by The Red Biotechnology Market is estimated to be valued at US$ 742.80 billion in 2023 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 molecular and cellular approaches to develop products and services related to diagnostics, prevention, and treatment of human diseases. It includes products such as biopharmaceuticals, reagents, equipment, and services related to drug discovery and development for treat diseases such as infectious diseases, cancer, and chronic diseases. These products and services help provide better healthcare solutions and improve the quality of human life.
Market key trends:
The growth of the red biotechnology market is majorly driven by the increasing adoption of personalized medicine. Personalized medicine aims to provide customized treatment based on an individual person’s genes, proteins, and lifestyle. It takes into account variations in people’s genes, environments, and lifestyles. The approach allows doctors and researchers to predict more accurately which treatment and prevention strategies for a particular disease will work in which groups of people. The concept is already being applied in the treatment of certain cancers and diabetes and is expected to expand to many other diseases. The increasing focus on personalized healthcare is expected to drive significant growth in the red biotechnology market over the forecast period.
Porter’s Analysis
Threat of new entrants: The biotechnology industry requires significant R&D investment and regulatory procedures pose high barriers for new companies. Bargaining power of buyers: Large pharmaceutical companies have significant bargaining power over biotechnology firms due to their scope and financial strength. Bargaining power of suppliers: Suppliers of raw materials and key components have relatively low bargaining power due to availability of substitutes. Threat of new substitutes: Threat from new substitutes is high as research results in new treatment options. Competitive rivalry: Intense competition exists among established players to develop novel therapies.
SWOT Analysis
Strengths: Advancements in genomics and precision medicine enable targeted treatment development. Weaknesses: Heavy dependence on government funding and reimbursement policies. Long development cycles and regulatory approval processes increase costs and risks. Opportunities: Rising healthcare expenditure, increasing prevalence of chronic diseases and aging population drive growth. Threats: Stringent regulations, pricing pressures, reimbursement challenges and patent expiries of blockbuster drugs pose threats.
Key Takeaways
Global Red Biotechnology Market Demand is expected to witness high growth, exhibiting CAGR of 10.7% over the forecast period, due to increasing prevalence of chronic diseases. The US market currently dominates with a share of over 30% owing to presence of leading biotechnology companies and high healthcare spending. The Asian countries are expected to be the fastest growing regional market led by China, India and Japan on account of rising healthcare expenditure, large patient pool and government support.
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 majors spend significantly on R&D to develop advanced treatment options focused on immuno-oncology, gene therapy and personalized medicine.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
