Red Biotechnology Market Outlook 2023-2030: Innovations, Trends, and Growth Insights
The global red biotechnology market size is expected to reach USD 997.74 billion by 2030 expanding at a CAGR of 10.6% from 2023 to 2030 according to a new report by Grand View Research, Inc. Red biotechnology has emerged as a most dynamic fields in terms of innovation in past few years. With increasing burden of chronic illnesses such as cancers, genetic disorders, diabetes, and many more, the demand for vaccines, monoclonal antibodies, gene therapies, and cell therapies has grown significantly. Robust pipeline is also expected to propel the growth of red biotechnology market on account of number of expected regulatory approvals in coming years. COVID- 19 pandemic also had a positive impact on the global market. The approval of various vaccines for management of the virus injected huge revenues within the market place. Similarly enormous number of research studies done for mapping the virus and formulating the vaccine resulted in a...