Bioengineered protein drugs market is anticipated to grow at a significant CAGR during the forecast period. The major factors that are expected to boost the market include the rising prevalence of chronic diseases, such as cancer and diabetes. These drugs are found to have relatively fewer side effects and are more effective as compared to other drugs. Moreover, with sensing the growing demand for bioengineered protein drugs, market players are increasing their investments towards the development of a wide range of products that include therapeutic proteins, vaccines, and monoclonal antibodies. This, in turn is expected to accelerate the growth of the global bioengineered protein drugs market during the forecast period.
Furthermore, the other factor that is anticipated to fuel the market growth includes the rising demand for therapeutic proteins, which are projected to offer the highest value to the bioengineered protein drugs market during the forecast period. In addition, high adoption of these drugs is attributable to their competency to maintain the required protein levels in patients, and aid in the treatment of cancer, anaemia, hepatitis B/C, and haemophilia, among others, which in turn will boost the market growth. Besides this, the growing significance of preventive care in the healthcare sector is improving sales prospects for bioengineered protein drugs in vaccine formulations.
However, players operating in the global bioengineered protein drugs market are taking a cue and investing in the development of biosimilar and generic drugs that cost merely 20% of branded drugs. This is limiting the penetration of branded drugs in the Asia Pacific and leading to a surge in the popularity of generic ones, which is increasing the revenue potential of the bioengineered protein drugs market during the forecast period. Further, according to the National Health Commission, over 2,000 people died of infectious diseases such as cholera and plague in China, in August 2019. Such an alarming death rate is encouraging the adoption of therapeutics, especially in densely populated countries such as China and India, which is further contributing to the growth of the global bioengineered protein drugs market. Additionally, a huge geriatric population base seeking a cure for neurodegenerative diseases is further strengthening the position of the global bioengineered protein drugs market.
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Market Coverage
- The market number available for – 2021-2029
- Base year- 2021
- Forecast period- 2023-2029
Segment Covered-
- By Drug Type
- By Indication
Regions covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
Competitive Landscape: Johnson & Johnson Services, Inc., Sanofi S.A., and Amgen Inc., among others.
Bioengineered Protein Drugs Market Report by Segment
By Drug Type
- Monoclonal Antibodies
- Therapeutic Proteins
- Vaccines
By Indication
- Cancer
- Diabetes
- Autoimmune Diseases
- Infectious Diseases
- CVD
- Neurodegenerative Diseases
- Others
A full Report of Bioengineered Protein Drugs Market is Available @ https://www.omrglobal.com/industry-reports/bioengineered-protein-drugs-market
Bioengineered Protein Drugs Market Report by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
Rest of the World
- Latin America
- Middle East & Africa
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