BURLINGAME, Calif., Dec. 8, 2023 /PRNewswire/ -- According to Coherent Market Insights, The global red biotechnology market was valued at US$ 742.80 Billion in 2023 and is forecast to reach a value of US$ 1,513.22 Billion by 2030 at a CAGR of 10.7% between 2023 and 2030.
The Red Biotechnology Market is driven by several factors that contribute to its growth. One of the key drivers is the increasing prevalence of chronic diseases. Chronic diseases such as cancer, diabetes, and cardiovascular diseases are major public health concerns worldwide. Red biotechnology plays a crucial role in the development of innovative treatments and therapies for these diseases. The advancements in genetic engineering, cell therapy, and tissue engineering have significantly contributed to the development of targeted therapies and personalized medicine, thereby driving the growth of the Red Biotechnology Market.
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Another driver of the market is the growing investment in research and development activities. Several pharmaceutical and biotechnology companies are investing heavily in R&D activities to discover and develop novel therapeutics and drugs. This has led to the introduction of innovative products and treatment options in the market, thereby driving the growth of the Red Biotechnology Market.
Increasing focus on gene therapies: Gene therapy is a promising field in red biotechnology that involves the introduction of genetic material into a patient's cells to treat or prevent genetic diseases. There has been a growing focus on developing gene therapies to tackle various inherited disorders and genetic diseases. The advancements in gene editing technologies, such as CRISPR-Cas9, have enabled the development of more targeted and efficient gene therapies, further propelling the market growth.
Rising adoption of biosimilars: Biosimilars are biological products that are highly similar to an already approved reference biologic product. They have gained significant attention in the pharmaceutical industry, as they offer cost-effective alternatives to expensive biologic drugs. The increasing demand for cost-effective treatments and the expiration of patents for several biologic drugs have led to a rise in the adoption of biosimilars. This trend is expected to continue driving the growth.
In September 2021, the BRD Pharmaceutical Company introduced generic Cabozantinib, which is used to treat several types of cancer.
In November 2022, TriSalus Life Science announced a final merger agreement with MedTech Acquisition Corporation.
The market for biopharmaceuticals is expected to experience significant growth in the red biotechnology market. Biopharmaceuticals are drugs that are produced using biotechnology processes and are derived from living organisms. These drugs have gained popularity in the medical field due to their effectiveness in treating various diseases, including cancer, autoimmune disorders, and genetic disorders.
Advancements in technology have facilitated the development of more targeted and personalized biopharmaceuticals, which are expected to drive the market growth. Additionally, the rising prevalence of chronic diseases and the increasing geriatric population are factors contributing to the demand for biopharmaceuticals.
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Growing Applications of Red Biotechnology in Drug Discovery and Development
The application of red biotechnology in drug discovery and development is anticipated to create significant opportunities in the market. Red biotechnology plays a crucial role in the pharmaceutical industry by providing tools and techniques for the development and production of new drugs.
The drug discovery and development process involves identifying potential drug targets, synthesizing and testing compounds, and conducting clinical trials. Red biotechnology offers various tools such as genomics, proteomics, and bioinformatics, which aid in the discovery and development of innovative drugs.
The increasing demand for novel therapeutics, personalized medicine, and the need to optimize drug development processes are factors driving the growth of red biotechnology in drug discovery and development.
Key Market Takeaways:
The Red Biotechnology Market is anticipated to witness a CAGR of 10.7% during the forecast period 2023-2030, owing to the increasing adoption of biopharmaceuticals and the growing applications of red biotechnology in drug discovery and development.
On the basis of product type, the biopharmaceuticals segment is expected to hold a dominant position, owing to its effectiveness in treating various diseases. The biosimilars, gene therapy, tissue engineering, and cell therapy segments also contribute to the market growth.
In terms of application, the drug discovery and development segment dominates the market, as it plays a crucial role in the pharmaceutical industry. The other applications, including animal biotechnology, environmental biotechnology, medical biotechnology, industrial biotechnology, and agricultural biotechnology, also show potential growth.
In terms of end users, the pharmaceutical and biopharmaceutical companies hold a dominant position due to their involvement in the production and distribution of biopharmaceuticals. Research institutes, biotechnology industries, hospitals and diagnostic centres, and academic institutions also contribute to the market growth.
In terms of region, North America is expected to hold a dominant position over the forecast period, due to the presence of key players and technological advancements in the region.
Key players operating in the Red Biotechnology Market include Amgen Inc., Gilead Sciences, Inc., Biogen, Pfizer Inc., Novartis AG, F. Hoffmann-La Roche, Johnson & Johnson Services, Inc., Sanofi, Merck & Co. Inc., AbbVie Inc., GSK plc., AstraZeneca, Eli Lilly and Company, Novo Nordisk A/S, Bayer AG, Bristol-Myers Squibb Company, Teva Pharmaceutical Industries Ltd., Takeda Pharmaceutical Company Limited, Boehringer Ingelheim International GmbH, and Astellas Pharma Inc. These key players play a crucial role in driving market growth through product development, collaborations, and strategic partnerships.
Read complete market research report," Red Biotechnology Market, By Product Type, By Application, By End User, By Region, and Segment Forecast 2023-2030", Published by Coherent Market Insights.
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