Red biotechnology refers to technology that involves biological and medical applications of biotechnology, including genetic engineering, gene therapy, immunotherapy, stem cell therapy and regenerative medicine. Red biotechnology products consist of tissue engineering and prosthetic implants, gene therapy, and therapeutic protein drugs and vaccines. These products help to diagnose, prevent and treat many diseases and enhance human health. The global Red Biotechnology Market is estimated to be valued at US$ 855.71 Bn in 2023 and is expected to exhibit a CAGR of 19% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The expanding application areas of red biotechnology products is one of the major trends driving the growth of red biotechnology market. Red biotechnology finds increasing application in the development of diagnostic tools, therapeutic agents, and medical devices. With the advancements in genomics and proteomics, red biotechnology is playing a vital role in drug discovery and development process by identifying new drug targets. Moreover, increasing R&D investments by pharmaceutical and biotechnology companies to develop novel biologics such as cell and gene therapies have accelerated the market growth. These novel therapies hold promise for the treatment of cancer, genetic disorders, and infectious diseases.
Segment Analysis
The global red biotechnology market size is dominated by the pharmaceutical biotechnology segment. Pharmaceutical biotechnology is the largest and fastest growing sub-segment as it involves development and manufacturing of therapeutic proteins, monoclonal antibodies, stem cell therapy, regenerative medicine products, and gene therapy products which are used in treating diseases such as cancer, infectious diseases, genetic disorders, and others. The increasing demand for biologics and biotechnology-derived products for the treatment of various chronic and life-threatening diseases has been a major factor driving the growth of this sub-segment.
Key Takeaways
The global red biotechnology market is expected to witness high growth over the forecast period.
Regional analysis: North America is currently the dominant as well as the fastest growing regional market for red biotechnology. High healthcare expenditure, large pharmaceutical industry presence, availability of latest technologies, and high R&D investments are some of the major factors supporting the growth of the red biotechnology market in the region. The US contributes significantly to the growth of the North American market.
Key players operating in the red biotechnology market are Keir Surgical Ltd., Case Medical, Scanlan International, Inc., Koch Industries, Getinge Group, B. Braun (Aesculap, Inc.), Xerafy, Mobile Aspects, Key Surgical, Inc., Spatrack Medical Limited, Fortive Corporation Group, Haldor Advanced Technologies, Tgx Medical Systems, Becton, Dickinson and Company, Intechnology Distribution Pty Ltd., Nutrace, Steris Insturment Management Services, Material Management Microsystems, Asanus Medizintechnik GmbH Inc., and Stanley Healthcare (Division of Stanley Black & Decker), among others.
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