The global red biotechnology market was valued at US$ 320.76 billion in 2019 and expected to reach US$ 510 billion by 2027, growing at a compound annual growth rate (CAGR) of around 6.13% during period 2020 to 2027.
Red biotechnology emerged as very vital aspect of medical sector and also finds remarkable application in the area of gene therapy, diagnostics, and clinical trials and research. Some of the other advantages associated with red biotechnology include invention and manufacturing of different novel drugs to treat the several life threatening illnesses and genetic engineering. Growing investments in research and development by foremost market participants and establishment of new fangled facilitates in order to address augmented requirements, robust pipeline of new drugs in clinical trials and escalating product sanctions are some of the prime factors flourish the growth of global red biotechnology market revenue.
For example, Merck financed the founding of a cell culture capacity in South Korea in February 2018. Merck formed agreement in order to start a distribution and production center in India. Pfizer declared the Phase 3 result for LYRICA in primary widespread tonic-clonic seizures on May 2019. For illustration, Bluebird Bio, Inc and CELGENE CORPORATION together confirmed outcomes from a Phase 1 clinical study of bb2121 anti-BCMA CAR T Cell Therapy in patients going through multiple myeloma in 2019.As a result of escalated investments in development and research combined with growing number of medicine candidates in late and early stages of clinical trials is anticipated to push the growth of biopharmaceutical industries sector of red biotechnology market in near future.
Red biotechnology works as a vital forcing factor formodernization of pharmaceutical firms. The market has achieved a huge surplus through personalized medicines. As the count of cancer patients is mounting globally, the use of red biotechnology is also flattering as it supports in realizing the reason for this illness. As per World Health Organization (WHO), Cancer has become second leading reason of death and caused around 9.6 million deaths in 2018 globally. Improved and considerable healthcare sector funding is further spurring the growth of the red biotechnology market. There is constantly rising flexibility for backing the businesses in the biotech field such as health service companies. Start-ups in the healthcare sectors are shining brightly for stockholders, predominantly in biotechnology.
Different sectors of medicine in which red biotechnology undertakes excessive prominence are the fabrication of combination vaccines including combined with Hepatitis B, DPT, Hepatitis A, and polio vaccine which is intended to be vaccinated. Further, red biotechnology is advantageous in the arena of poultry farming and veterinary science. Additional spaces where this technology is beneficial are in the arenas of cancer research, tissue engineering, biochips manufacturing and others. Different application segments analyzed under red biotechnology report include gene therapy, biopharmaceutical production, genetic testing and pharmacogenomics. Among all, gene therapy application segment is anticipated to record highest growth rate on account of proliferating research for the improvement of therapeutics to treat numerous genetic disorders accountable for rare sicknesses.
Numerous end-users involved in the red biotechnology marketplace comprise of CMOs & CROs, biopharmaceutical industries, and research institutes among others. Out of these end-user segments biopharmaceutical industries segment is estimated to grasp a protuberant cut of the revenue of global red biotechnology market in coming years.
Geographically, North America is occupied major chunk of the revenue of global red biotechnology market. This prominent share is backed by growing pervasiveness of rare and chronic diseases, along with great healthcare spending in this region. As per the National Institutes of Health (NIH), around 1.8 million people are predicted to be detected with cancer in the U.S. and 268,600 females might identify with breast cancer in the year 2019.
In U.S. there is a foremost focus of entrepreneurialism and research biotechnology firms along with biotechnology cluster founded in the region. Greater rate of reception of novel biopharmaceutical medicines plus enormous drug launches in North America is supporting the dominance of the region in the global red biotechnology market. Great amount of established biotechnology firms and pharmaceutical industrialists situated in the U.S. are fascinating red biotechnology market sponsors in an attempt to enlarge their existence in the country. This overall helps U.S. to maintain its dominance in the global red biotechnology marketplace.
Key Companies & Market Share Insights
Many firms involved in the global red biotechnology market endure to occupy themselves in the advancement of ground-breaking products and capitalize in related clinical trials in order to achieve regulatory backing. Flourishing research and development attempts for the manufacturing of advanced disease therapeutics has emerged as critical profit-gaining approach for competitors involved in the marker arena. Corporations within the biotechnology sector have attained a competitive edge with the associations of AI and cloud-based technology, and augmented emphasis on research and development. Few noticeable organizations are capitalizing profoundly in merger and acquisition accomplishments to amalgamate their market footprint worldwide.
Some of the significant players in the Red Biotechnology market include:
Segments Covered in the Report
This research report includes complete assessment of the market with the help of extensive qualitative and quantitative insights, and projections regarding the market. This report offers breakdown of market into prospective and niche sectors. Further, this research study calculates market revenue and its growth trend at global, regional, and country from 2016 to 2027.This report includes market segmentation and its revenue estimation by classifying it on the basis of application, end-user and region as follows:
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