Red biotechnology involves the application of biotechnology tools in healthcare. It primarily focuses on medicine development and diagnostics tools. Some key areas include blood grouping, cancer research, drug discovery & development, immunotherapy, molecular diagnostics, stem cell therapy, and tissue engineering. Products associated with red biotechnology includes biological drugs, novel vaccines, monoclonal antibodies, recombinant proteins, and stem cell therapy. The global red biotechnology market comprises various companies engaged in research and development of drugs, vaccines, and diagnostic tests for various diseases including cancer, infectious diseases, respiratory diseases, cardiovascular diseases, and others.
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.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Rising prevalence of chronic diseases is expected to drive the global red biotechnology market growth over the forecast period. According to the Centers for Disease Control and Prevention (CDC), chronic diseases are the leading causes of death and disability in the United States. In recent years, cancer, cardiovascular diseases, respiratory diseases, diabetes and other chronic conditions have seen a significant rise globally. Increase in risk factors such as tobacco use, physical inactivity and unhealthy diets has contributed considerably to the burden of chronic diseases worldwide. With rising economic development in developing countries, lifestyles are becoming increasingly westernized, characterized by sedentary work and leisure activities, processed food consumption and tobacco use, which has led to surge in chronic diseases. According to WHO, chronic diseases accounted for approximately 60% of all deaths worldwide in 2021 and are projected to represent almost three-quarters of all deaths globally by 2030. Growing chronic disease burden creates immense opportunities for biopharmaceutical companies engaged in development and commercialization of novel drugs and diagnostic/monitoring tools. This factor is expected to propel growth of the red biotechnology market over the forecast period.
The increasing prevalence of chronic diseases worldwide represents a huge patient pool requiring efficient diagnosis and treatment options. The market is expected to gain significant traction as biotech products play a pivotal role in early detection, accurate diagnosis, effective treatment and disease management of various chronic conditions. However, high R&D costs and regulatory requirements associated with product approval poses challenges.
The global red biotechnology market can be segmented based on technology, application and end user. Based on technology, the market is dominated by gene therapy segment owing to increasing adoption of gene therapy for treatment of diseases such as cancer, cystic fibrosis, heart diseases and other genetic disorders. Gene therapy holds promising results by introducing corrective genes into patient’s cells and tissues to treat disease.
Political: Government support for research & development activities in biotechnology sector boosts the market growth. Favorable regulations for clinical trials and product approvals also favors the market.
Economic: Rising healthcare spending, growing disposable income, increasing demand for biosimilars and preference for biologics over conventional drugs are fueling the market growth.
Social: Increasing incidence of chronic diseases, rising awareness about personalized medicine and growing geriatric population supports the market.
Technological: Advancements in gene therapy, stem cell research, pharmacogenomics and development of novel biologics are some of the key technological factors propelling the market growth.
The Global Red Biotechnology Market Size is expected to witness high growth at a CAGR of 10% during the forecast period of 2023 to 2030. Regional analysis shows that North America dominates the market currently owing to presence of major pharmaceutical companies and growing funding for R&D activities in the region. Asia Pacific is expected to witness fastest growth due to rising healthcare spending, growing disease burden and increasing government initiatives for development of biotechnology sector in emerging countries like China and India.
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. Major companies are focusing on development of novel biologics, expanding manufacturing facilities and partnerships/collaborations for product development and commercialization to strengthen their market position.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it