Red Biotechnology Market To Generate Revenue worth $1,172.3 Billion by 2030
- Published: January 2024
The global red biotechnology market is projected to generate USD 1,172.3 billion revenue by 2030, advancing at a CAGR of 10.8% during 2024–2030. The key factors driving the growth of this market are the rising need for diagnosis and increasing adoption of this approach in clinical research, trials, and genetic engineering, for gene cloning, genetic modification, and new genes.
The rising prevalence of cancer is another factor that drives the market growth, because scientists are rapidly adopting these technologies for the detection and treatment of this condition. Furthermore, the market is propelled by the instant competitive advantage that the utilization of such technologies offers in drug discovery and biochip production. Moreover, corporations are increasingly concentrating on R&D in order to increase their market shares, and red biotechnology is to play a key role here in the future.
The emergence of novel biologics is another key driving factor for the market growth due to the rising prevalence of infectious and chronic diseases. As a result, scientists are adopting these technologies for genome sequencing and maintaining accuracy in cell profiling and gene manipulation. In this regard, the growth in the number of research & development initiatives by government and key players is a significant factor for the market growth. This is because governments are focusing strongly on enhancing the standard of healthcare, to fight chronic and infectious diseases. This is being accompanied by a surge in the demand for biologics and antibacterial drugs.
Biopharmaceutical Industry Is Expected To Hold Largest Share
On the basis of end user, the biopharmaceutical industry accounted for the largest market share, of 40.0%, in 2023, and it will further maintain its dominance in the future. This is due to the improving biopharmaceutical R&D and production infrastructure across the globe, to find new molecule entities and vaccines against infectious diseases.
The CMOs and CROs category will witness the fastest growth during the prediction period. This is owing to the continuously growing pharmaceutical and biopharmaceutical R&D pipelines and the rising adoption of advanced technologies for clinical trials. Moreover, the rising demand for new cell & gene therapies is expected to offer growth opportunities in this market, as would the rising quality of the services offered by the CROs and CMOs.
Geographically, the APAC market is showcasing the highest CAGR. This is due to an increase in the investment by both domestic and overseas biotech businesses in the region and a large pool of patients suffering from chronic and infectious diseases. Moreover, the increasing number of clinical trials in the region and the surging adoption of genetic-engineering-based techniques in drug discovery drive the market. Additionally, the increase in the government support for healthcare research and development and the rise in the spending on healthcare infrastructure are aiding the market's expansion.
China has a significant market share in the APAC region, attributed to the rising incidence of chronic and infectious diseases here. Moreover, the growth in the number of product approvals from governing authorities, rise in the number of CMOs and CROs, and surge in the investment by large biopharmaceutical players are the major drivers for the market in China.
Some of the top providers of red biotechnology products are Pfizer Inc., F. Hoffmann-La Roche Ltd., Merck KGaA, AstraZeneca PLC, Takeda Pharmaceutical Company Limited, Amgen Inc., Regeneron Pharmaceuticals Inc., Gilead Sciences Inc., and Novartis AG.