Red Biotechnology Market to be dominated by the Biopharmaceutical Production Segment by 2028
Rising product development and genetic engineering for
treatment of chronic diseases are expected to drive Global Red Biotechnology
Market in the forecast period, 2024-2028.
According to TechSci Research report, “Red Biotechnology Market –Global Industry
Size, Share, Trends, Opportunity, and Forecast, 2018-2028F,” the
global red biotechnology market is anticipated to grow at a steady rate in the
forecast period, 2024-2028. This can be attributed to growing usage of
red biotechnology in biopharmaceutical industry for production of biologic
drugs.
Red
biotechnology is applied in several fields such as diagnostics, gene therapy,
clinical trial and research and is thereby creating lucrative opportunities for
the growth of the Global Red Biotechnology
Market.
Meanwhile,
other factors such as increased demand for red biotechnology for combined
vaccine production, increased tissue engineering involved in production of
artificial bones and skin, growing research and advancement in stem cell research
fields to produce new products and methods, are anticipated to bolster the
market growth in the forecast period.
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Based on Application,
the market is segmented into Biopharmaceutical Production, Gene Therapy,
Genetic Testing, Pharmacogenomics, Drug Discovery, and Others. The
Biopharmaceutical production segment is expected to dominate the market in the
forecast period. This is due to the increased research & development in
biopharmaceutical industry in the production and development of drugs &
medicines such as introduction of CAR-T cell therapy for the treatment of relapsed
or refractory (r/r) follicular lymphoma (FL).
Based on the end-user,
the market is segmented into Pharmaceutical and Biotechnology companies, CMO
& CRO, Research Institute and Others. The Pharmaceutical and Biotechnology companies
segment dominated in 2022 and is expected to hold the highest share in the
forecast period. This is due to the increased manufacturing of biologic drugs
for the treatment of several chronic diseases.
Moreover, growing
prevalence of chronic diseases, rise in investment in the healthcare industry
and infrastructure alongwith the growing biopharmaceutical industries are
factors that are expected to support the market growth and bolster the Global Red
Biotechnology Market demand in the forecast period.
Major companies operating in the Global Red Biotechnology Market are:
- Pfizer, Inc.
- Takeda Pharmaceutical
Company Limited
- Gilead Sciences
- Regeneron
Pharmaceuticals, Inc.
- F. Hoffmann-La Roche,
Ltd.
- Bruker
- Merck KGaA
- Celgene Corporation
- Amgen, Inc.
- Biogen, Inc.,
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“North
America region is expected to dominate the global red biotechnology market on
account of rising adoption of red biotechnology in production of precision
medication and several genetic engineering technologies. Besides, increasing
new product approvals and growing mergers and acquisitions among the key
players are further expected to support the market growth in the region,” said
Mr. Karan Chechi, Research Director with TechSci Research, a research based
global management consulting firm.
“Red Biotechnology Market – Global Industry Size,
Share, Trends, Competition, Opportunity, and Forecast, 2018-2028 Segmented By
Product Type (Diagnostic Reagents, Human Vaccines, Blood Products, Gene
Recombinant Drugs and Others), By Application (Biopharmaceutical Production,
Gene Therapy, Genetic Testing, Pharmacogenomics, Drug Discovery and Others), By
End-User (Pharmaceutical and Biotechnology Companies, CMO & CRO, Research
Institute and Others), By Region,” has evaluated the future growth potential of Global Red
Biotechnology Market and provides statistics & information on market size,
structure, and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in Global Red Biotechnology
Market.
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