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.
According to the report published by Allied Market Research, the global protein therapeutics market is estimated to reach $566.66 billion by 2030. Following are some of the activities taking place worldwide.
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Therapeutic proteins are an important class of drugs, which serve patients in need of novel therapies. Approved recombinant protein therapeutics are developed to treat a wide array of clinical indications, including cancers, genetic disorders, infectious diseases, and metabolic disorders.
Rise in proteomics research and development of novel methods opened up new avenues for protein therapeutics. Market players have adopted different strategies to advance the research activities about protein therapeutics by determining the existing issues. Collaboration is one of the vital strategies adopted by them to combine expertise of both companies and finding ways to improve outcomes for patients.
Growth of the global protein therapeutics market is attributed to increase in prevalence of chronic diseases, surge in development of protein-based therapies, and various strategies adopted by key players of the market. Moreover, increase in healthcare expenditure and approval of new products are expected to further drive the market growth during the forecast period.
Growth of the protein therapeutics market is majorly driven by rise in prevalence of chronic diseases, increase in geriatric population, development of plasma derived therapies, increasing awareness for protein-based therapeutics, and surge in strategic developments among key players of the market.
Impact of COVID-19 Pandemic on the Protein Therapeutics Market
The COVID-19 outbreak is anticipated to have a positive impact on the protein therapeutics market. A huge number of clinics and hospitals across the globe were restructured to increase the hospital capacity for patients diagnosed with COVID-19.
By product, the market is segmented into monoclonal antibodies, insulin, fusion protein, erythropoietin, interferon, human growth hormone, and follicle stimulating hormone. The monoclonal antibodies segment generated maximum revenue in 2020, accounting for $136.9 billion. The fusion protein segment is expected to witness highest CAGR of 9.5% during the forecast period.
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North America held the largest share
By region, the market across North America dominated the market in 2020, holding nearly half of the market, due to increase in chronic diseases, rapid adoption of advanced technologies, and presence of key players in the region. However, the market across Asia-Pacific is expected to register the highest CAGR of 8.7% during the forecast period, owing to rapidly growing geriatric population, surge in public-private investment, and increase in number of initiatives for healthcare awareness.
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
- Sanofi
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