The red biotechnology global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Red Biotechnology Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The red biotechnology market size has grown rapidly in recent years. It will grow from $509.71 billion in 2023 to $566.28 billion in 2024 at a compound annual growth rate (CAGR) of 11.1%. The growth in the historic period can be attributed to advancements in genetic engineering, stem cell research, growth of biotech startups, regulatory frameworks, biotech funding, and investment.
The red biotechnology market size is expected to see rapid growth in the next few years. It will grow to $867.20 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%. The growth in the forecast period can be attributed to the expansion of personalized medicine, the aging population, investment in research and development, digital health integration, and the expansion of healthcare infrastructure. Major trends in the forecast period include the expansion of biologics and biosimilars, integration of machine learning, development of microbiome-based therapies, focus on rare and orphan diseases, global collaboration, and partnerships.
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Scope Of Red Biotechnology Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Red Biotechnology Market Overview
Market Drivers –
The growing demand for personalized medicine is expected to propel the growth of the red biotechnology market going forward. Personalized medicine refers to tailoring medical treatment to individual characteristics, such as genetics or lifestyle, to optimize effectiveness and minimize adverse effects. The growing demand for personalized medicine is driven by its potential to provide more effective treatments, advancements in genomics, increasing disease complexity, and regulatory support. Red biotechnology enables the development of personalized medicines by utilizing genetic information to tailor treatments to an individual patient’s specific genetic makeup and disease characteristics. For instance, in February 2024, according to the Personalized Medicine Coalition, a US-based non-profit organization, the FDA approved 16 novel personalized therapies for patients with rare diseases in 2023, compared to six in 2022. Therefore, the growing demand for personalized medicine is driving the growth of the red biotechnology market.
Market Trends –
Major companies operating in the red biotechnology market are focused on developing innovative products, such as biosimilars, to meet the growing demand for personalized medicine and address the complexities of diseases. Biosimilars are biological products highly similar to and with no clinically meaningful differences from an existing approved reference biologic, offering more affordable alternatives. For instance, in June 2022, Amgen Inc., a US-based biopharmaceutical company, received U.S. Food and Drug Administration (FDA) approval for Riabni (rituximab-arrx), a biosimilar to Rituxan (rituximab), for the treatment of adults with moderate to severe rheumatoid arthritis (RA). This approval marks a significant milestone in the development of biosimilars, which are designed to be highly similar to existing biological products but at a lower cost.
The red biotechnology market covered in this report is segmented –
- By Product: Monoclonal Antibodies, Polyclonal Antibodies, Recombinant Proteins, Vaccines, Cell-Based Immunotherapy Products, Gene Therapy Products, Cell Therapy Products, Tissue-Engineered Products, Other Products
- By Application: Drug Discovery And Development, Animal Biotechnology, Environmental Biotechnology, Medical Biotechnology, Industrial Biotechnology, Agricultural Biotechnology, Other Applications
- By End-User: Biopharmaceutical Industry, Contract Manufacturing Organization (CMO) And Contract Research Organization (CRO) Research Institutes, Other End Users
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Regional Insights –
North America was the largest region in the red biotechnology market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the red biotechnology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the red biotechnology market are Pfizer Inc., F. Hoffmann-La Roche AG, Bayer AG, Bristol-Myers Squibb Company, GSK plc., Takeda Pharmaceutical Company Limited, Eli Lilly and Company, Gilead Sciences, Amgen Inc., Merck KGaA, Moderna Inc., Regeneron Pharmaceuticals Inc., Astellas Pharma Inc., Biogen Inc., Boehringer Ingelheim International GmbH, BioMarin Pharmaceutical Inc., Vir Biotechnology, Alnylam Pharmaceuticals, Inc., Ultragenyx Pharmaceutical, BioCryst Pharmaceuticals, Sangamo Therapeutics, Inc., Denali Therapeutics, Atara Biotherapeutics, Beam Therapeutics, Umoja Biopharma
Table of Contents
- Executive Summary
- Red Biotechnology Market Report Structure
- Red Biotechnology Market Trends And Strategies
- Red Biotechnology Market – Macro Economic Scenario
- Red Biotechnology Market Size And Growth
….. - Red Biotechnology Market Competitor Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
- Appendix
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