The global red biotechnology market is projected to grow from $381.01 billion in 2023 to $699.31 billion by 2033, driven by rising chronic disease prevalence and increased healthcare funding. Key players like Pfizer and Amgen are advancing drug development, particularly in precision medicine, despite high trial failure rates. Recent mergers, such as Ipsen's acquisition of Albireo, highlight ongoing consolidation in the sector.
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