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Red Biotechnology Market Growth Analysis, Trends, Share, Market Size And Forecast To 2033
Red Biotechnology Market Growth
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According to The Business Research Company's, 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 growth in the historic period can be attributed to advancements in genetic engineering, stem cell research, growth of biotech startups, regulatory frameworks, biotech funding, and investment.
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%. The growth in the forecast period can be attributed to the expansion of personalized medicine, the aging population, investment in research and development, digital health integration, and the expansion of healthcare infrastructure. Major trends in the forecast period include the expansion of biologics and biosimilars, integration of machine learning, development of microbiome-based therapies, focus on rare and orphan diseases, global collaboration, and partnerships.
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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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
Red Biotechnology Market 2024 Key Insights:
• 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%.
• Demand For Personalized Medicine Drives Growth In The Red Biotechnology Market
• Innovative Biosimilar Offering Gains Tracation In The Market
• North America was the largest region in the red biotechnology market in 2023
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The Business Research Company (https://www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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