Wilmington, Delaware, United States, May 12, 2023 (GLOBE NEWSWIRE) -- The global red biotechnology market size stood at USD 357.2 Bn in 2021 and is anticipated to surpass value of USD 609.6 Bn by 2031. The global industry is anticipated to expand at a CAGR of 5.6% between 2022 and 2031.
Development of recombinant DNA (rDNA) techniques signaled the start of the biotechnology era. Since then, countless investigations and trials into how biotechnology could enhance health have been conducted. Innovative therapeutic drug formulations for efficient illness therapy are currently possible owing to advancements in biotechnology. These factors are estimated to drive business opportunities in the global industry.
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Red biotechnology products are expected to offer attractive lucrative revenue opportunities to market participants when used in personalized medical treatment. The global red biotechnology market is anticipated to witness strong growth due to rising prevalence of chronic illness, rapid growth of biopharmaceutical business, and rising healthcare spending. The global industry is also expected to grow due to increased use of technology in treating chronic illnesses and existence of large number of novel medicinal products in developmental phase.
A perfect example of a supporting component in the biotech sector that is gradually growing is health services. . Biotechnology-related healthcare start-ups have garnered the attention of investors in particular. Artificial intelligence has been used to gradually improve biotechnology research programs since it speeds up and lowers the cost of creating life-saving drugs.
One of the revolutionary uses of modern biotechnology, stem cell research is moving forward more quickly than ever. It is concentrated on developing highly customized treatments with a patient's own cells. The same is true for genetic engineering, which modifies a patient's genetic composition to identify certain areas of interest. These developments are anticipated to drive business growth of the global red biotechnology market in the near future. Companies in the biotechnology industry currently enjoy a competitive advantage owing to the effects of cloud computing, artificial intelligence, and increased concentration on R&D.
Global Red Biotechnology Market: Key Players
- Celgene Corporation (Bristol-Myers Squibb Company)
- Takeda Pharmaceutical Company Limited
- Gilead Sciences, Inc.
- Regeneron Pharmaceuticals, Inc.
- F. Hoffmann-La Roche, Ltd.
- Pfizer, Inc.
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Key Findings of Market Report
- Based on application, the biopharmaceutical production segment is anticipated to hold a sizable market share between 2022 and 2031. The segment is anticipated to grow in the next few years due to rising biologics demand and technological improvements. Manufacturing of biopharmaceuticals is also anticipated to increase owing to rise in prevalence of illness as well as increase in healthcare spending in developing countries.
- Based on end-user, the biopharmaceutical industry segment is anticipated to account for a prominent share of the global market. Increased demand for biologics for medical treatment of chronic illnesses and rise in clinical trial activity are projected to drive business growth of the segment. The biopharmaceutical industry segment is expected to grow, as more established businesses embrace growth strategies.
Global Red Biotechnology Market: Growth Drivers
- Rise in prevalence of chronic and uncommon illnesses worldwide is anticipated to raise the market demand for novel therapeutic molecules for efficient disease treatment. Over 80% of the 6,000–8,000 rare diseases that the WHO estimates to exist are hereditary abnormalities. Consequently, the global market for red biotechnology is expected to be driven by a rising incidence of chronic and uncommon illnesses as well as increasing demand for diagnostics and therapies for prompt and efficient disease management.
- The global market for red biotechnology is expected to grow as a result of increased R&D activities, an increase in the number of people suffering from illnesses such as cancer, and the rapid growth of the health care and pharmaceutical industries in both developed and developing countries
Global Red Biotechnology Market: Regional Landscape
- In terms of geography, the top companies in the red biotechnology market are anticipated to find attractive prospects in Asia Pacific. The main factors expected to fuel industry growth in Asia Pacific include an increase in product approvals from regional regulatory agencies, rising number of CROs and CMOs, and a spike in investments by large biopharmaceutical firms.
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Global Red Biotechnology Market: Segmentation
Application
- Biopharmaceutical Production
- Gene Therapy
- Pharmacogenomics
- Genetic Testing
End-user
- Biopharmaceutical Industry
- CMO & CRO
- Research Institutes
- Others
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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