Red Biotechnology Market Size

Red Biotechnology Market Analysis

The red biotechnology market is expected to register a CAGR of 6.1% over the forecast period.

The COVID-19 pandemic had a significant impact on the red biotechnology sector globally. Red biotechnology is an important part of the fields of diagnostics, gene therapy, and clinical research and trials. It is used to manufacture vaccines, drugs, diagnostic reagents, cell lines, gene therapy products, and so on. Since biotechnology had a lot to provide for vaccine production, the pandemic significantly influenced the red biotechnology market since vaccine discovery and approvals were in high demand. For instance, according to the article published by the NCBI in March 2022, since the COVID-19 virus outbreak, several emerging biotechnologies and their multidisciplinary approaches accelerated the understanding of molecular details and the development of a wide range of diagnostics and potential vaccine candidates. Hence, COVID-19 had a positive impact on the studied market initially; however, as the pandemic has subsided, the red biotechnology market is expected to have favourable and stable growth during the forecast period of the study.

The factors driving the market growth include the rising incidence and prevalence of chronic and rare diseases and increased funding in the healthcare industry. For instance, according to the data released by the American Cancer Society (ACS) in January 2023, approximately 1,958,310 new cancer cases are projected to occur in the United States by the end of 2023. As per the same source, around 300,590 new breast cancer cases are predicted to happen in the United States in 2023. ACS also stated that over 18 million Americans were reported to have a history of cancer in the year 2022. In addition, the rising number of new cancer cases in various countries, including Australia, is also projected to burgeon market growth during the forecast period. For instance, according to the data released by the Australian Institute of Health and Welfare, in December 2022, approximately 62,000 new cancer cases were diagnosed in Australia in 2022. As per the same source, the most diagnosed cancers in males in the country were prostate cancer with 24,217 cases, melanoma with 10,374 cases, colorectal cancer with 8,300 cases and lung cancer with 7,707 cases. Therefore, the rising prevalence of cancer worldwide is projected to drive the demand for red biotechnology to boost the differential and early diagnosis of cancer, tumour progression control, and proper cancer treatment.

Moreover, increased funding by the government and prominent players in the biotechnology field has been driving market growth. For instance, in January 2022, Eli Lilly and Company signed a research and collaboration agreement with Entos Pharmaceuticals to develop innovative therapies in multiple neurologic indications, using Entos' Fusogenix nucleic acid delivery technology and Lilly's therapeutic cargo. Under the agreement, Eli Lilly and Company will fund USD 400 million for the developmental and commercialization of the nucleic acid-based therapeutic. Thus, with such investments and agreements, the R&D of red biotechnology will advance, which is set to drive market growth during the forecast period.

Thus, the rising prevalence of cancer and increasing funding by prominent players are likely to boost the growth of the red biotechnology market over the analysis period. However, the market's growth is set to be restrained by costly therapeutic technology and machinery.