ALBANY, New York, March 18, 2020 /PRNewswire/ -- A wide assortment of applications of genetic engineering technology, vaccine research, and biologics have helped expand the potential of the red biotechnology market, which was worth US$314.2 billion in 2018. Growing application of biotechnology in medicine has unlocked promising prospects particularly in chronic and rare diseases treatment.
Emerging applications of gene therapy, pharmacogenomics, and genetic testing in the preservation of health, notably in oncology, are shaping the future growth trajectories in the red biotechnology market. By 2027-end, the revenues are projected to reach US$512 bn, clocking CAGR of ~6% from 2019 to 2027. In developing countries, many new collaborations are likely to be forged, defining future initiatives on cloud-based technology and AI.
"Staying abreast with standardized regulations and regulatory norms will enable biotechnology and pharmaceutical companies to chart new growth avenues in the red biotechnology market," note the analysts. Marked prevalence of cancer world over expands scope for market stakeholders, they further opine.
Key Takeaways of Red Biotechnology Market Study
- Of the various end users, biopharmaceutical industries are anticipated to account for a promising slice of global revenues
- Several drug candidates in late phase of clinical trials define growth
- Gene therapy is expected to garner a promising CAGR during 2019 – 2027; focus on treating genetic diseases shape the growth
- Of the various key regional markets, North America leads the pack; however most lucrative opportunities are found in Asia Pacific
- Asian economies likely to be center of new revenue streams in Asian economies due to demand for high-quality and cost-effective drugs
Explore 176 pages of top-notch research, incisive insights, and detailed country-level projections. Gain business intelligence on Red Biotechnology Market (Application: Biopharmaceutical Production, Gene Therapy, Pharmacogenomics, and Genetic Testing; End User: Biopharmaceutical Industry, CMOs & CROs, Research Institutes, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027 at https://www.transparencymarketresearch.com/report-toc/2063
Red Biotechnology Market: Key Driving Factors and Promising Avenues
A few striking trends in investments in healthcare sector shape the evolution of the red biotechnology market. Growing number of clinical trials in cancer research and incessant efforts of biotechnology players to find therapies for rare diseases are boosting the pace of new drug approvals. A few statistics support research and developments in aforementioned realms.
- Per the U.S.-based agency National Institutes of Health (NIH), there may be as many as 25-30 millions of Americans with a rare disease at any point in time.
- According to a statistics in a recent American Cancer Society's journal, cancer mortality rate continues to drop. Red biopharmaceuticals has occupied crucial role to this end.
- According to an article in NCBI, chronic diseases form the most costly health conditions in the U.S., including cancer. This is key to growing clinical trials that harness technologies in red biopharmaceutics. A case in point is cell-based vaccine technology.
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Red Biotechnology Market: Regional Outlook
Among the various regional markets, North America leads the pack, and is expected to retain its dominance throughout the assessment period. Spate of investments in clinical trials for chronic and rare diseases and massive investments in developing cancer drug pipeline have helped the North America red biotechnology market to reach dominant position. Stakeholders are harnessing artificial intelligence will continue new prospects in the regional market. Prominently, relentless efforts of biopharmaceutical players in the U.S. test new drugs and vaccines form crucial trend in the growth of this regional market.
On the other hand, a growing numbers of players have shifted their attention to Asian economies to tap into the vast latent potential in personalized healthcare. The region will see new strategic collaborations among healthcare companies and biopharmaceutical players.
Red Biotechnology Market Competition Landscape
Growing demand for biologics and biosimilars in developing economies has been crucial to the expansion of red biotechnology prospects, globally. Most notably, Asia Pacific has been the key focus for players to gain competitive edge over their peers and rivals.
Biopharmaceutical players have begun inking new partnership deals and distribution agreements in the region, particularly in on oncology therapeutics and development. Focus on novel therapeutics and disease pathways for bettering human health has been one of the key winning imperatives for companies in the red biotechnology market. To consolidate their positions, top players are aiming to expedite product approvals for rare and chronic diseases, and have increased their stakes in advanced stages of clinical trials.
A handful of big pharmaceutical and biotech players, and multinational healthcare companies jointly contribute half of the global revenues. These include Pfizer Inc., Gilead Sciences Inc., Amgen Inc., and F. Hoffmann-La Roche.
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The red biotechnology market is segmented on the basis of application, end user, and region.
- Biopharmaceutical Production
- Gene Therapy
- Genetic Testing
- End User
- Biopharmaceutical Industry
- CMOs & CROs
- Research Institutes
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Explore Transparency Market Research's award-winning coverage of the global Healthcare industry:
Bioinformatics Market - The global bioinformatics market is projected to grow at a significant CAGR during the forecast period and is likely to touch a valuation of US$9.1 bn by 2018.
Gene Therapy Market - Expanding at a stellar, double-digits CAGR (Compound Annual Growth Rate) of 40% over the forecast period of 2018 to 2026, the global gene therapy market is a dizzying trajectory, marking out a rosy landscape for players operating in the playfield. As per a Transparency Market Research report, based on extensive primary and secondary research, states that over the period states, the market would accrue a worth of USD 5164.03 million – a steep and impressive increase from the USD 17 million worth noted in 2017.
Biosimilars Market - Advancements in oncology settings are improving patient quality of life. Due to effective biosimilars, healthcare providers are able to receive better outcomes in several cancer patients who can opt for convenient treatments such as a painless injections rather than receiving a lengthy chemotherapy session. Patent expiry of biologic drugs for the treatment of cancer are creating a scope for incremental opportunities. As such, oncology indication segment of the biosimilars market is estimated to reach a value of ~US$ 21.1 Bn by the end of 2027.
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