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.
Powered by India, China, and South Korea, Asia Pacific is expected to steal the show in the near future by expanding at a maximum CAGR of 9.0% from 2017 to 2025. Growing occurrence of cancer, massive investments by players, and rapid rise in healthcare infrastructure are said to be boosting growth in the region. China is at the forefront of driving growth in the region because of the sizeable proportion cancer patients, increasing geriatric population, launch of premium-priced targeted therapies, and rise in number of people covered under private health insurance in the country.
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Some of the key players in the global bioengineered protein drugs market are Abbott Laboratories, F. Hoffmann-La Roche Ltd, Amgen, Inc., Bayer AG, Merck & Co., Inc., Dr. Reddy’s Laboratories Ltd., Biocon Ltd., Eli Lilly and Company, Sanofi, GlaxoSmithKline plc, Johnson & Johnson (JanssenNovartis AG, Panacea Biotec, and ProBioGen AG.