Additionally, the integration of artificial intelligence (AI) in biotechnology is speeding up research and development processes in the industry.
However, despite these developments, the biotechnology industry is facing some challenges. According to the EY Biotechnology Report 2024, there is a mixed landscape where only companies with strong clinical data or nearly marketed assets can attract high investments. In 2023, venture capital funding for biotech startups dropped by 28%.
Before getting into biomedical engineering as a profession and its developments around the world, let’s look at the key players in the biotech market.
Amgen Inc (NASDAQ:AMGN) reported nearly $26 billion in revenue in 2022 which is attributed largely to its diverse portfolio of treatments. Amgen Inc (NASDAQ:AMGN)’s flagship products, including the osteoporosis drug Prolia and the cholesterol-lowering Repatha, have collectively brought in billions.
One of Amgen Inc (NASDAQ:AMGN)’s major victories was the development and marketing of sotorasib, branded as Lumakras, which targets the KRAS G12C mutation in lung cancer. Since its launch in 2021, Lumakras has provided major benefits to patients like Don Crosslin, despite its high toxicity and $20,000 monthly cost. In 2023, Lumakras generated nearly $200 million in US sales.
On the other hand, Moderna Inc (NASDAQ:MRNA) has received $176 million in federal funding to develop mRNA vaccines against the H5N1 bird flu virus. This funding will support the late-stage development of an mRNA-based vaccine designed to fight the highly contagious H5N1 influenza virus, which has been causing alarm as it spreads among animals and occasionally infects humans.
Since 2023, Moderna Inc (NASDAQ:MRNA) has been conducting early-stage clinical trials for mRNA pandemic flu vaccines to target the H5 and H7 strains known for their potential to become highly virulent. Results from these trials are expected in 2024 and will guide the late-stage development of the vaccine. The newly formed Rapid Response Partnership Vehicle (RRPV) is funding Moderna Inc (NASDAQ:MRNA)’s project along with other initiatives to address emerging infectious diseases and biological threats.
Apart from the developed countries, some developing economies like India have been at the forefront of research and innovation in biomedical engineering. For example, according to the Scimago Institution Ranking, there are 120 top biomedical engineering research institutions in India. However, since the salaries in India are relatively far less than the ones offered in developed countries, India didn’t make it to our list of the most advanced countries in biomedical engineering.
When looking for biomedical engineering jobs abroad, professionals can find roles in the research, development, and implementation of medical devices, prosthetics, and diagnostic equipment. Countries with strong healthcare sectors, such as the USA, Germany, and Singapore, often have a high demand for biomedical engineers.
A biomedical scientist in a lab coat conducting research on biopharmaceutical compounds.
Is the United States the Most Advanced Country in Biomedical Engineering?
To identify the most advanced countries in biomedical engineering, we utilized the Scimago Institution Rankings with a focus on research and innovation output and also analyzed the average salaries of biomedical engineers globally. We selected the top 25 countries with the highest number of leading institutions in biomedical engineering and the top 30 countries with the highest average salaries for biomedical engineers. Each country was then ranked within these two categories, with a rank of 1 representing the highest number of top institutions and the highest average salary, respectively.
The rationale for using the metric of high average salaries was that it gave us countries with thriving biomedical-engineering markets, which indirectly shows these countries are not only advancing technologically in the field, they’re also likely attracting talent from across the world.
Next, we calculated the average rank for each country by combining its rank in research and innovation with its rank in average salary. This provided us with an average composite score. In cases where countries had identical average ranks, the country with the higher rank in research and innovation was ranked higher. The list is presented in ascending order (from low to high rank).
Our methodology puts the US on top of the list for countries that are the most advanced in biomedical engineering. In 2021, venture financing for US-headquartered biotech firms reached a peak of $20.7 billion with a 104% increase from the previous year. This increase in funding facilitated numerous early-stage biotechs going public with high valuations. The National Institutes of Health (NIH) also reported a 16.1% increase in grant funding from 2021 to 2022.
The profession of a biomedical engineer in the US generally requires a bachelor’s degree in bioengineering or a related field, though some roles may require advanced degrees. The job market is stable with about 19,700 positions reported in 2022 and an anticipated growth rate of 5% from 2022 to 2032. According to the Scimago Institution Ranking, there are 336 top biomedical engineering institutions in the US. The average salary of a biomedical engineer in the country is $112,525, making it one of the top-paying countries for biomedical engineers.
To check out the extensive list of biomedical engineering countries which are advanced, please visit 15 Most Advanced Countries in Biomedical Engineering.
At Insider Monkey, we delve into a variety of topics, ranging from passive income ideas to business aspects; however, our expertise lies in identifying the top-performing stocks. Currently, Artificial Intelligence (AI) technology stands out as one of the most promising fields. If you are looking for an AI stock that is more promising than NVDA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
READ NEXT: Michael Burry Is Selling These Stocks and Jim Cramer is Recommending These Stocks.
Disclosure: None. 15 Most Advanced Countries in Biomedical Engineering is originally published at Insider Monkey.