The red biotechnology market is expected to register a CAGR of 5.7% during the forecast period. Red biotechnology has become a very important part of the field of diagnostics, gene therapy, and clinical research and trials. Red Biotechnology is used in the manufacturing of vaccines, drugs, diagnostic reagents, cell lines, gene therapy products, and so on.
Genetic engineering and the development and production of various new medicinal products to treat life-threatening diseases are also part of red biotechnology. Severe Combined Immune Deficiency (SCID) and Adenosine deaminase (ADA) deficiency are genetic disorders that were successfully treated with gene therapy. Moreover, several promising gene therapies are under development for the treatment of cancer and genetic disorders. According to the World Health Organization (WHO), there are approximately 6,000 to 8,000 rare diseases, and out of them, nearly 80% are genetic disorders. In the future, gene therapy is expected to provide several promising techniques for the management of these rare disorders. Rising incidence and prevalence of chronic and rare diseases and increased funding in the healthcare industry are the key driving factors in the red biotechnology market.
Key Market Trends
The Biopharmaceutical Industry Segment is Expected to Hold a Major Market Share in the Red biotechnology Market
- Biopharmaceuticals are medical drugs that are produced by using biotechnology. Biopharmaceuticals are proteins, antibodies, DNA, RNA, or antisense oligonucleotides used for therapeutic or diagnostic purposes, and these products are produced by means other than direct extraction from a native (non-engineered) biological source.
- The first biopharmaceutical product approved for therapeutic use was recombinant human insulin (Humulin), which was developed by Genentech and marketed by Eli Lily in 1982. Since then, there has been significant development in the field of medical biotechnology, including the development of gene-based therapies. For example, in 2019, Novartis received FDA approval for a gene therapy product in the treatment of spinal muscular atrophy (SMA) conditions. The therapy is called Zolgensma, which utilizes an AAV9 viral vector, to deliver SMN protein into the motor neurons of afflicted patients.
- According to the World Health Organization (WHO), globally, cancer is the second leading cause of death and an estimated 9.6 million deaths in the year 2018.
- Increasing incidence and prevalence of chronic and rare diseases and rapid expansion of the biopharmaceutical industries are the key driving factors in the biopharmaceutical industry segment.
North America is Expected to Hold a Significant Share in the Market and it is Expected to do the Same in the Forecast Period
North America is expected to hold a significant market share in the global red biotechnology market due to the rising prevalence of chronic and rare diseases, high healthcare expenditure in this region. According to the National Institutes of Health (NIH), in the year 2019, approximately 1.8 million people will be diagnosed with cancer in the United States, and estimated 268,600 women and 2,670 men will be diagnosed with breast cancer. Moreover, the rise in the adoption of advanced technologies in gene therapy and increasing investments in research and development is fueling the growth of the overall regional market to a large extent.
The red biotechnology market is consolidated competitive and consists of a few significant players. In terms of market share, few of the major players are currently dominating the market. Some prominent players are investing heavily in merger and acquisition activities to consolidate their market positions across the world. Some of the companies which are currently dominating the market are Pfizer Inc., AstraZeneca PLC, F. Hoffmann-La Roche Ltd, Celgene Corporation, Takeda Pharmaceutical Company Limited, Biogen Inc., Amgen Inc., Gilead Sciences Inc., Merck KGaA, and CSL Limited.
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