Biotechnology advancements have created new ways of treating and preventing major life-threatening diseases. With accelerating advancement and increased tech integration in healthcare, renowned companies BioMarin Pharmaceutical Inc. (BMRN – Get Rating), Incyte Corporation (INCY – Get Rating), and Innoviva, Inc. (INVA – Get Rating) are expected to grow significantly in the long run.

Biotech stocks have been declining lately, as the banking crisis, inflation, and the Fed’s interest rate hikes took the limelight. However, the sector continues to outperform the broader market, as evident from the SPDR S&P Biotech ETF’s (XBI) 25.5% returns over the past year.

Biotech companies are profound for their development of groundbreaking treatments and therapies for diverse medical conditions and life-threatening diseases. Moreover, the global aging population, rising healthcare spending, and successful trial results have created fruitful growth opportunities for this sector.

Given the inelastic demand for healthcare products and medicines, the biotech industry is expected to perform well in the near term. Furthermore, driven by the development of promising treatments and potential breakthroughs in therapeutics and devices, the global biotechnology market is expected to grow at a CAGR of 12.3% to $1.30 trillion by 2030.

Buoyed by successful commercial sales that help yield quick returns, quality biotech stocks BMRN, INCY, and INVA seem poised to skyrocket in the near term. Let’s dig deeper into their fundamental strength…

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