Bioengineered Proteins Drugs Market to Develop Rapidly by 2025
The global bioengineered protein drugs market is highly competitive due to presence of numerous and strong players, observes Transparency Market Research (TMR). Some of the key players operating in the global bioengineered protein drugs market are Abbott Laboratories, Amgen, Inc., F. Hoffmann-La Roche Ltd, Bayer AG, Dr. Reddy’s Laboratories Ltd., Merck & Co., Inc., Biocon Ltd., Sanofi, Eli Lilly and Company, GlaxoSmithKline plc, Panacea Biotec, Novartis AG, Johnson & Johnson, and ProBioGen AG. Leading players are adopting the key strategies such as mergers, acquisitions, and partnerships which improved their product portfolio and helped them to expand their reach. Additionally, global players are increasingly investing their money on research and development (R&D) activities for introduction of new products.
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TMR anticipated the global revenue of the bioengineered protein drugs market to expand with a CAGR of 7.4% over the forecast period from 2017 to 2024 to attain value of a US$336.9 bn by the end of 2025 rising from the value of US$177.7 bn in 2016. On the basis of type of product, the therapeutic protein segment is expected to hold larger share owing to extensive activities to improve product in therapeutic protein engineering and recombinant DNA technology products. Regionally, North America is expected to account for the larger share owing to patent expiration of numerous well-known drugs in the market.
Rising Prevalence of Diseases to Boost Adoption of Bioengineered Protein Drugs
Proteins have important role in maintaining both structural and functional features of individual organisms. The long chain of amino acids are known as protein molecules that regulates the biological functions such as metabolic reactions and DNA replication of body. The bioengineered protein drugs are the fundamental factor for the conducting the biological process and come up with the efficient therapeutic agents.
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The bioengineered protein drug includes wide-ranging products such as hormones, vaccines, cytokines, and monoclonal antibodies. Rising prevalence of diseases including cancer, heart diseases, diabetes, and asthma is boosting demand for treatments which is boosting adoption of the bioengineered protein drugs. The aforementioned factors are driving growth of the global bioengineered protein drugs market.
The special drugs are increasingly adopted by pharmaceutical industries owing to specificity, bio-reactivity, safety, and success rate in treating chronic diseases and disorders. Rising numerous chronic diseases are fuelling demand for novel therapeutics which in turn is boosting adoption of bioengineered protein drugs. This is key factor driving growth of the global bioengineered protein drugs market.
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High Cost of Manufacturing to Hamper Growth
However, high cost of the manufacturing bioengineered protein drugs are limiting growth of the bioengineered protein drugs market. Complications in treatment of numerous diseases with the drugs of bioengineered protein drugs hinder growth of bioengineered protein drugs market globally. Nevertheless, technological advancement in manufacturing of bioengineering drug proteins aimed at the specific drug delivery methods for maintaining its efficiency and rising expenditure on healthcare are the creating lucrative opportunities for growth of the global bioengineered protein drugs market.
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