Global Red Biotechnology Market - 2022-2029
Red Biotechnology Market size was valued at US$ xx million in 2021 and is estimated to reach US$ XX million by 2029, growing at a CAGR of 5.2% during the forecast period (2022-2029).
Red biotechnology indicates biopharmaceuticals. It involves the use of biotechnology in the medical field. It covers applications of biotechnology relating to clinical trials, vaccine development, disease research, antibiotic production, drug development, and molecular diagnostics.
The red biotechnology market growth is driven by the rise in prevalence of chronic disease, increase in the geriatric population, research and development activities for targeted therapies, rapid expansion in the healthcare system and technological advancements in biologics.
The rising funding for chronic and rare diseases is expected to drive the market growth
The rising prevalence of different diseases such as cancer and cardiovascular diseases is expected to boost the market over the forecast period. As per the 2021 rare disease data report, the World Health Organization (WHO) reports that a rare disease is a lifelong disease or disorder with a frequency of 1 or less per 1000 populations. In the United States, rare diseases are considered diseases or conditions that affect fewer than 200,000 patients in the country (6.4 in 10,000 people). The EU identifies rare diseases as life-threatening or chronically exhausting conditions affecting no more than 5 in 10,000 people. Japan defines rare diseases as diseases with fewer than 50,000 prevalent cases (0.04%) in the country.
In addition, the various authorities take initiatives for funding for rare diseases, such as in 2021, the National Institute for Health and Care Excellence (NICE) publication of final guidance. In Singapore, a rare disease fund was created to fund five medicines to treat three rare disease conditions, and in Malaysia and Australia, subsidised access for eligible patients is offered for high-cost and lifesaving drugs. Moreover, in the case of chronic diseases, according to the CDC, 90% of the nation’s $3.8 trillion per year healthcare costs can be allotted to people with chronic diseases and mental health conditions. A recent collaboration to fight chronic disease publication decided that treatment of the seven major common chronic diseases, coupled with productivity losses, will cost the U.S. economy 2 trillion dollars annually, or USD 8,600 per person by 2030. Increasing the funding for rare and chronic diseases will boost the red biotechnology market worldwide.
The lack of awarenees of rare diseases will hamper the growth of the market
However, in the case of rare diseases, early diagnosis is the main challenge due to many factors, such as lack of awareness in primary care health care professional and lack of facilities for screening and diagnosis. In addition, it is difficult to develop a new drug due to a limited patient pool and the challenge becomes more greater when rare diseases are chronic in nature, where long-term stability is required. This factor limiting the red biotechnology market groeth.
COVID-19 Impact Analysis
The appearance of COVID-19 considerably impacted the global red biotechnology market. During the COVID-19 pandemic, there was a massive pivot by biotechnology companies to follow infectious disease research. Many of the COVID-19 vaccine candidates and over 800 clinical trials for various treatments and vaccines were under development by companies without prior experience in the infectious disease area. Clearly, not many of these products and companies will receive development, funding, or regulatory success. In addition, McMurry-Heath (CEO of BIO) mentioned that the complexity of COVID-19 disease has allowed a role for multiple types of drug mechanisms to be effective. They have only started to see the results of this new focus in terms of new therapeutics and vaccine candidates. On the other hand, the COVID-19 pandemic provides a unique opportunity to biotechnologists across the globe. The world is looking toward the biotech sector to develop effective solutions that will help human beings fight and control the crisis. Furthermore, research organizations, government agencies, and biotech industries, including pharmaceutical companies, have collaborated to fight this conflict by developing detection tools, medicines, and vaccines. Biotechnology has thus turned up as a superior in the fight against COVID-19. Six Indian companies, including Zydus Cadila, Serum Institute, Biological E, Bharat Biotech, Indian Immunologicals, and Mynvax, were working on a vaccine for COVID-19, contributing to global efforts to develop a quick preventive for the deadly infection spreading rapidly across the world.
