A recent report on the life sciences sector in the United States offered both good and bad news when it came to employment.
First, the good news: Hiring hit a record 2.1 million jobs at the start of this year, commercial real estate firm CBRE said in its report. American Life Sciences Outlook 2023, released earlier this month. However, the pace of biotech job growth slowed to 4.1% in January from 6.3% a year earlier. Already this year a topical examination by Gen It shows 61 companies disclosed layoffs as of April 10, compared to 37 during the same period last year.
A more dramatic illustration of this slowdown can be seen in the decline in the average number of jobs added per month as measured by CBRE. This average fell by 70%, from 11,144 jobs between June 2020 and June 2024, to 3,378 jobs between July 2024 and January 2023. The 2020-2024 average has been skewed by the wave of hiring and activity by biotech in the year following the start of COVID-19, Where the average was 6,259 in the pre-pandemic period of 2018-2019.
CBRE attributes the decline in employment to rising interest rates and a slowdown in public and private funding for the life sciences. On the public side, only five in the US priced Initial Public Offerings (IPOs) in the US in the first quarter, totaling $382.5 million — most of that reflects IPOs of $192 million (Lucy Scientific Discovery, a manufacturer of psychotropic substances contracts, 9) and $161 million (Structure Therapeutics, whose small molecule drugs target G protein-coupled receptors, February) — compared to eight US and European companies totaling nearly $744 million in the first quarter of 2024.
As smaller biotechs avoid the IPO market, they are instead expected to fuel a new wave of mergers and acquisitions (M&A) by biopharmaceutical giants that are often more willing to grow the workforce of snapped companies.
“When the general market is actually closed, these companies will turn more to drug partners, and we think that’s really where it will be the most important feed to watch for the next year or two,” Matthew Gardner, who leads the CBRE consulting life sciences practice in the US, said. Gen.
On the private side, EY reported a 37% year-over-year decline in the total value of venture capital deals in the US and Europe, to $16.88 billion in 2024 from $26.62 billion in 2024. The number of venture capital deals in the US decreased and Europe, 18%, to 761 last year from 930 in 2024.
Past cycles show that any slowdown in hiring in the life sciences will likely not be as severe as the slowdown in the broader economy. The uptick in project funding in the fourth quarter of 2024 was a hopeful sign of stabilization in employment later this year because staffing changes generally reflect funding changes after a two-quarter lag, the Outlook report noted, before adding: “However, disruptions Recent cuts in the banking sector could cause quarterly cuts in financing this year.
Here is a list of 10 biotechnology research and clinical occupations expected to add jobs through 2031, according to the U.S. Bureau of Labor Statistics (BLS) Occupational Outlook Handbook, updated last December, ranked by the number of projected additional jobs created between 2024 and 2024. and 2031, expected from April 10. Each occupation also lists the number of jobs in 2024 as calculated by the BLS, the percentage increase between 2024 and 2031, the average annual wage in 2024, and a job description.
This year as with GenList of the Top 10 Biotechnology Jobs of 2024, the largest number of jobs projected over the next decade were for professionals who collect samples and perform tests to analyze body fluids, tissues, and other materials—that is, clinical laboratory technologists, also known as medical laboratory scientists and clinical laboratory technicians. But in a sign of how the COVID pandemic is reshaping lab hiring, the profession with the second-highest number of expected jobs isn’t biotechnologists as in 2024, but medical scientists who oversee research and run clinical trials and other investigative avenues.
For three of the 10 occupations highlighted in the guide, the BLS projected smaller job increases from 2019 to 2029 than it did between 2019 and 2029, the 10-year period the BLS examined in the previous edition of its handbook, which is the basis for Gen2024 A-List. Gen Published my first A-List of Top 10 Jobs in 2014Updated A-lists have been published in 2016Beside in 2018 And 2019. The other seven professions showed increases in their 10-year job outlook compared to 2019-29.
