Recombinant Protein Therapeutics Market Revenue, Key Players, Profit, Growth Factors, Regions And Applications, Industry Forecast By 2023
Pune, Maharashtra, India, December 3 2020 (Wiredrelease) Allied Analytics –:Global protein therapeutics market was valued at $140,109 million in 2016, and is projected to reach $217,591 million by 2023, growing at a CAGR of 6.5% from 2017 to 2023. The monoclonal antibodies product segment occupied the highest market share of the market in 2016.
The rise in the occurrence of chronic diseases worldwide and a significant improvement of plasma-derived therapies have resulted in an increased demand for protein therapeutics. Along with the upsurge in demand, the global market is also driven by a torrent of awareness among the populace concerning the benefits of protein therapeutics. Key market players are anticipated to receive lucrative opportunities owing to the adoption of protein therapeutics for novel indications along with the untapped potential in developing countries. However, high expenses associated with therapeutic proteins and harsh government regulations towards these class of medicines hinder market growth.
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The major factors that drive the growth of the global protein therapeutics market include introduction & application of new plasma-derived therapies, surge in prevalence of chronic & life-threatening diseases, and rise in awareness among populace regarding the high efficiency of protein therapeutics. However, high cost of protein therapies and complex reimbursement scenario impede the market growth. Conversely, increase in novel indications for known protein therapeutics and untapped emerging markets are anticipated to provide lucrative opportunities for the manufacturers in this industry.
North America held the highest market share of $72,899 million in 2016, owing to high prevalence rate of cancer and other chronic diseases, owing to rise in adoption of these drugs and increase in awareness about protein therapeutics. Asia-Pacific is expected to grow at the highest CAGR of 7.6% during the forecast period, owing to rapid industrialization in the area, increase in disposable income, and upsurge in government initiatives to modernize healthcare infrastructure.
The report also divides the market based on application. The sub-segments comprise metabolic disorders, immunologic disorders, hematological disorders, cancer, hormonal disorders, genetic disorders, and others. Metabolic disorders hold a dominant position over the market in 2016 and are expected to continue to maintain the lead during the forecast period as well. In 2016, North America generated the highest revenue in the global therapeutics market. However, with a CAGR of 7.6%, Asia-Pacific is expected to grow at the fastest rate due to an increase in awareness about protein therapeutics-based treatments and a considerable rise in subsequent applications.
KEY FINDINGS OF THE STUDY
The monoclonal antibody segment is anticipated to grow at the highest CAGR from 2017 to 2023.
The cancer application segment is expected to witness the highest growth rate during the forecast period.
Metabolic disease application segment is anticipated to occupy the largest share in the protein therapeutics market.
North America dominated the global protein therapeutics market, and is projected to grow at a CAGR of 6.1%.
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The report provides extensive competitive analysis and profiles of key market players, such as Abbott Laboratories, Amgen Inc., Baxter International Inc., Eli Lilly and Company, F. Hoffmann-La Roche Ltd., Johnson & Johnson, Merck & Co., Inc., Novo Nordisk A/S, Pfizer Inc., and Sanofi. Other players (profiles not included in the report) in the value chain analysis include, Biogen, Inc., CSL Behring, and Genentech, Inc.
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