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Red biotechnology Market Booming at a CAGR of 6.13% by 2027

Published: Mar 11, 2022

According to Precedence Research, the global red biotechnology market size is predicted to hit around US$ 510 billion by 2027 from valued at US$ 322 billion in 2020, growing at a CAGR of 6.13% from 2021 to 2027.

Growth Factors

Genetic engineering and the development and product of numerous new medicinal products to treat life- threatening conditions are also part of red biotechnology. Severe Combined Immune Deficiency (SCID) and Adenosine deaminase (ADA) insufficiency are genetic diseases that were successfully treated with gene therapy. Also, various promising therapies are undergoing development for the cancer and genetic diseases treatment. In the view of the World Health Organization (WHO), there are roughly to rare conditions, and out of them, nearly 80 are genetic diseases. In the future, gene therapy is anticipated to give several promising ways for the application of these rare diseases. Rising prevalence and frequency of chronic and rare conditions and increased funding in the healthcare market are the crucial driving factors in the red biotechnology market.

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Report Coverage

Details

Market Size by 2027

USD 510 Billion

CAGR

6.13% from 2021 to 2027

Base Year

2021

Forecast Data

2022 to 2027

By Application

Pharmacogenomics

Biopharmaceutical Production

Gene Therapy

Genetic Testing

By End User

Research Institutes

CMOs & CROs

Biopharmaceutical Industries

Others

By Region

North America

Europe

APAC

Latin America

MEA

 

Report Highlights

  • On the basis of application, numerous application segments categorized under red biotechnology report include gene therapy, genetic testing, biopharmaceutical product and pharmacogenomics. Among all, gene therapy application member is anticipated to record loftiest growth rate on account of proliferating research for the enhancement of therapeutics to treat various genetic diseases responsible for rare diseases.
  • On the basis of end user, various end- users involved in the red biotechnology business comprise of CMOs & CROs, biopharmaceutical diligence, and research institutes among others. Furthermore, biopharmaceutical diligence segment is estimated to hold a tumescent portion of the profit of global red biotechnology market in coming times.
  • North America is anticipated to hold a significant market share in the global red biotechnology market due to the rising frequency of chronic and rare conditions, high healthcare expenditure in this region. According to the National Institutes of Health (NIH), in the time 2019, roughly1.8 million people will be diagnosed with cancer in the United States, and estimated women and men will be diagnosed with bone cancer. Also, the rise in the relinquishment of advanced technologies in gene therapy and adding investments in research and development is fueling the growth of the overall indigenous market to a large extent.

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Future of Red biotechnology Market

There are advancements in biotechnological area in order to manufacture new therapeutic medicines for elegantly fighting conditions, momentous upsurge in progression rate in the research area of stem cell in order to manufacture genetic engineering and unique styles, enables correcting the genetic composition of cases. These are the major factors propelling the growth of the red biotechnology market. Along with this, there has been significant rise in the frequency of chronic conditions; constantly growing biopharmaceutical diligence; and rise in investments of the healthcare market, which propel the market. Also, spreading mindfulness for the treatment of chronic conditions, increase in number of clinical trials for the development of medicines, and rise in acceptance and demand for biosimilar is likely to boost the market growth during the cast period.

COVID-19 Impact Analysis:

  • Pharmaceutical & biotech companies altogether with governments around the world are working in order to control the COVID-19 outbreak, from supporting the improvement of vaccines to looking after for medicines supply chain challenges.
  • At present, more than 155 molecules and 115 vaccine candidates are in the R&D pipeline. In addition, regularly used medicine, such as hydroxychloroquine, has observed a drastic rise in demand for the cure of COVID-19. Such high demand for similar drugs has provided immense opportunities for the producers of COVID-19 drugs as many regions are facing scarcity of these drugs.
  • The biotechnology and pharmaceutical industries are further expected to witness a significant growth in the future, owing to the demand for treatment drugs and vaccination for COVID-19.
  • Owing to such factors, COVID 19 is likely to have a positive impact on the red biotechnology market growth.

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Key Developments in the Marketplace:

  • In June 2019, a key player named Amgen and Allergan plc declared that the US FDA permitted the approval for KANJINTI for all permitted indications of the reference product, and Herceptin for the treatment of gastroesophageal junction adenocarcinoma or HER2-overexpressing metastatic gastric and metastatic breast cancer.
  • In 2019, a key player named Biogen Inc. declared recently the new data presentation from the biosimilar anti-TNF portfolio of the company, which comprise of FLIXABI, BENEPALI, and IMRALDI. In Europe, 0.1 billion patients were treated with a Biogen biosimilar, and the company further estimates the approval of its biosimilar to make nearly Euro 2 billion in healthcare cost savings in the year 2019.

Some of the significant players in the Red Biotechnology market include:

  • Hoffmann-La Roche, Ltd.
  • Merck KGaA
  • Regeneron Pharmaceuticals, Inc.
  • Pfizer, Inc.
  • Biogen Inc.
  • Amgen Inc.
  • AstraZeneca Plc.
  • Takeda Pharmaceutical Company Ltd.
  • Gilead Sciences, Inc.
  • CELGENE CORPORATION

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