Red Biotechnology Market to Reach a Value of US$ 512 Bn by 2027, Increase in the Demand for Biosimilars to Drive the Global Market
Albany NY, United States: Transparency Market Research (TMR) has published a new report on the red biotechnology market for the forecast period of 2019–2027. According to the report, the global red biotechnology market was valued at US$ 314.2 Bn in 2018. The red biotechnology market is expected to expand at a CAGR of nearly 6% from 2019 to 2027.
Red Biotechnology Market: Overview
- Major drivers augmenting the global red biotechnology market during the forecast period include increasing number of clinical trials, rising incidences and prevalence of chronic and rare diseases in developed and developing regions, increasing investments in the healthcare sector, and rising adoption of expansion strategies by major manufactures through mergers & acquisitions and distribution and development agreements.
- The global red biotechnology market is anticipated to be dominated by North America. Major factors attributed to its dominance of the red biotechnology market are increasing disease burden, new product approvals, and rising research & development activities in the region.
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- Asia Pacific is anticipated to provide lucrative opportunities to manufacturers operating in the red biotechnology market during the forecast period. The red biotechnology market in Asia Pacific is projected to exhibit a CAGR of more than 6% from 2019 to 2027. Increasing product approvals from regional governing authorities, rising number of CMO & CROs, and increasing investments from big biopharmaceutical manufacturers operating in the red biotechnology market in the region are the key drivers that are anticipated to propel the red biotechnology market in Asia Pacific at a high growth rate during the forecast period.
Increase in Prevalence of Chronic Diseases, Globally, Driving the Red Biotechnology Market
- Increasing number of chronic and rare disease across the globe is anticipated to fuel the global red biotechnology market during the forecast period, due to the increasing patient population, which, in turn, is expected to drive the demand for novel drug molecules for the effective treatment of diseases.
- According to WHO, there are approximately 6,000 to 8,000 rare diseases, and out of them, nearly 80% are genetic disorders.
- Therefore, the increasing demand for therapeutics and diagnostics for rapid and efficient diseases management, coupled with increasing incidences and prevalence of chronic and rare diseases, is expected to propel the red biotechnology market, globally, during the forecast period.
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Biopharmaceutical Product Segment Prominent in the Red Biotechnology Market
- In terms of end user, the global red biotechnology market has been segmented into biopharmaceutical industries, CMOs & CROs, research institutes, and others.
- The biopharmaceutical industries segment is expected to hold a prominent share of the global red biotechnology market during the forecast period.
- Major drivers that are attributed to boost this segment of the red biotechnology market during the forecast period are increasing investments in research & development by major players and establishing newer facilitates to cope up with the growing demand, increasing product approvals, and strong pipeline of drug products in clinical trials.
- For instance, in February 2018, Merck invested in the establishment of a cell culture facility in South Korea. It also entered into agreements to establish a manufacturing and distribution center in India.
- On May 2019, Pfizer announced the Phase 3 result for LYRICA (pregabalin) in primary generalized tonic-clonic seizures.
- Thus, increasing investments in research and development, along with a rise in the number of drug candidates in early and late phases of clinical trials is expected to drive the biopharmaceutical industries segment of the global red biotechnology market during the forecast period.
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Gene Therapy to be a Promising Segment of the Global Red Biotechnology Market
- Based on application, the global red biotechnology market has been divided into biopharmaceutical production, gene therapy, pharmacogenomics, and genetic testing. The gene therapy segment of the red biotechnology market is projected to expand at a high CAGR during the forecast period, owing to increasing research for the development of therapeutics to treat various genetic disorders responsible for rare diseases.
- For instance, in 2019, CELGENE CORPORATION, together with Bluebird Bio, Inc., declared results from a Phase 1 clinical study for bb2121 anti-BCMA CAR T Cell Therapy in individuals suffering from multiple myeloma.
North America to Dominate the Global Red Biotechnology Market, While Asia Pacific to Offer Lucrative Market Opportunity
- In terms of region, the global red biotechnology market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
- Increasing patient population, rising demand for advanced diagnostic and therapeutic products for efficient disease management, and favorable reimbursement policies for diseases treatment are estimated to lead North America to dominate the global red biotechnology market during the forecast period.
- According to the American Cancer Society, nearly 1,735,350 new cancer cases and 609,640 deaths from cancer are estimated to be registered in the U.S between 2018 and 2019.
- The red biotechnology market in Asia Pacific is projected to expand at a high CAGR during the forecast period, owing to increasing drug approvals and rising investments in research & development. For instance, in January 2019, Gilead received approval for Epclusa from Japan’s Ministry of Health, Labour and Welfare (MHLW). This drug is employed for the suppression of viremia in patients with chronic HCV infection with decompensated cirrhosis.
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Growth Strategies by Key Red Biotechnology Market Players
- Key players operating in the global red biotechnology market include Pfizer, Inc., Biogen Inc., Amgen Inc., AstraZeneca Plc., AstraZeneca Plc., CELGENE CORPORATION, F. Hoffmann-La Roche, Ltd., Merck KGaA, Regeneron Pharmaceuticals, Inc., and Takeda Pharmaceutical Company Limited.
- Companies operating in the global red biotechnology market are focusing on expansion strategies, such as strategic mergers & acquisitions, partnerships agreements, and product launches, in order to expand their product portfolio and consolidate their position in the global red biotechnology market.
- For instance, in September 2018, Gilead Sciences, Inc. entered into a strategic collaboration with Precision BioSciences to develop therapies for the elimination of hepatitis B virus (HBV) using the ARCUS genome editing platform.
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