Surge in the prevalence of chronic diseases and increase in proteomics research have boosted the growth of the global protein therapeutics market. However, high production costs required for developing and manufacturing protein-based therapeutics hinder the market growth. On the contrary, surge in healthcare expenditure and increase in geriatric populations would open new opportunities for the market players in the future.
The global protein therapeutics market size was valued at $283.64 Billion in 2020, and is estimated to reach $566.66 Billion by 2030, growing at a CAGR of 7.1% from 2021 to 2030.
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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.
Collaboration is one of the major strategies adopted by market players to combine capabilities and develop advanced products by addressing the areas in need. Blueprint Medicines Corporation joined hands with Proteovant Therapeutics for development of advanced targeted protein degrader therapies. The targeted protein degrader utilizes the natural protein system of the body and offers a potential to develop new medicine for various diseases.
Through the collaboration between two companies, Proteovant’s artificial intelligence (AI)-enhanced targeted protein degradation (TPD) platform will be utilized along with expertise in precision medicine of Blueprint. Novel TPD products will be developed through extensive research and development activities. Newly developed products will be commercialized by both companies. Recent advancements in the field of TPD created opportunities for expansion of Blueprint’s core kinase capabilities and devise new ways to treat various diseases. The collaboration will help Blueprint in expanding its platform more rapidly than before. In addition, both companies will be able to improve outcomes of patients with cancer and blood disorders.
- The Covid-19 pandemic had a positive impact on the growth of protein therapeutics due to surge in chronic diseases and increase in demand for therapeutic drugs.
- The number of clinics and hospitals across the globe increased during the pandemic, which supplemented the demand for protein therapeutics.
- However, the prolonged lockdown and disruptions of manufacturing and transportation of healthcare essentials hinder the market.
Get detailed COVID-19 impact analysis on the Protein Therapeutics Market- https://www.alliedmarketresearch.com/request-for-customization/60?reqfor=covid
Major market players
- Abbott Laboratories
- Baxter International Inc.
- Amgen Inc.
- F. Hoffmann-La Roche Ltd.
- Eli Lilly and Company
- Merck & Co., Inc.
- Johnson & Johnson (Janssen Pharmaceuticals)
- Pfizer Inc.
- Novo Nordisk A/S
Official Press Release- https://www.alliedmarketresearch.com/press-release/protein-therapeutics-market.html
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