Bioengineered Protein Drug Market to Grow by a Notable CAGR During 2020-2028; High Demand for Advanced Recombinant Drugs to Create Market Opportunities for Market Growth
Research Nester published a report titled “Bioengineered Protein Drug Market: Global Demand Analysis & Opportunity Outlook 2028” which delivers detailed overview of the bio engineered drug market in terms of market segmentation by drug type, application, technology, drug delivery method and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
Bioengineered proteins are the protein molecules which are designed to play a key role in all biological processes of the human body. The bioengineered protein drugs serve as therapeutic agents and are responsible for controlling different set of functions, including hormones, vaccines, antibodies, and others. The global bioengineered protein drug market is segmented based on drug type into recombinant protein drug, vaccines, peptide hormones, therapeutic enzymes, monoclonal antibodies, replacement proteins, peptide antibiotics, cytokines, and blood products. Backed by the extensive use of therapeutic enzymes in the processing of recombinant DNA and in the manufacturing of therapeutic proteins, the therapeutic enzymes segment is anticipated to hold the largest market share during the forecast period, i.e. 2020-2028.
The bioengineered protein drug market is anticipated to record a notable CAGR during the forecast period. The market is thriving on account of the prevalence of infectious diseases such as diabetes, cancer, and others, along with the escalating research and developments for the drug and advancements in phase III clinical trials. In the year 2018, around 34.1 million of the US population aged 18 years or older were estimated to have both diagnosed and undiagnosed diabetes, as per Centers for Disease Control and Prevention (CDC)’ statistical report “National Diabetes Statistics Report 2020”.
Geographically, the global bioengineered protein drug market is segmented into five major regions, including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa, out of which, the market in North America is projected to hold the largest market share throughout the forecast period. The growth of the market in the region can be attributed to the growing research and developmental activities by the players operating in the bioengineered protein drug market, and the increasing expenditure on healthcare, both by public and private entities. Moreover, the North America bioengineered protein drug market is also anticipated to grow on account of the prevalence of chronic diseases amongst individuals in the region.
Prevalence of Chronic Diseases, such as Diabetes, Cancer and Asthma Among Others to Drive the Growth of Global Bioengineered Protein Drug Market
Out of all the leading causes of death globally, cancer is stated to be the second leading cause of death, registering around 9.6 million deaths in the year 2018, as per the statistics by the World Health Organization (WHO).
Globally, the prevalence of chronic diseases has outgrown at a steady pace, raising concerns amongst individuals, and the need, for treating these diseases. Backed by the increasing advancements in healthcare practices, the healthcare practitioners are prescribing drugs that are made up of bioengineered protein drugs. Also known as recombinant proteins, these drugs, which are highly efficient and designed to be target specific, are widely used for treating hormonal disorders, human injury, and chronic diseases among others. Such factors are anticipated to drive the growth of the global bioengineered protein drug market.
However, concerns for the complications involved in the treatment of diseases that involve the use of bioengineered protein drugs, also raises the cost of treatment associated with these drugs, which is anticipated to hamper the market growth.
This report also provides the existing competitive scenario of some of the key players of the global bioengineered protein drug market, which include company profiling of Abbott (NYSE: ABT), Johnson & Johnson Services, Inc. (NYSE: JNJ), Amgen Inc. (NASDAQ: AMGN), Bayer AG (ETR: BAYN), Dr. Reddy’s Laboratories Ltd. (NSE:DRREDDY), Biocon (NSE:BIOCON), Eli Lilly and Company (NYSE: LLY), Sanofi (EPA: SAN), GlaxoSmithKline plc (LON: GSK), F. Hoffmann-La Roche Ltd (SWX: RO). The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global bioengineered protein drug market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.