The global Red Biotechnology Market is estimated to be valued at US$ 742.80 billion in 2022 and is expected to exhibit a CAGR of 10.7% over the forecast period 2023 - 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Red biotechnology products include recombinant proteins, monoclonal antibodies, gene therapy, vaccines and blood components such as plasma derived products, red cells and platelets. These products are used in various applications such as medical testing, drug discovery, biological therapeutics and clinical diagnostics. The need for these products arises due to growing incidence of chronic diseases such as cancer, diabetes and cardiovascular diseases across the globe. Red biotechnology products offer advanced treatment options and effective diagnosis of diseases compared to conventional treatment methods.
Market key trends:
One of the key trends in the red biotechnology market is increasing investments in research and development activities. Biotechnology companies are investing heavily in R&D to develop novel treatment avenues. For instance, Amgen invested around US$ 4.9 billion in R&D in 2021. Significant R&D investments are directed towards development of personalized medicine drugs, gene therapies and cell therapies. These innovative treatment options offer high efficacy, target specificity and improved patient outcomes which is augmenting the demand for red biotechnology products globally.
Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate due to huge R&D and capital requirements for clinical trials and commercialisation. However, the growth prospects in the industry attract new players.
Bargaining power of buyers: The bargaining power of buyers is high owing to the presence of many pharmaceutical giants and buyers can negotiate on pricing and质量.
Bargaining power of suppliers: The bargaining power of suppliers is low as there are many suppliers for raw materials and production equipment.
Threat of new substitutes: The threat of substitutes is low, as treatments developed from red biotechnology target specific diseases and conditions, making substitutes minimal.
Competitive rivalry: High due to intense competition among key pharma companies.
Key Takeaways
Global Red Biotechnology Market Demand is expected to witness high growth, exhibiting a CAGR of 10.7% over the forecast period 2023 - 2030, due to increasing prevalence of chronic diseases and growing demand for effective treatment options.
Regionally, North America dominated the market with over 30% share in 2023 owing to advancements in treatment development and growing biopharmaceutical industry in the US. Asia Pacific is anticipated to be the fastest growing region during the forecast period, driven by expansion of healthcare facilities, rising medical tourism and increasing governmental initiatives to promote indigenous drug development in countries like China and India.
Key players operating in the red biotechnology market are Amgen, Gilead Sciences, Biogen, Pfizer, Novartis, Roche, Johnson & Johnson, Sanofi, Merck & Co., AbbVie, GlaxoSmithKline, AstraZeneca, Eli Lilly, Novo Nordisk, Bayer, Bristol-Myers Squibb, Teva Pharmaceutical, Takeda Pharmaceutical, Boehringer Ingelheim, Astellas Pharma. These players are engaged in new product launches, partnerships and collaborations to strengthen their market position.
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