From 2013 to 2023, the biotech research and experimental development turnover in Belgium experienced significant fluctuations. There were sharp increases in some years, such as a 182.74% rise in 2014, partially offset by steep declines like the 70.34% drop in 2015. Growth resumed with notable increases in years like 2018 (70.22%) and 2021 (65.67%), with turnover at 1300 million euros in 2023, a 10.82% increase compared to 2022. Over the last five years, the compound annual growth rate (CAGR) stood at 3.19%.
Future trends indicate moderate growth with a forecasted 16.98% increase from 2024 to 2028, suggesting a steady rise in turnover. Key factors to watch include technological advancements, regulatory changes, and funding influxes that could impact overall market dynamics.
