Red Biotechnology Market Key Developments Reshape Industry Dynamics and Offerings

The global red biotechnology market size is expected to reach USD 997.74 billion by 2030 expanding at a CAGR of 10.6% from 2023 to 2030 according to a new report by Grand View Research, Inc. Red biotechnology has emerged as a most dynamic fields in terms of innovation in past few years. With increasing burden of chronic illnesses such as cancers, genetic disorders, diabetes, and many more, the demand for vaccines, monoclonal antibodies, gene therapies, and cell therapies has grown significantly. Robust pipeline is also expected to propel the growth of red biotechnology market on account of number of expected regulatory approvals in coming years.

COVID- 19 pandemic also had a positive impact on the global market. The approval of various vaccines for management of the virus injected huge revenues within the market place. Similarly enormous number of research studies done for mapping the virus and formulating the vaccine resulted in an increased demand for antibodies, recombinant proteins, enzymes, and many more. For instance, in May 2022, Bharat Biotech received a funding of USD 19 million from Coalition for Epidemic Preparedness Innovations to develop variant proof vaccine against the COVID-19 virus. The pandemic also marked entry of huge number of startups pertaining to biotechnology space creating new market opportunities in emerging countries.

Gather more insights about the market drivers, restrains and growth of the Global Red Biotechnology Market

The biotechnology industry is being impacted by Artificial Intelligence (AI), which is important for many processes involved in creating alternative treatments. In the process of developing new medications, artificial intelligence and machine learning are routinely used now. Machine learning makes it easier to find small compounds with medicinal potential based on known target architectures. Increasing adoption of AI in clinical and preclinical studies is expected to reduce the time required to carry out these studies, which in turn is expected to increase the demand for red biotechnology subsets in coming years.

Red Biotechnology Market Report Highlights

• By product, the monoclonal antibody is considered to be a relatively more mature and dominant segment compared to other products in the red biotechnology market. Increasing sales and improved efficacy of these drugs are the major reason for the segment dominant. Large number of drug approvals in past years has resulted in huge revenue generation.

• By end-user, the pharmaceutical & biotechnology companies accounted for majority of revenue in the red biotechnology industry. Increasing number of clinical trials being performed by the companies, growth in R&D and robust pipeline is expected to be the major factors effecting the revenue growth of the segment

• North America has emerged a strong regional position in the market with 38.07% share of the overall market in 2022. The increasing incidence rate of cancer and high R&D expenditure are encouraging companies to undertake product development in the region.

Key Companies & Market Share Insights

The increasing demand for red biotechnology for various applications has created numerous market opportunities for the market players to capitalize on. Companies are involved in strategic initiatives such as new product launches, collaborations, and acquisitions to propel their market share.

List of Key Players of Red Biotechnology Market

• Merck KGaA
• Hoffmann-La Roche AG
• Pfizer Inc.
• Regeneron Pharmaceuticals, Inc.
• AstraZeneca Plc
• Takeda Pharmaceutical Company Limited
• Gilead Sciences
• Biogen Inc.
• Amgen Inc.
• Celgene Corporation

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