Global Bioengineered Protein Drugs Market: Snapshot
Majorly fuelling the global bioengineered protein drugs market is the rising occurrence of infectious diseases, diabetes, cancer, etc. This is because bioengineered protein drugs are more effective and additionally 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 stoking demand in the market.
The prospects in the global market for bioengineered protein drugs also looks upbeat owing to increasing drugs in phase III of clinical trials and many companies pouring money into research and development of novel bioengineered proteins.
Posing a roadblock to the market, on the other hand, is the steep cost of manufacturing bioengineered protein drug, having shorter shelf life. The emergence of biosimilars is also posing a severe challenge to the growth in the market.
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A report by Transparency Market Research predicts the global bioengineered protein drugs market to expand at a 7.4% CAGR from 2017 to 2024 to become worth US$336.9 bn by 2025 from US$177.7 bn in 2016.
Vaccines Slated to Grow at Maximum Pace due to Development of Bioengineered Prophylactic Vaccines
The global bioengineered protein drugs market can be classified into monoclonal antibodies, vaccines, and therapeutic protein based upon the type of product. The therapeutic protein segment, among them, accounts for a dominant share because of extensive activities in the therapeutic protein engineering and recombinant DNA technology products. In terms of growth rate, however, the vaccines segment is expected to outshine all other segments by clocking maximum CAGR between 2017 to 2025 because of increase in development of bioengineered prophylactic and therapeutics vaccines.
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