Red Biotechnology is Estimated to Witness High Growth Owing to...

Red Biotechnology is Estimated to Witness High Growth Owing to Rising Incidence of Chronic Diseases

Posted 2024-02-08 11:32:45

Red biotechnology involves diagnostic and therapeutic applications developed through genetic engineering and bioprocessing techniques. It is widely used in healthcare for developing diagnostics, treatments and vaccines for various diseases like cancer, infectious diseases, autoimmune disorders among others. With rising incidence of chronic diseases globally due to lifestyle changes and growing geriatric population, demand for advanced diagnostic devices and targeted therapeutics is increasing rapidly. The global red biotechnology market is estimated to be valued at US$ 1,355.81 Bn in 2031 and is expected to exhibit a CAGR of 19% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
The global red biotechnology market is primarily driven by the rising prevalence of various infectious and lifestyle diseases globally. According to WHO, chronic diseases accounted for approximately 60% of all deaths globally in 2018. Cancer alone accounted for nearly 10 million deaths in 2020. Growing geriatric population, which is more prone to chronic diseases, is another major factor contributing to the increasing disease burden. Furthermore, advancing genomic and proteomic technologies is facilitating development of innovative targeted diagnostic tools and personalized therapeutics for diverse health conditions. Continuous investments in R&D by biotech companies and academic research institutions for developing advanced biologics, cell and gene therapies are further fueling market growth. However, high costs associated with development and regulatory approval of new biopharmaceuticals remains a major challenge.

SWOT Analysis
Strength: The red biotechnology market size has tremendous growth opportunities due to the rising demand for biopharmaceuticals and bioservices. The development of advanced technologies such as stem cell therapy, gene therapy, regenerative medicines is fueling the market growth. Government initiatives and funding to support R&D activities in biotechnology is one of the key strengths.

Weakness: High capital requirement for setting up manufacturing facilities, strict regulatory approval process, and long product development cycle are some of the challenges faced by players in this market. Healthcare infrastructure and regulatory framework in developing nations needs further improvements.

Opportunity: Rising geriatric population, increasing prevalence of chronic and life-threatening diseases, and growing demand for cost-effective treatment options present lucrative opportunities. Emerging markets like Asia Pacific and Latin America offer immense scope due to growing healthcare expenditure and demand for affordable treatment.

Threats: Stiff competition among existing players, pricing pressures, patent cliff of major biologics, and introduction of biosimilars post patent expiry are some threats. Healthcare reforms and uncertain reimbursement policies also pose challenges. Vulnerability to drug development failures and stringent regulations add to the threats.

Key Takeaways
The global red biotechnology market is expected to witness high growth over the forecast period owing to factors such as rising R&D investments, significant funding from governments and private companies to support biotech innovation.

Regional analysis: North America currently dominates the market and is expected to continue its dominance during the forecast period. This is attributed to the presence of major players and availability of advanced research infrastructure in the region. Asia Pacific is identified as the fastest growing market led by countries like China and India. Supportive regulatory environment and funding by governments to develop domestic biotech sectors are driving the market in Asia Pacific.

Key players: Key players operating in the red biotechnology market are Keir Surgical Ltd., Case Medical, Scanlan International, Inc., Koch Industries, Getinge Group, B. Braun (Aesculap, Inc.), Xerafy, Mobile Aspects, Key Surgical, Inc., Spatrack Medical Limited, Fortive Corporation Group, Haldor Advanced Technologies, Tgx Medical Systems, Becton, Dickinson and Company, Intechnology Distribution Pty Ltd., Nutrace, Steris Insturment Management Services, Material Management Microsystems, Asanus Medizintechnik GmbH Inc., and Stanley Healthcare (Division of Stanley Black & Decker), among others.