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Demand for Personalized Medicine Fuels Red Biotechnology Market Growth to $867.20B by 2028 at 11.2% CAGR
Red Biotechnology Market Report
As per the report, the red biotechnology market size has grown rapidly in recent years. It will grow from $509.71 billion in 2023 to $566.28 billion in 2024 at a compound annual growth rate (CAGR) of 11.1%. The red biotechnology market size is expected to see rapid growth in the next few years. It will grow to $867.20 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%.
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Demand For Personalized Medicine Drives Growth In The Red Biotechnology Market
The growing demand for personalized medicine is expected to propel the growth of the red biotechnology market going forward. Personalized medicine refers to tailoring medical treatment to individual characteristics, such as genetics or lifestyle, to optimize effectiveness and minimize adverse effects. The growing demand for personalized medicine is driven by its potential to provide more effective treatments, advancements in genomics, increasing disease complexity, and regulatory support. Red biotechnology enables the development of personalized medicines by utilizing genetic information to tailor treatments to an individual patient's specific genetic makeup and disease characteristics. For instance, in February 2024, according to the Personalized Medicine Coalition, a US-based non-profit organization, the FDA approved 16 novel personalized therapies for patients with rare diseases in 2023, compared to six in 2022. Therefore, the growing demand for personalized medicine is driving the growth of the red biotechnology market.
Innovative Biosimilar Offering Gains Tracation In The Market
Major companies operating in the red biotechnology market are focused on developing innovative products, such as biosimilars, to meet the growing demand for personalized medicine and address the complexities of diseases. Biosimilars are biological products highly similar to and with no clinically meaningful differences from an existing approved reference biologic, offering more affordable alternatives. For instance, in June 2022, Amgen Inc., a US-based biopharmaceutical company, received U.S. Food and Drug Administration (FDA) approval for Riabni (rituximab-arrx), a biosimilar to Rituxan (rituximab), for the treatment of adults with moderate to severe rheumatoid arthritis (RA). This approval marks a significant milestone in the development of biosimilars, which are designed to be highly similar to existing biological products but at a lower cost.
The red biotechnology market covered in this report is segmented -
1) By Product: Monoclonal Antibodies, Polyclonal Antibodies, Recombinant Proteins, Vaccines, Cell-Based Immunotherapy Products, Gene Therapy Products, Cell Therapy Products, Tissue-Engineered Products, Other Products
2) By Application: Drug Discovery And Development, Animal Biotechnology, Environmental Biotechnology, Medical Biotechnology, Industrial Biotechnology, Agricultural Biotechnology, Other Applications
3) By End-User: Biopharmaceutical Industry, Contract Manufacturing Organization (CMO) And Contract Research Organization (CRO) Research Institutes, Other End Users
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Major companies operating in the red biotechnology market are Pfizer Inc., F. Hoffmann-La Roche AG, Bayer AG, Bristol-Myers Squibb Company, GSK plc., Takeda Pharmaceutical Company Limited, Eli Lilly and Company, Gilead Sciences, Amgen Inc., Merck KGaA, Moderna Inc., Regeneron Pharmaceuticals Inc., Astellas Pharma Inc., Biogen Inc., Boehringer Ingelheim International GmbH, BioMarin Pharmaceutical Inc., Vir Biotechnology, Alnylam Pharmaceuticals, Inc., Ultragenyx Pharmaceutical, BioCryst Pharmaceuticals, Sangamo Therapeutics, Inc., Denali Therapeutics, Atara Biotherapeutics, Beam Therapeutics, Umoja Biopharma
Contents of the report:
1. Executive Summary
2. Red Biotechnology Market Report Structure
3. Red Biotechnology Market Trends And Strategies
4. Red Biotechnology Market - Macro Economic Scenario
5. Red Biotechnology Market Size And Growth
…..
27. Red Biotechnology Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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