by The global Red Biotechnology Market is estimated to be valued at US$ 742.80 billion in 2022 and is expected to exhibit a CAGR of 10.7% over the forecast period 2023 – 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Red biotechnology involves biopharmaceutical products used for the treatment, prevention and diagnosis of various diseases. The biologics segment contributes over 40% of the global market owing to the high demand for monoclonal antibodies and recombinant proteins for conditions such as cancer, diabetes and autoimmune diseases.
Market key trends:
The global red biotechnology market is driven by rising prevalence of chronic diseases worldwide. As per WHO, cancer is the second leading cause of death globally and was responsible for an estimated 9.6 million deaths in 2018. Increasing R&D investments in cell and gene therapy is one of the key trends witnessed in the market. For instance, Novartis received FDA approval for Kymriah, the first CAR-T cell therapy for pediatric and young adult patients with relapsed or refractory B-cell acute lymphoblastic leukemia.
Segment Analysis
The global red biotechnology market is segmented into therapeutics, genetic testing, drug discovery, and development. The therapeutics segment dominates the market and is expected to continue its dominance over the forecast period. This is attributable to the rising prevalence of chronic diseases and increasing demand for effective therapeutics to treat various health conditions.
Key Takeaways
Global Red Biotechnology Market Demand is expected to witness high growth, exhibiting a CAGR of 10.7% over the forecast period from 2023 to 2030, due to the increasing prevalence of chronic diseases worldwide. The market size is projected to reach US$ 742.80 billion in 2023.
Regional analysis
The US region dominates the market and is expected to continue its dominance over the forecast period. This is attributed to advanced healthcare infrastructure, high healthcare spending, and presence of key players in the region.
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, and Astellas Pharma. These players are focusing on R&D activities to develop innovative therapeutics and diagnostics.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
