OTTAWA, Dec. 16, 2020 (GLOBE NEWSWIRE) -- The global red biotechnology market size surpassed at US$ 320.76 billion in 2019 and expected to reach US$ 510 billion by 2027, growing at a compound annual growth rate (CAGR) of around 6.13% during period 2020 to 2027.
Red biotechnology is a division of biotechnology that studies human health care and approaches of treatment by improvement of medicines such as antibiotics. Scientists involved in this technology carry out trials by controlling genes via germ line engineering in the embryonic phase and conducts gene therapy in adult patients. It emphases mostly on the pharmaceutical filed. Currently, red biotechnology has emerged as wide-ranging field using scientific research, covering the variety of improvement for medical implants and drugs, genetic engineering, and the cultivation of organs, cells and tissues for treatment and research of particular illness or injury. Red Biotechnology involves regenerative therapies, antibiotics and vaccines production, molecular diagnostics techniques, manufacturing new drugs, and the improvement of genetic engineering to treat illness via genetic manipulation.
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Red biotechnology finds its application in Parkinson’s disease treatment and in the area of cancer study. This technology aids to realize the mutations plus amplifications of the gene that causes this Parkinson’s disease. In the area of cancer study, red biotechnology aids to find efficacy of anti-cancer drugs for specific patient as the efficiency of such drugs relies on the disposition of gene of the person to whom the drug is directed.
Further red technology helps to develop and manufacture medicines to suit the precise genetic necessities of particular patients. The prospective for red biotechnology in the development and research in the area of medicine is marvelous. This technology assists the pharmaceutical sector to develop and grow improved quality medicines also on it aids to advance the excellence of life of human beings.
Growth Factors
Growing occurrence of rare and chronic illness worldwide is foreseen to propel growth of red biotechnology market in the coming years. Escalating patient population is projected to spur the sale for novel drug molecules for the efficient diseases treatment. As a result, augmented requirement for diagnostics and therapeutics for quick and competent diseases administration, plus increasing incidences and prevalence of chronic and rare diseases are together projected to support growth of red biotechnology market in near future.
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Report Highlights
- Asia Pacific is projected to offer beneficial prospects to different players involved in the red biotechnology market throughout the forecast period.
- Rising prevalence and incidence of enduring and rare illness and speedy development of the biopharmaceutical sector are some of the major factors fuelling the growth of biopharmaceutical industry.
- Gene therapy is anticipated to gather a favorable compounded annual growth in near future
- Competence and cost-effectiveness, prominent developments associated with biosimilars stays a pivotal argument for competitors due to global inclination at biosimilars those address consumer necessities.
Regional Snapshots
North America is expected to dominate the global red biotechnology market in near future. Main reasons supporting this dominance include new-fangled product approvals, growth in disease burden, and increasing research & development undertakings in this region. Asia Pacific is projected to deliver profitable prospects to companies functioning in the red biotechnology market during coming years. As per American Cancer Society, around 1,735,350 new cases of cancer and 609,640 deaths from cancer are recorded in the U.S. between 2018 and 2019.
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Red biotechnology market in Asia Pacific is proposed to show a compounded annual growth rate of more than 6% from 2019 to 2027. Growing number of CROs and CMOs, augmented product approvals from regional governing authorities and growing investments from giant biopharmaceutical companies operating in the red biotechnology market in this region are the some of the prime factors driving market growth in Asia Pacific. For example, Gilead got approval for Epclusa from Japan’s Ministry of Health, Labour and Welfare (MHLW) in January 2019. This drug is engaged to suppress viremia in patients those having lingering HCV infection with decompensated cirrhosis.
Key Players & Strategies
Numerous manufacturers involved in the red biotechnology sector are focusing progressively on enlargement of geographic existence via tactical acquisitions, partnerships, mergers and new product introductions in various nations and regions countries. This helps them to amalgamating their place in the global red biotechnology market. For example, Gilead Sciences, Inc. got approval for Harvoni by China’s National Medical Products Administration in December 2018. This medicine is employed for Chronic Hepatitis C Virus Genotype 1-6 treatment. Few of the noticeable companies are capitalizing profoundly in acquisition and merger undertakings to unite their market footprint across the world. Several players operating in this marketplace are AstraZeneca PLC, CSL Limited. F.Celgene Corporation, Pfizer Inc, Takeda Pharmaceutical Company Limited, BiogenInc, Hoffmann-La Roche Ltd, Amgen Inc, Gilead Sciences Inc, and Merck KGaA among others.
Market Segmentation
By Application
- Pharmacogenomics
- Biopharmaceutical Production
- Gene Therapy
- Genetic Testing
By End-user
- Research Institutes
- CMOs & CROs
- Biopharmaceutical Industries
- Others
By Geography
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- South Korea
- Middle East & Africa
- Latin America
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