Red Biotechnology Market: Current Analysis and Forecast (2022-2028)

Red Biotechnology Market: Current Analysis and Forecast (2022-2028)

Red biotechnology is the branch of modern biotechnology which is utilized in the field of medicine. It is a process that utilizes organisms to improve health care and help the body to fight diseases. The significant rise in the advancement of stem cell research fields to manufacturing new and personalized methods is attributed to the market growth of the red biotechnology market. Furthermore, the increasing demand for better and patient-specific treatments also attributes to the significant market share of red biotechnology.

The rising investment in research is expected to drive the global red biotechnology market at a CAGR of 6%, during the forecast period. Other factors such as rise in the incidences of chronic diseases, the rapid growth of the biopharmaceutical company, and increase in healthcare expenditure are also affecting the market’s growth positively.

COVID-19 has a staggering effect and a negative impact on the global economy due to imposed lockdowns and government restrictions. However, the market for red biotechnology faced an upsurge during the pandemic due to the increasing government efforts to develop a treatment for the COVID-19 pandemic.

• Based on the application, the market has been categorized into biopharmaceutical production, gene therapy, pharmacogenomics, genetic testing, and others. Among them, the pharmacogenomics segment is expected to have significant growth in the market. Pharmacogenomics is the study of the genes that affect the response of the immune system to drugs. Furthermore, the rising prevalence of various diseases and increased usage of pharmacogenomics in them attributes to the market growth of red biotechnology.
• Based on the product type, the market has been categorized into gene recombinant drugs, human vaccines, blood products, diagnostics reagents, personalized medicines, and others. Among them, the human vaccines segment is expected to have significant growth in the market during the forecast period. The increasing demand for vaccines for the complete eradication of disease and increasing efforts of research organizations on the development of vaccines is attributed to segmental growth.
• For a better understanding of the market adoption of the red biotechnology industry, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America constitutes a significant red biotechnology market due to the presence of better research infrastructure, higher prevalence of chronic diseases, and higher R&D infrastructure. According to 2022 facts and figures from the American Cancer Society over 1.9 million new cancer cases are expected to be diagnosed in the United States in 2022 and this estimate excludes basal cell and squamous cell skin cancers, which are not required to be reported to cancer registries, and carcinoma in situ (non-invasive cancer) except for urinary bladder. The 5-year relative survival rate for all cancers combined has increased substantially from 39% to 68% among white people and from 27% to 63% among black people. This greatly highlights the use of red biotechnology in developing new and effective treatments for the population, in turn boosting the demand for biotechnological products.
• Some of the major players operating in the market are Pfizer Inc., AstraZeneca PLC, F. Hoffmann-La Roche Ltd, Celgene Corporation, Takeda Pharmaceutical Company Limited, Biogen Inc., Amgen Inc., Gilead Sciences Inc., Merck & Co. Inc., and CSL Limited.