From 2013 to 2023, Spain's biotechnology R&D intensity in the business sector exhibited a consistent upward trend, starting at 7.45 BERD units and reaching 11.12 BERD units in 2023. The average annual growth rate over this period was substantial, with some years showing double-digit growth, exemplified by an 18.07% increase in 2019. However, the sector also experienced fluctuations, including a noticeable -5.18% decline in 2020, likely due to the impacts of the COVID-19 pandemic. Recent years have shown a more moderate growth trend, with the average increase remaining steady at around 4.07% CAGR over the past five years.
Future projections indicate continued growth in biotechnology R&D intensity, with anticipated increases to 12.69 BERD units by 2028. The forecasted average annual growth rate is slightly lower, averaging around 2.1% per year, suggesting a potential deceleration in pace but still maintaining a positive trajectory. Key future trends to watch for include advancements in biotechnological innovations, increased public and private sector investment, and potential regulatory changes that could impact the sector’s growth dynamics. The underlying drivers and barriers, such as political climate, funding availability, and global market demand, will play crucial roles in shaping the sector's future.
