by The global Red Biotechnology Market is estimated to be valued at US$ 855.71 Bn in 2023 and is expected to exhibit a CAGR of 19% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Red biotechnology involves medical application of biotechnology, including pharmaceuticals, blood tests, gene therapy, and medical implants. Major products include vaccines, blood and blood components, stem cell therapy, and cellular and gene therapy etc. Red biotechnology provides significant benefits over traditional methods for identifying and treating illnesses. It allows for highly targeted and individualized medical intervention and treatment. With advancement in genomics and bioinformatics, there have been significant progress in red biotechnology for treatments of diseases like cancer, genetic disorders, and infectious diseases.
The global Red Biotechnology Market is estimated to be valued at US$ 855.71 Bn in 2023 and is expected to exhibit a CAGR of 19% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Gene therapy advancements have propelled the growth of red biotechnology market. Gene therapy involves manipulation of genes to treat or prevent diseases. It is seen as promising approach for treating inherited disorders, some types of cancer, certain viral infections, and other conditions. Recent progress include approval of first gene therapy treatments for spinal muscular atrophy (SMA) and retinal disease. Ongoing clinical research in gene therapy for hemophilia, cancer and neurodegenerative diseases have demonstrated efficacy and safety. With continued research and development, gene therapy is expected to emerge as mainstream treatment option for various conditions currently lacking effective therapies in future. This will drive significant growth in red biotechnology market during forecast period.
SWOT Analysis
Strength: The red biotechnology market size is witnessing high growth due to increasing R&D investments and rising prevalence of chronic diseases. Growing awareness regarding precision medicine and early disease diagnosis is propelling market growth.
Weakness: High costs associated with development of novel biologics coupled with stringent regulatory framework are key challenges in this market.
Opportunity: Untapped opportunities in emerging economies due to rising healthcare spending provide lucrative opportunities for market players. Growing applications of biotherapeutics in cancer and neurological disorders present remunerative growth prospects.
Threats: Threat of generic biologics and biosimilars poses pricing pressure on innovator biologics. Data privacy and security issues also impact market growth.
Key Takeaways
The global red biotechnology market is expected to witness high growth.
Regional analysis: The global red biotechnology market is expected to witness high growth during the forecast period of 2024-2031. North America currently dominates the market and is expected to retain its leading position throughout the forecast period owing to high R&D expenditures and growing adoption of innovative biologics in the region.
Key players operating in the red biotechnology market are Keir Surgical Ltd., Case Medical, Scanlan International, Inc., Koch Industries, Getinge Group, B. Braun (Aesculap, Inc.), Xerafy, Mobile Aspects, Key Surgical, Inc., Spatrack Medical Limited, Fortive Corporation Group, Haldor Advanced Technologies, Tgx Medical Systems, Becton, Dickinson and Company, Intechnology Distribution Pty Ltd., Nutrace, Steris Insturment Management Services, Material Management Microsystems, Asanus Medizintechnik GmbH Inc., and Stanley Healthcare (Division of Stanley Black & Decker), among others.
