Red Biotechnology Market to Exceed US$ 609.6 Bn by 2031: TMR Study
19 Aug 2022
Gene TherapyVaccine
Rise in demand for red biotechnology products in managing prevalence of chronic diseases to generate steady streams of revenues; need for personalized therapies for healthcare underpins value-grab opportunities
Growing investment by biopharmaceutical industry enriching the product pipeline in red biotechnology market, especially in stem cell research; Asia Pacific market witnessing new revenue streams
WILMINGTON, Del., Aug. 19, 2022 /PRNewswire/ -- A scrutiny of recent red biotechnology market trends by TMR analysts finds out that strides in medical biotechnology have paved the way to effective therapeutics and diagnostics for chronic disease management. Red biotechnology products have been particularly adopted for advancing the scope of personalized care for human diseases. The global market is projected to advance at a CAGR of 5.6% from 2022 to 2031, with red biotechnology market size to cross US$ 609.6 Bn by 2031.
Advancement in recombinant DNA technology over the years has increasingly shaped the course of growth trajectories of the red biotechnology market. In particular, medical biotechnology has been a key underpinning for broadening the scope of personalized therapies and medicine in the global healthcare system, a trend that red biotechnology market analysis underscores. Furthermore, strides made in gene therapies and stem cell research has fueled growth prospects for firms in red biotechnology market.
Recent developments in the red biotechnology indicate that pharmaceutical companies are keen on strengthening their product profile of novel therapeutics. Their efforts are reinforced by the pressing need for these in cancer management and treatment of rare diseases. Progress in bioinformatics will propel future market demand for red biotechnology.
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Key Findings of Red Biotechnology Market Study
Expanding Array of Targeted Therapies for Chronic Diseases Generates Sizable Opportunities: High global prevalence of various chronic diseases has nudged firms to grow their R&D on targeted therapies. Need for novel drug molecules for developing effective and safer treatments for chronic and rare diseases will attract investments in the red biotechnology market. More prominently, finding effective treatment or cure for rare diseases and disorders (RD) evoked considerable interest among stakeholders, expanding the horizon for investments by CROs and research institutes.
R&D by Biopharmaceutical Firms to Open up Profitable Avenues: Rise in use of biologics in the chronic disease treatment has spurred profitable demand for red biotechnology products. As a result, the past few decades have witnessed rise in number of clinical trials on biologics. Of note, biopharmaceutical production is projected to hold a major share of the global market during the forecast period. Biopharmaceutical firms are gearing toward leveraging cloud-based technology and AI for developing personalized medical care. Thus, investments in personalized medicine have unlocked promising frontier in red biotechnology market.
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Red Biotechnology Market: Key Drivers
Worldwide, countries are leaning for combating the incidence and prevalence of chronic diseases, which is a key driver for red biotechnology market
Pressing need for novel target therapies has accelerated drug discovery and fueled development of safer and more effective vaccines. This will propel new revenue streams in red biotechnology market.
Red Biotechnology Market: Regional Growth Dynamics
North America held a major share of the global red biotechnology market in 2021. Widespread uptake of red biotechnology products and several new product approvals especially in the U.S. have led the region to emerge as lucrative market.
Asia Pacific is projected to witness vast lucrative avenues during the forecast period. Key market players are geared toward tapping into the enormous demands especially of biopharmaceuticals by growing R&D in medical biotechnology. Growing number of clinical studies is catalyzing the prospects of the Asia Pacific red biotechnology market.
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Red Biotechnology Market: Key Players
Some of the key players in the red biotechnology market are Takeda Pharmaceutical Company Limited, Regeneron Pharmaceuticals, Inc., Bruker, Merck KGaA, F. Hoffmann-La Roche, Ltd., Celgene Corporation (Bristol-Myers Squibb Company), Gilead Sciences, Inc., AstraZeneca plc., Amgen, Inc., Biogen, Inc., and Pfizer, Inc.
Red Biotechnology Market Segmentation
Application
Biopharmaceutical Production
End-user
CMO & CRO
Others
Regions
North America
Latin America
Europe
Middle East & Africa
Countries
U.S.
Canada
Germany
U.K.
France
Italy
Spain
China
India
Japan
Australia & New Zealand
Brazil
Mexico
GCC Countries
South Africa
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