The global Red Biotechnology Market is estimated to be valued at US$ 742.80 Bn in 2023 and is expected to exhibit a CAGR of 10.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Red biotechnology or medical biotechnology is concerned with the use of living systems and organisms to develop therapeutic drugs and vaccines. It draws knowledge from areas such as genetics, immunology, cell biology, bioinformatics, and protein engineering. This helps in developing therapeutic proteins, genetic tests for screening and diagnosing diseases and tissue engineering for regenerative medicines. The emergence of CRISPR-based therapeutics is driving the growth of red biotechnology market owing to its potential ability to cure genetic disorders at their source by editing genes.
Market Overview:
Red biotechnology involves developing and commercializing therapeutic products and diagnostics test kits from biological resources. It has applications in developing treatments against cancer, diabetes, infectious diseases, rare disorders and cardiovascular diseases. The rising awareness about personalized medicines and growing approvals of novel biologics are fueling the growth of red biotechnology market.
Market key trends:
One of the major trends gaining momentum in the red biotechnology market is the adoption of CRISPR technology. CRISPR (Clustered Regularly Interspaced Short Palindromic Repeats) is a genome editing tool that allows scientists to easily alter DNA sequences and modify gene function. It has potential applications in developing treatments for genetic disorders like sickle cell disease, beta-thalassemia, cystic fibrosis etc. by directly correcting the underlying genetic defects. It enables permanent editing of genes via a simple laboratory process with potential of permanently curing various conditions. Compared to previous DNA modification techniques, CRISPR is relatively inexpensive, versatile and much more efficient making genome editing accessible and less expensive. Other trends include increasing outsourcing of biologics production and development, collaborations between pharmaceutical companies and research institutes and growing demand for personalized medicines. These factors hold promising growth opportunities for players in the red biotechnology market.
Segment Analysis
The global red biotechnology market is segmented into transfusion medicine, transplant products, bio-pharmaceuticals, nutritionals, diagnostics and others. The bio-pharmaceuticals segment dominated the market in 2022 owing to increasing demand for drugs used in treatment of cancer, diabetes, infectious diseases and other chronic diseases. The segment is expected to remain dominant over the forecast period due to continuous innovation and demand for therapeutic proteins and monoclonal antibodies.
Key Takeaways
The Global Red Biotechnology Market Size is expected to witness high growth, exhibiting CAGR of 10.7% over the forecast period, due to increasing prevalence of chronic and infectious diseases.
Regional analysis
North America dominated the global market in 2022, accounting for around 35% share. However, Asia Pacific is expected to witness fastest growth over forecast period owing to increase in healthcare spending, rising geriatric population and presence of generic drug manufacturers in the region.
Key players
Key players operating in the red biotechnology market are Amgen, Gilead Sciences, Biogen, Pfizer, Novartis, Roche, Johnson & Johnson, Sanofi, Merck & Co., AbbVie, GlaxoSmithKline, AstraZeneca, Eli Lilly, Novo Nordisk, Bayer, Bristol-Myers Squibb, Teva Pharmaceutical, Takeda Pharmaceutical, Boehringer Ingelheim, Astellas Pharma. Amgen dominated the market in 2022 owing to high revenue from drugs such as Enbrel, Neulasta and Prolia used for treatment of various chronic diseases.
Read More: https://www.ukwebwire.com/red-biotechnology-market-size-share-and-growth-forecast-2023-2023/
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