Red Biotechnology Market Set to Garner Staggering Revenues by 2027
Transparency Market Research (TMR) has published a new report on the Red Biotechnology Market for the forecast period of 2019–2027. According to the report, the global red biotechnology market was valued at US$ 314.2 Bn in 2018. The red biotechnology market is expected to expand at a CAGR of nearly 6% from 2019 to 2027.
Increase in Prevalence of Chronic Diseases, Globally, Driving the Red Biotechnology Market
Increasing number of chronic and rare disease across the globe is anticipated to fuel the global red biotechnology market during the forecast period, due to the increasing patient population, which, in turn, is expected to drive the demand for novel drug molecules for the effective treatment of diseases.
According to WHO, there are approximately 6,000 to 8,000 rare diseases, and out of them, nearly 80% are genetic disorders. Therefore, the increasing demand for therapeutics and diagnostics for rapid and efficient diseases management, coupled with increasing incidences and prevalence of chronic and rare diseases, is expected to propel the red biotechnology market, globally, during the forecast period.
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Gene Therapy to be a Promising Segment of the Global Red Biotechnology Market
Based on application, the global red biotechnology market has been divided into biopharmaceutical production, gene therapy, pharmacogenomics, and genetic testing. The gene therapy segment of the red biotechnology market is projected to expand at a high CAGR during the forecast period, owing to increasing research for the development of therapeutics to treat various genetic disorders responsible for rare diseases.
For instance, in 2019, CELGENE CORPORATION, together with Bluebird Bio, Inc., declared results from a Phase 1 clinical study for bb2121 anti-BCMA CAR T Cell Therapy in individuals suffering from multiple myeloma.
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Biopharmaceutical Product Segment Prominent in the Red Biotechnology Market
In terms of end user, the global red biotechnology market has been segmented into biopharmaceutical industries, CMOs & CROs, research institutes, and others. The biopharmaceutical industries segment is expected to hold a prominent share of the global red biotechnology market during the forecast period.
Major drivers that are attributed to boost this segment of the red biotechnology market during the forecast period are increasing investments in research & development by major players and establishing newer facilitates to cope up with the growing demand, increasing product approvals, and strong pipeline of drug products in clinical trials. For instance, in February 2018, Merck invested in the establishment of a cell culture facility in South Korea. It also entered into agreements to establish a manufacturing and distribution center in India.
On May 2019, Pfizer announced the Phase 3 result for LYRICA (pregabalin) in primary generalized tonic-clonic seizures. Thus, increasing investments in research and development, along with a rise in the number of drug candidates in early and late phases of clinical trials is expected to drive the biopharmaceutical industries segment of the global red biotechnology market during the forecast period.
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