The global red biotechnology market has garnered USD 576.7 billion in revenue in 2023, and it is projected to rise at the rate of 10.8% from 2023 to 2030, to capture USD 1,172.3 billion by 2030. The development of the industry can be credited to the growing use of hereditary engineering to make biological medications and the rising need for modified medicines.
The rising research and development effort by the major biopharma companies, with strong aid from governments, propels the industry. This is itself in view of the increasing occurrence of chronic diseases and communicable illnesses, which is why businesses are increasing their research efforts for emerging new drug molecules.
According to the reports, the count of biotech patents applied per year has been rising by 28% since 1995, and there are presently over 1,500 biomolecules undergoing clinical trials.
Red biotechnology is widely used in the growth of human vaccines and antibiotics, new medications, molecular diagnostic methods, and regenerative treatments, which has been propelling the industry.
In the coming few years, biopharmaceutical production is projected to experience incredible development credited to the growing research and development activities in this field of drugs. This is mainly because of the increasing making of antibiotics and other types of biologics for chronic illnesses.
In 2023, the North American region held the largest share, approximately 55%, and the regional market is also estimated to advance at a strong CAGR during the projection period. This can be credited to the increasing occurrence of chronic, rare, and hereditary diseases, the rising number of research and development initiatives, and the high technical improvement rate in the healthcare sector of this region.
