Dublin, Aug. 09, 2023 (GLOBE NEWSWIRE) -- The "Red Biotechnology Market - Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028" report has been added to ResearchAndMarkets.com's offering.
The Global Red Biotechnology Market is set to experience remarkable growth with an impressive CAGR through 2028.
This growth can be attributed to several key factors driving the industry forward. Firstly, there is a surging demand for genetic engineering, which is enabling the development of groundbreaking medicines for the treatment of life-threatening diseases.
Additionally, the increased production and adoption of precision medicine are further propelling the growth of the red biotechnology market. Red Biotechnology focuses on harnessing the therapeutic and diagnostic potential of living cells and their components to create innovative medical treatments and cures for various diseases and health conditions.
This comprehensive approach encompasses the development of medicines, diagnostic instruments, vaccines, gene treatments, and other cutting-edge products aimed at treating and preventing a wide range of ailments. With the growing emphasis on precision medicine, the global red biotechnology market is experiencing expanding opportunities and increasing demand for its innovative solutions.
Growing Demand for Genetic Engineering
An increase in demand for genetic engineering has been observed due to an increase in biologic drugs. According to IQVIA Institute data, biologic drugs represented 2 percent of all United States prescriptions but comprised 37% net drug spending.
The growing use of genetic engineering, such as recombinant DNA technology, in creating genetically modified organisms, such as therapeutic antibodies, is propelling the growth of the red biotechnology market across the globe. The technologies, such as gene editing, such as CRISPR-based genetic editing, are also becoming much prevalent in the market and thereby are supporting the market growth by expanding the applications of red biotechnology in genetic engineering.
Additionally, red biotechnology is found to have applications in the production of spinal discs, artificial bones, skin, and cartilage through tissue engineering techniques.
Development of new medicines for the treatment of life-threatening diseases
Red biotechnology has found applications in fields such as gene therapy, clinical trials, diagnostics, and research. Also, the growing number of clinical trials for the development of drugs, along with the rise in acceptance and demand for biosimilars, affect the growth of red biotechnology in the recent scenario. The expansion of the biopharmaceutical sector of the red biotechnology market is expected to grow with increasing clinical trials in medicine production.
For instance, In July 2022, Replay-a genomic medicine-producing startup, invested USD55 million in a seed funding round to develop and transform genomic medicine through an interlinking stage for developing various genotype genomic research to discover new disease targets and enhance and improve the disease diagnosis & treatment.
Increased production of precision medicine
The growing prevalence of chronic diseases across the world is creating a rising demand for precision medicine. According to the World Health Organization (WHO), cancer is the second leading cause of death globally and has recorded around 9.6 million deaths globally.
With the increasing number of cancer patients worldwide, the growth of the red biotechnology market is also expanding as it is utilized for diagnosing the reason for these diseases by using genetic testing and sequencing techniques, etc., and thereby has found many lucrative opportunities in diagnosis, drug development and treatment for diseases such as cancer and is thereby expected to bolster market growth in the forecast period.
Along with this, red biotechnology is utilized in combined vaccine production, such as Hepatitis B, merged with the polio vaccine, and DPT merged with Hepatitis A, and this all together is of great importance to support the market growth in the forecast period.
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the Global Red Biotechnology Market.
- Pfizer, Inc.
- Takeda Pharmaceutical Company Limited
- Gilead Sciences
- Regeneron Pharmaceuticals, Inc.
- F. Hoffmann-La Roche, Ltd.
- Bruker
- Merck KGaA
- Celgene Corporation
- Amgen, Inc.
- Biogen, Inc.
Report Scope
Red Biotechnology Market, By Product Type:
- Diagnostic Reagents
- Human Vaccines
- Blood Products
- Gene Recombinant drugs
- Others
Red Biotechnology Market, By Application:
- Biopharmaceutical Production
- Gene Therapy
- Genetic Testing
- Pharmacogenomics
- Drug Discovery
- Others
Red Biotechnology Market, By End-User:
- Pharmaceutical and Biotechnology companies
- CMO & CRO
- Research Institute
- Others
Red Biotechnology Market, By Region:
- North America
- Europe
- Asia-Pacific
- Middle East & Africa
- South America
For more information about this report visit https://www.researchandmarkets.com/r/9ymzy1
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