by Red biotechnology involves the manipulation of organisms for medical purposes, and is often called medical biotechnology. It uses biotechnology tools and techniques like genetic engineering and cell therapy to develop diagnostic tests for diseases, disease prevention vaccines, regenerative medicines and much more.
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 rising prevalence of various chronic and life-threatening diseases like cancer, cardiovascular diseases, diabetes etc. is a major driver for the red biotechnology market. According to World Health Organization (WHO), chronic diseases are estimated to account for approximately 60% of all deaths globally. Moreover, the geriatric population which is more susceptible to these diseases is increasing rapidly worldwide. For instance, according to UN estimates, the population aged over 60 years is expected to more than double from 12% to 22% between 2015 and 2050. This rise in chronic diseases and aging population will demand more effective diagnostic tests and targeted therapies developed using red biotechnology, thus propelling market growth over the forecast period.
SWOT Analysis
Strength: Red biotechnology focuses on diagnosis, prevention, and treatment of diseases like cancer which has a large patient base. It helps meet the increasing healthcare needs.
Weakness: High R&D costs associated with drug development and clinical trials. Stringent regulations for product approval delays market launch of new therapies.
Opportunity: Rising incidence of chronic and genetic diseases drives the need for advanced diagnostics and personalized medicine. Growing geriatric population susceptible to diseases increases market potential.
Threats: Risk of drugs getting replaced by newer therapies post patent expiration. Industry faces pricing pressure to make drugs affordable and accessible to more patients.
Key Takeaways
The Global Red Biotechnology Market Size is expected to witness high growth over the forecast period. Regional analysis
The Asia Pacific region is projected to witness the fastest growth during the forecast period owing to rising healthcare expenditure, growing middle-class population with greater access to healthcare facilities. North America currently dominates the market due to presence of major players and continuous R&D efforts.
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. These players are focusing on new product launches, partnerships and regulatory approvals to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
