Red biotechnology involves the application of biotechnology techniques in human healthcare. It includes development and production of diagnostic kits, development of therapies and vaccines for treatment of various diseases, development of biomarkers for disease diagnosis, development and production of bio-similar or biosimilar drugs through recombinant DNA technology. Red biotechnology products are extensively used in diagnosis, treatment and management of various diseases including cancer, infectious diseases, genetic disorders, autoimmune 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.
Market key trends:
The increasing adoption of personalized medicine is one of the major trends driving the growth of the red biotechnology market. Personalized medicine involves tailoring of medical treatment to the individual characteristics of each patient. It involves using diagnostic tests to identify specific biological markers, gene expression, proteins, and other characteristics within a patient. This allows doctors to better predict whether a particular treatment will be effective or not in a patient. The collection of this molecular data also allows for development of targeted therapies which can be more effective than conventional broad therapies. With advancements in fields like pharmacogenomics and companion diagnostics, personalized medicine approach is gaining increased traction in treatment of various diseases. The trend towards personalized healthcare aims to provide right treatment to right patient and improve overall outcomes, and is thus expected to boost the demand for red biotechnology products over the forecast period.
Segment Analysis
Red Biotechnology Market is segmented by technology into gene therapy, immunotherapy, regenerative medicine, and others. The gene therapy segment dominated the market in 2023 and is expected to continue its dominance during the forecast period. Gene therapy aims at replacing or repairing defective genes or introducing new genes to cure genetic diseases. Advancements in gene therapy research and clinical trials for various diseases like cancer and genetic disorders will boost the growth of this segment.
Key Takeaways
The Global Red Biotechnology Market Size is expected to witness high growth during the forecast period of 2023 to 2030.
Regional analysis The North American region dominated the global market in 2023 and is expected to continue dominating during the forecast period as well. High healthcare expenditure, government funding for research, presence of leading biotech companies, and advancement in biotechnology research have contributed to North America's dominance.
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. The key players are focusing on new drug development and product launches to strengthen their market position. Partnership and collaboration with research institutes are also among the strategies adopted by companies to expand their presence in the red biotechnology market.
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