Global Red Biotechnology Market Poised to Grow Exponentially due to Increased Demand for Innovative Therapeutic Procedures
Since the past decade or so, technological innovation has been leading the healthcare and pharmaceutical industry from the forefront. Impelled by the latest developments, biotechnology significantly impacts the drug production chain, in terms of annual and sales growth alike. The emergence of biotechnology has also facilitated the generation of new products and drug discovery for the treatment of diseases that previously had none.
The application of biotechnology in the production of pharmaceuticals and biopharmaceuticals is known as red biotechnology. The global red biotechnology market is driven by its aim to provide innovative and modern modes of diagnostics and treatment to patients.
Red Biotechnology Addresses Unmet Medical Needs, which will Boost Market
A major boost to the biotechnology field came in 1953, when the American scientists Francis Crick and James Watson discovered the double-helical structure of DNA. This discovery gave rise to research into genetics and its application in other fields of human knowledge, which subsequently culminated in the success of the Human Genome Project in 2003. The application of red biotechnology involves research and analysis on cells and tissues, gene therapy, stem cells, genetic testing, proteomics, pharmacogenetics, and orphan drugs. However, the main focus of red biotechnology is on protein research and neuroscience.
Medical biotechnology, also referred to as red biotechnology, deals with the development of innovative therapeutic procedures and new diagnostics. The role of biotechnology in medicine has become more dynamic in the last few years.
The advent of biotechnology in pharmaceuticals has helped the healthcare industry address the medical needs of approximately 5,000 to 8,000 rare diseases that affect between 27 and 63 million people worldwide, representing 6-8% of the total population. Red biotechnology has also delivered breakthroughs in the diagnosis and treatment of many life-threatening diseases. Advances in biotechnology for the pharmaceutical and biopharmaceutical industry have made treatments more effective than ever before. For instance, the survival rates of most cancers have visibly improved since the advent of red biotechnology in the pharmaceutical industry. Such advances, which red biotechnology has spearheaded in the healthcare industry, have fuelled its demand around the world.
Increasing Number of Patents and Intellectual Property Rights will Boost Red Biotechnology Market in Developed Countries
Currently, North America leads the global red biotechnology market and it is followed by Europe. Developed countries are generally the first ones to introduce new products and the number of patents and intellectual property rights granted in the biomedical sector in these countries is also high. Hence, North America and Europe inevitably exhibit dominance in the global red biotechnology market. Emerging economies in regions such as the Middle East and Africa, Latin America, and Asia Pacific are also expected to rapidly emerge as lucrative markets for red biotechnology in the near future, due to escalating healthcare expenditure across these regions.
Factors such as new medical therapies, production of active pharmaceutical ingredients, increasing usage of biocatalysis processes, innovations in biopharmaceuticals, heightened government initiatives, and increasing consumer awareness are some of the key growth drivers of the global red biotechnology market. Despite registering sustainable growth prospects, technical limitations and high capital investment required to fuel red biotechnology are likely to impede the development of the global red biotechnology market.
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