Red biotechnology relates to development of new treatments, diagnostics and therapeutics tools for disease prevention, diagnosis and treatment. It involves use of biological knowledge and techniques for medical applications. Some key products developed using red biotechnology include vaccines, blood and blood constituents, medicinal and biomolecular products like recombinant proteins, monoclonal antibodies and cytokines. The growing prevalence of chronic and infectious diseases worldwide has increased the demand for novel and efficient treatment and diagnostic options.
The global red biotechnology market is estimated to be valued at US$ 742.8 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity
The opportunity to prevent various life-threatening and chronic diseases through development of advanced therapeutics and diagnostics tools is driving the growth of red biotechnology market. As per estimates, diseases like cancer, cardiovascular disease, diabetes and respiratory diseases account for majority of global disease burden. By developing targeted treatment options and early diagnosis methods for these diseases through continuous research and development in red biotechnology, significant number of deaths can be avoided every year. This presents a lucrative opportunity for market players to develop novel biologics and bio-similar drugs for prevention as well as management of critical health conditions. They can collaborate with research institutes and healthcare providers to effectively address unmet medical needs and improve patient outcomes through new innovations in red biotechnology.
Porter's Analysis
Threat of new entrants: The red biotechnology market requires huge R&D investments and regulatory approvals which make it difficult for new players to enter.
Bargaining power of buyers: The presence of many players operating in the market gives buyers options to negotiate on price. However, companies providing specialized products or services related to critical illnesses have some bargaining power.
Bargaining power of suppliers: Due to specialized nature of inputs and skills required, suppliers have moderate bargaining power.
Threat of new substitutes: Threat from new substitutes is moderate as developing new biologics requires significant investments and time for clinical trials.
Competitive rivalry: The market is highly competitive due to presence of many global and regional players.
SWOT Analysis
Strength: Red biotechnology helps treat critical illnesses through development of medicines, vaccines, and diagnostic tools. Innovation is driving development of more effective therapies.
Weakness: Lengthy & expensive development process raises the costs of new therapies. Dependence on public funding and reimbursement policies affects profitability.
Opportunity: Increasing healthcare spending, growing elderly population, rising incidence of chronic diseases are driving demand. Emerging markets offer lucrative growth opportunities.
Threats: Stringent regulations around safety and efficacy delays market approval. Dependency on patents and licenses exposes to competition on expiration.
Key Takeaways
The global Red Biotechnology Market Growth is expected to witness high growth over the forecast period supported by increasing demand for biosimilars and biologics for treatment of chronic diseases.
The regional analysis shows North America dominates currently due to presence of major players and investments in R&D. Asia Pacific is expected to offer lucrative growth opportunities supported by expanding biotech industries and improving healthcare infrastructure in countries like China and India.
Key players operating in the red biotechnology market are Kameda Seika Co., Ltd., Bourbon Corporation, Calbee, Inc., Glico Group, Ito En, Ltd., Yamazaki Baking Co., Ltd., Iwatsuka Confectionery Co., Ltd., Tanawachi Co., Ltd., Morinaga & Co., Ltd., and Kobayashi Pharmaceutical Co., Ltd.
For more insights, read- https://www.newsanalyticspro.com/red-biotechnology-market-trends-size-and-share-analysis/
