Albany, NY — (PRESS RELEASE JET) — 09/14/2017 — As per a report by Transparency Market Research, the global bioengineered protein drugs market will rise at a 7.4% CAGR during the period between 2017 and 2024 to become worth US$336.9 bn by 2025 from US$177.7 bn in 2016.
Rise in Infectious Diseases, Diabetes, and Cancer Drives Growth in Market
Protein engineering entails building protein through modification of amino acid. Bio engineered proteins drugs are synthesized through genetic engineering. They are used to treat injury, cancers, and also in organ transplants, among others. They are also referred to as Recombinant Protein drugs and are used for modification of immune reactions, through pathophysiological pathways at multiple levels of cells adhesion and activation.
At the forefront of driving the global bioengineered protein drug market is the increasing prevalence of infectious diseases, diabetes, cancer, etc. “Bioengineered protein drugs have proven to be more effective and have reduced or no side effects when compared with alternative therapies for cancer, diabetes, and other maladies. This has led to more healthcare physicians prescribing these drugs, thereby catalyzing growth in the market,” explains the lead analyst of the TMR report.
Emergence of Innovative Protein Therapeutics Slated to Boost North America Market
Depending upon the type of product, the global bioengineered protein drugs market can be classified into monoclonal antibodies, vaccines, and therapeutic protein. Of them, the therapeutic protein segment leads with maximum share because of extensive activities in the therapeutic protein engineering and recombinant DNA technology products. However, the vaccines segment is anticipated to expand at a significant CAGR from 2017 to 2025 due to rise in the development of bioengineered prophylactic and/or therapeutics vaccines.
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Geographically, the key segments of the global bioengineered protein drugs market are North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. North America, of them, accounts for a dominant share in the market and going forward too is slated to retain its leading share on the back of rising instances of cancer and emergence of innovative protein therapeutics for treatment of cancer. However, the pace of growth in the North America market will be clipped to a degree on account of loss of patent of most of the blockbuster drugs, namely Rituxan, Humira, Avastin, Remicade, etc. The challenge will be overcome by the launch of new drugs in the upcoming years.
Investments in Research to Boost Market
In the years ahead too, the global market for bioengineered protein drugs is expected to expand at a good clip owing to increasing drugs in phase III of clinical trials and companies funneling money into research and development of novel bioengineered proteins.
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Serving to restrain the market, on the other hand, is the high cost of manufacturing bioengineered protein drug, having shorter shelf lifetime and development of bio similar drugs.
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