The global market for bioengineered protein drugs is currently highly competitive owing to the large and widespread presence of major players. Some of the top names in the global bioengineered protein drugs market include ProBioGen AG, Abbott Laboratories, Amgen, Inc., Johnson & Johnson, Bayer AG, Novartis AG, GlaxoSmithKline plc, and Biocon Ltd., among others.
Major players are pushing to bolster their product portfolios, and market penetration, which includes activities such as collaborations, acquisitions and, mergers, in addition to increasing investments into research and development activities, with the aim of developing new product offerings.
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The global bioengineered protein drugs market is expected to display an impressive CAGR of ~ 8.4 per cent, through the end of the forecast period in 2025. This growth rate can be primarily attributed to the high adoption rate for vaccines and will account for a value of more than USD 336 billion by the end of this period.
Prohibitive Production Costs Restrict Growth
While the demand for bioengineered protein drugs is expected to remain high, the cost of producing these medications are substantially expensive, and is limiting the growth of the overall global market. Further, complications in terms of relevant diseases, and their treatment with these drugs is expected to hinder adoption rates globally.
The global market for bioengineered protein drugs is profiting from the faster approval of products by regulatory bodies such as the FDA. This is pushing manufacturers to invest more in research and development. On the other hand, recent years have witnessed a higher penetration of alternatives such as generic drugs and biosimilars, which cut down the sales and revenue potential for branded bioengineered protein drugs.
Despite these challenges, tech advancements in terms of drug delivery methods and production of bioengineered protein drugs are aimed towards bolstering efficiency, and are supported by increased expenditure in healthcare. These trends will generate major profitable opportunities in the industry.
Rising Incidences of Disease and Vaccine Development Drive Adoption
Therapeutic proteins are expected to hold control over a larger market share in the bioengineered protein drugs market owing to the rising traction gained by protein engineering and products associated with recombinant DNA tech products. With substantial growth in facilities, North America is expected to gain dominance in terms of market share owing to the imminent expiration of numerous drug patents in the field.
Bioengineered protein drugs play key roles in terms of DNA replication and metabolic reactions, as fundamental factors for biological processes, with the aim of developing superior therapeutic agents. Further bioengineered protein drugs come in a wide range of products including monoclonal antibodies, hormones, cytokines, hormones, and vaccines.
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The growth is further supported by the numerous incidences of ailments such as asthma, cancer, diabetes, and heart disease, which is increasing the demand for treatments, which make use of bioengineered protein drugs. The pharmaceutical industry is invested in the adoption of such drugs owing to factors such as success rate, specificity, safety, and bio reactivity, which is key for curing chronic health conditions.
Key players operating in the bioengineered protein drugs market include Abbott Laboratories, Sanofi, Amgen Inc., Reliance Life Sciences Pvt. Ltd., Bayer AG, ProBioGen AG, Bayer AG, Panacea Biotec, Biocon Ltd., Novartis AG, Dr. Reddy’s Laboratories Ltd., Merck & Co., Inc., Eli Lily and Company, Johnson & Johnson (Janssen), F.Hoffmann-La Roche Ltd., GlaxoSmithKline PLC, and Fresenius Kabi.
Press Release- https://www.biospace.com/article/higher-efficacy-driving-demand-for-bioengineered-protein-drugs-finds-fact-mr/
Pankaj
Fact.MR
media@factmr.com