by The Red Biotechnology Market is estimated to be valued at US$ 742.80 Bn or billion 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.
Market Overview:
Red biotechnology involves application of biotechnology techniques to healthcare, diagnosis, treatment and prevention of diseases. These include development of vaccines, blood tests, medicines and therapies for treatment of various diseases like cancer, infectious diseases, cardiovascular diseases and more. Advancements in areas of genomics, proteomics and pharmacogenomics have enabled precision medicine approach for more targeted disease treatment and management.
Market Dynamics:
The red biotechnology market is primarily driven by rising prevalence of chronic and infectious diseases globally. According to WHO, cardiovascular diseases are the leading cause of deaths worldwide, taking an estimated 17.9 million lives each year. Similarly, cancer burden is increasing with about 19 million new cases and 10 million cancer deaths in 2022. Growing geriatric population also contributes to increased risk of various age-related diseases. Advancements in biotechnology, adoption of personalized medicine approach and identification of new drug targets are expected to further accelerate market growth over the forecast period. In addition, increasing healthcare spending especially in emerging countries, availability of government and private funding for R&D presents lucrative growth opportunities for key players in the market.
Segment Analysis
The global Red Biotechnology market is dominated by therapeutic protiens sub-segment which accounts for around 40% of the total market share. Therapeutic protiens include monoclonal antibodies, cytokines, blood coagulation factors, growth factors, vaccines, etc. This sub-segment dominates due to rising burden of chronic diseases globally along with strong product pipeline and high R&D investments by companies in development of targeted therapies.
PEST Analysis
Political: Governments across various countries are supporting the life science industry through funding and policies to promote research and development activities. Economic: Rising healthcare expenditure along with higher disposable incomes has been increasing the demand for biologics and biosimilars. Social: Growing awareness about chronic diseases and personalized medicine is driving the patients towards customized treatment options. Technological: Advancements in areas of genomics, proteomics and synthetic biology have enabled the development of innovative therapies for treatment of various diseases.
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 diseases globally. The market size for 2023 is US$ 742.80 Bn.
North America accounted for the largest regional market and is expected to retain its dominance over the forecast period. This is attributed to well-established healthcare infrastructure, rising healthcare expenditure, and presence of major players in the region.
Key players operating in the Red Biotechnology 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. These players are focusing on new product launches, collaborations and geographic expansion to increase their market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