Top 10 Life Sciences Careers of the Next Decade |
10. Zoologists and wildlife biologistsProjected Employment Change, 2024 – 31: 100 other jobs Projected job openings each year on average, 2024-31: 1,500 Number of jobs, 2024: 17100 Job Outlook, 2024–31: 1% (little or no change) Average salary, 2024: $64,650 per year About the position: Zoologists and wildlife biologists study animals—both in captivity and in the wild—and how they interact with their ecosystems. They focus primarily on undomesticated animals and their behavior, as well as the impact of humans on wildlife and natural habitats. |
9. Genetic counselorsProjected Employment Change, 2024 – 31: 500 more jobs Projected job opportunities each year on average, 2024–31: 300 Number of jobs, 2024: 2900 Job Outlook, 2024–31: 18% (much faster than average) Average salary, 2020: $80,150 per year About the position: Genetic counselors assess clients’ risks for a variety of genetic conditions, such as birth defects. They review genetic test results with individuals and families and support them in making decisions based on those results. They also provide information to other healthcare providers. |
8. Bioengineers and biomedical engineersProjected Employment Change, 2024 – 31: 1,700 other jobs Projected job opportunities each year on average, 2024–31: 1200 Number of jobs, 2024: 17900 Job Outlook, 2019–29: 10% (faster than average) Average salary, 2020: $97,410 per year About the position: Bioengineers and biomedical engineers combine engineering principles and science to design and create equipment, devices, computer systems, and software. |
7. MicrobiologistsProjected Employment Change, 2024-31: Another 1,900 job opportunities Projected job opportunities each year on average, 2024–31: 2000 Number of jobs, 2024: 20800 Job Outlook, 2024–31: 9% (faster than average) Average salary, 2024: $79,260 per year About the position: Microbiologists study microorganisms such as bacteria, viruses, algae, fungi, and some types of parasites. They try to understand how these organisms live, grow, and interact with their environments. |
6. Epidemiologistsexpected employment change, 2024–31: 2,200 other jobs Projected job opportunities each year on average, 2024–31: 800 Number of jobs, 2024: 8600 Job Outlook, 2024–31: 26% (much faster than average) Average salary, 2024: $78,830 per year About the position: Epidemiologists are public health professionals who investigate the patterns and causes of disease and infections. They seek to reduce the risk of adverse health outcomes through research, community education, and health policy. |
5. Chemical techniciansProjected Employment Change, 2024 – 31: 2,700 additional jobs Projected job opportunities each year on average, 2024–31: 7800 Number of jobs, 2024: 60400 Job Outlook, 2024–31: 4% (as fast as you can) Average salary, 2024: $48,990 per year About the position: Chemical technicians use laboratory tools and techniques to help scientists analyze the properties of materials. |
4. Biochemists and biophysicistsProjected Employment Change, 2024 – 31: 5,700 additional jobs Projected job opportunities each year on average, 2024–31: 4000 Number of jobs, 2024: 37,500 Job Outlook, 2024–31: 15% (much faster than average) Average salary, 2024: $102,270 per year About the position: Biochemists and biophysicists study the chemical and physical principles of living organisms and biological processes, such as cell development, growth, heredity, and disease. |
3. Biological technologistsProjected Employment Change, 2024 – 31: 7,700 additional jobs Projected job opportunities each year on average, 2024–31: 12200 Number of jobs, 2024: 84300 Job Outlook, 2024–31: 9% (faster than average) Average salary, 2024: $48,140 per year About the position: Biological technicians help biologists and medical scientists perform laboratory tests and experiments. |
2. medical scientistsProjected Employment Change, 2024 – 31: Another 20,800 jobs Projected job opportunities each year on average, 2024–31: 10,000 Number of jobs, 2024: 119,200 Job Outlook, 2024–31: 17% (much faster than average) Average salary, 2024: $95,310 per year About the position: Medical scientists conduct research aimed at improving overall human health. They often use clinical trials and other investigative methods to reach their conclusions. |
1. Medical laboratory technologists (medical laboratory scientists) and techniciansProjected Employment Change, 2024 – 31: 21,800 other jobs Projected job opportunities each year on average, 2024-31: 25,600 Number of jobs, 2024: 329,200 Job Outlook, 2024–31: 7% (as fast as you can) Average salary, 2024: $57,800 per year About the position: Clinical laboratory technologists (also known as Medical laboratory technologists) and Clinical Laboratory Technicians (also known as Medical laboratory techniciansConducting medical laboratory tests to diagnose, treat and prevent disease. |