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.
Market Overview:
Red biotechnology involves biopharmaceuticals and therapeutics products pertaining to healthcare and treatment. These biotechnological products provide more effective and targeted solutions compared to traditional drugs. They find applications in treatment of cancers, chronic diseases, autoimmune disorders and genetic disorders.
Market key trends:
The growing prevalence of chronic diseases and various types of cancers is driving the demand for biopharmaceutical products in red biotechnology market. According to World Health Organization (WHO), chronic diseases accounted for approximately 60% of all deaths globally in 2018. Moreover, biopharmaceutical products provide improved efficacy and fewer side effects compared to conventional small molecule drugs. Growing demand for personalized medicines and focus on development of novel biologic therapeutics are some of the major trends in red biotechnology market.
SWOT Analysis:
Strengths: Strong R&D capabilities of major players. Rapid development of targeted therapies and personalized medicines.
Weaknesses: High costs associated with drug development. Long regulatory approval timelines.
Opportunities: Rising cancer incidence globally widens market potential. Growing advancement of genomic technologies support precision medicine.
Threats: Market saturation of blockbuster drugs losing patent protection increases competition. Stringent regulations Delay market entry of novel drugs.
Key Takeaways
The Global Red Biotechnology Market Size was valued at US$ 742.80 Bn in 2023 and is expected to reach over US$ 1 Trillion by 2030, expanding at a CAGR of 10% during the forecast period. The market is driven by increasing prevalence of chronic diseases such as cancer owing to rapid adoption of sedentary lifestyle and rising geriatric population worldwide.
Regionally, North America dominated the red biotechnology market and accounted for over 40% market share in 2023. This is attributable to presence of well-established biotechnology industry and huge healthcare spending in the region. However, Asia Pacific is projected to witness fastest growth during the forecast period supported by rising R&D investments, improving regulatory guidelines and increasing demand for low-cost biologics in major Asian countries.
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. These leading companies are investing heavily in clinical research and partnerships for development of advanced biologic therapies.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