The biopharmaceutical industries segment is expected to grow at the fastest CAGR during the forecast period (2022-2029)
The biopharmaceutical industry segment is expected to boost the market over the period of the forecast. This is owing to the increased approval of different therapies for diseases such as cancer. Biopharmaceuticals are pharmaceuticals drugs that are developed by using biotechnology. Biopharmaceuticals include DNA, RNA, proteins, antibodies, or antisense oligonucleotides used for therapeutic or diagnostic purposes. A growing number of new therapies for cancer and other diseases are being introduced as a result of advanced technology and the development of novel drugs. For instance, in 2020, Tecartus was approved for mantel cell lymphoma and acute lymphocytic leukemia in the US, UK, and EU by Gilead, and in 2021, Abecma was approved for multiple myeloma in the US, Canada, EU, UK, and Japan by Bluebird Bio. Due to the approval of new therapies for cancer, it is easily available for treatment in the region, which boosts the market. Furthermore, the rising incidence and prevalence of chronic and other diseases and the rapid advancement of the biopharmaceutical industry are the key driving factors in the biopharmaceutical industry segment.
North America region holds the largest market share of the global Red Biotechnology market
North America dominates the market for red biotechnology and is expected to show a similar trend over the forecast period. It is estimated to hold a significant market size over the forecast period (2022–2029) owing to advanced healthcare infrastructure, healthcare spending, awareness among patients, and the availability of proper treatment for rare and chronic diseases. The approval of different gene therapies drives the market in the North American region. For instance, in 2020, a retroviral vector ex vivo was approved by the FDA for mantle cell lymphoma, and in 2021, the same vector was approved for certain types of large B-cell lymphoma. In addition, to date, the FDA has received more than 900 applications for scrutinscrutinine therapy in clinical trials. Furthermore, as per the American Society of Gene & Cell Therapy (ASGCT) 2021 report, one novel genetically modified cell therapy has been approved in 2022. Carvykti, a CAR-T cell therapy developed by Legend Biotech and Johnson & Johnson, was approved for multiple myeloma in the U.S. and EtranaDez (etranacogene dezaparvovec), an AAV5 gene therapy developed by uniQure, filed for approval in the EU and UK for hemophilia B. The launch of the new product in the United States boosts the red biotechnology market in the North American region.
The red biotechnology market is a moderately competitive presence of local as well as global companies. Some of the key players which are contributing to the growth of the market are Hoffmann-La Roche, Ltd., Merck KGaA, Regeneron Pharmaceuticals, Inc., Pfizer, Inc., Biogen Inc., Amgen Inc., AstraZeneca Plc., Takeda Pharmaceutical Company Ltd., Gilead Sciences, Inc., and Celgene Corporation among others. The major players are adopting several growth strategies such as Treatment type launches, acquisitions, and collaborations, which are contributing to the growth of the red biotechnology market globally.
• In August 2022, the U.S. FDA approved MYFEMBREE, developed by Myovant Sciences and Pfizer for the treatment of the management of moderate to severe pain associated with endometriosis. MYFEMBREE offers an efficient once-daily therapy option for the control of moderate to severe endometriosis-related pain.
• In June 2022, Amgen's RIABNI (RITUXIMAB-ARRX), a biosimilar to RITUXAN (RITUXIMAB), received FDA approval for adults with moderate to severe rheumatoid arthritis.
Biogen finds, develops, and distributes worldwide innovative therapies for people living with neurological and neurodegenerative diseases as well as related therapeutic areas. The company was founded in 1978 and has the leading portfolio of medicines to treat multiple sclerosis (MS), Alzheimer’s disease and dementia, movement disorders, neuromuscular disorders, acute neurology, neurocognitive disorders, pain, and ophthalmology. It also commercializes biosimilars of advanced biologics.
Treatment type Portfolio:
BENEPALI: It was approved by the European Commission (EC) in January 2016 for the treatment of adults with moderate to severe rheumatoid arthritis, axial spondyloarthritis, psoriatic arthritis, and plaque psoriasis. It is currently available in more than 20 countries in the Europe region and is the most recommended etanercept in the five largest European countries (Germany, UK, France, Italy, and Spain).
The global red biotechnology market report would provide access to approximately 60+ market data tables, 55+ figures, and in the range of 250 (approximate) pages.
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