Red Biotechnology Market Expected To Witness A Substantial Growth Of $997.74 Billion By 2030: Grand View Research Inc.

 

The global red biotechnology market size is expected to reach USD 997.74 billion by 2030 expanding at a CAGR of 10.6% from 2023 to 2030 according to a new report by Grand View Research, Inc. Red biotechnology has emerged as a most dynamic fields in terms of innovation in past few years. With increasing burden of chronic illnesses such as cancers, genetic disorders, diabetes, and many more, the demand for vaccines, monoclonal antibodies, gene therapies, and cell therapies has grown significantly. Robust pipeline is also expected to propel the growth of red biotechnology market on account of number of expected regulatory approvals in coming years.

COVID- 19 pandemic also had a positive impact on the global market. The approval of various vaccines for management of the virus injected huge revenues within the market place. Similarly enormous number of research studies done for mapping the virus and formulating the vaccine resulted in an increased demand for antibodies, recombinant proteins, enzymes, and many more. For instance, in May 2022, Bharat Biotech received a funding of USD 19 million from Coalition for Epidemic Preparedness Innovations to develop variant proof vaccine against the COVID-19 virus. The pandemic also marked entry of huge number of startups pertaining to biotechnology space creating new market opportunities in emerging countries.

The biotechnology industry is being impacted by Artificial Intelligence (AI), which is important for many processes involved in creating alternative treatments. In the process of developing new medications, artificial intelligence and machine learning are routinely used now. Machine learning makes it easier to find small compounds with medicinal potential based on known target architectures. Increasing adoption of AI in clinical and preclinical studies is expected to reduce the time required to carry out these studies, which in turn is expected to increase the demand for red biotechnology subsets in coming years.

The increasing demand for personalized medicine, high investment in R&D of biotechnology products, and the rising advances in genetic research. Red biotechnology deals with biotechnological applications such as stem cells, gene therapy, genetic engineering, and the development of new drugs and vaccines. Red biotechnology is a process that uses organisms to improve health care and aid the body in disease-fighting. It is a subset of modern technology used in the field of medicine. Red biotechnology is applicable not only to the pharmaceutical industry but also to the medical sector, as it aids in the alleviation of human suffering and improves the quality of life. The rising usage of genetic engineering to produce biological medicine is one of the major trends. This includes using recombinant DNA technology to create genetically modified organisms capable of producing large amounts of a specific protein, such as a therapeutic antibody.

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The market is expected to witness lucrative growth during the forecast period. The market has made significant advances in disease control, from antibiotics for treating acute microbial infections to chronic conditions such as anti-HIV/AIDS. One of which being azidothymidine which has helped managing AIDS.

Many pharmaceutical companies are developing and manufacturing pipeline products for diabetes and neurological disorders such as Alzheimer's and Parkinson's disease. According to the clinicaltrials.gov, there were 126 agents in clinical trials for the treatment of Alzheimer's disease as of January 2021, with 28 treatments in phase III trials. Fermentation technology is being widely used in the life sciences and healthcare sectors, which is positively impacting market growth.

Red Biotechnology Market Report Highlights

• By product, the monoclonal antibody is considered to be a relatively more mature and dominant segment compared to other products in the red biotechnology market. Increasing sales and improved efficacy of these drugs are the major reason for the segment dominant. Large number of drug approvals in past years has resulted in huge revenue generation.
• By end-user, the pharmaceutical & biotechnology companies accounted for majority of revenue in the red biotechnology industry. Increasing number of clinical trials being performed by the companies, growth in R&D and robust pipeline is expected to be the major factors effecting the revenue growth of the segment
• North America has emerged a strong regional position in the market with 38.07% share of the overall market in 2022. The increasing incidence rate of cancer and high R&D expenditure are encouraging companies to undertake product development in the region.

The market is still a growing field with enormous potential for driving medical advancements and transforming the identification of diseases caused by genetic factors. Novel tests can detect changes in the DNA sequence of genes linked to disease risk. Early detection is frequently the crucial factor in avoiding disease or slowing disease progression through early treatment.

The pandemic of COVID-19 has had a significant impact on the red biotechnology market. The biotechnology industry has always relied heavily on innovation. Even in the presence of the COVID-19 pandemic, significant progress is being made in the discovery and development of novel drugs. Despite the numerous challenges posed by the pandemic, the key growth drivers for red biotechnology have remained intact, and the industry will continue to generate innovative new drugs in both the short and long term.

Furthermore, as a result of the COVID-19 pandemic, drug developers are facing some new operational challenges, and anticipate some influence on clinical trial timelines as well as the number of new drug approvals in the future. The market players that are actively running clinical trials for investigational drugs are experiencing a slowdown in patient enrollment and have been forced to temporarily close trial sites entirely, as hospitals prioritize COVID-19 patients' treatment. The pipeline of COVID-19 drugs and vaccines is growing at an unprecedented rate and will be effective in treating and preventing infections.

List of Key Players of Red Biotechnology Market

• Merck KGaA
• F. Hoffmann-La Roche AG
• Pfizer Inc.
• Regeneron Pharmaceuticals, Inc.
• AstraZeneca Plc
• Takeda Pharmaceutical Company Limited
• Gilead Sciences
• Biogen Inc.
• Amgen Inc.
• Celgene Corporation