by The global Red Biotechnology Market is estimated to be valued at US$ 742.80 Bn in 2023 and is expected to exhibit a CAGR of 10.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Red biotechnology involves the application of biotechnology tools and techniques to develop healthcare products like medicines, vaccines and diagnostic tests. The key applications areas of red biotechnology include development of therapeutic drugs and proteins, molecular diagnostics, genetic testing and many more. Red biotechnology helps in developing innovative diagnostics and therapeutics to treat life-threatening diseases like cancer, cardiovascular diseases, infectious diseases and more. Advancements in fields like synthetic biology, genomics and personalized medicine are fueling the growth of red biotechnology market.
Market key trends:
Artificial intelligence and machine learning assisted drug discovery: Integration of AI and machine learning is enabling faster drug discovery process and personalized therapeutics. Key players are adopting AI tools to sift through huge genomic and clinical datasets to identify new drug targets. This is emerging as a promising trend in red biotechnology market.
Growing demand for personalized medicines: Advancements in precision medicine and targeted therapeutics are driving demand for personalized medicines developed using patient’s genomic profiles. Players are focusing on developing companion diagnostics along with their therapies to identify right patients for treatment. This trend is positively impacting the red biotechnology market growth.
Rising funding for R&D: Governments globally are increasing their funding for life science research to support development of innovative diagnostics and therapies. Moreover, big biotech firms are heavily investing in red biotechnology startups developing path breaking research. This will accelerate the market expansion over the forecast period.
Porter’s Analysis
Threat of new entrants: The red biotechnology market has moderate threat of new entrants due to high capital investment requirement for R&D activities and stringent regulatory procedures.
Bargaining power of buyers: The bargaining power of buyers is moderate as the market is fragmented with presence of many global as well as local players. Switching costs for buyers are also moderate.
Bargaining power of suppliers: The bargaining power of suppliers is low due to availability of substitute resources and focus of major players on in-house production of raw materials.
Threat of new substitutes: Threat of new substitutes is moderate as there is constant innovation and development of alternative therapies.
Competitive rivalry: High due to presence of many global and local players focusing on new product launches and expansion.
Key Takeaways
The Global Red Biotechnology Market Size is expected to witness high growth, exhibiting CAGR of 10.7% over the forecast period, due to increasing prevalence of cancer and other chronic diseases.
Regional analysis: North America dominated the market and held the largest market share in 2023 due to presence of advanced healthcare infrastructure and increasing R&D investments by key players. However, Asia Pacific is expected to grow at the fastest pace during the forecast period attributed to growing penetration of healthcare facilities, increasing healthcare investments and expansion of key players in emerging markets.
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, Astellas Pharma. The market is dominated by global players focusing on new launches and expansion in high growth markets.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
