Therapeutic protein market to reach $566.66 billion by 2030 |…
Expected Market for Therapeutic Proteins
The Therapeutic Protein Market size was valued at USD 283.64 Billion in 2020 and is projected to reach USD 566.66 Billion by 2030, growing at a CAGR of 7.1% from 2021 to 2030.
The growth of the global protein therapeutics market is attributed to the increasing prevalence of chronic diseases and the boom in the development of protein-based therapies” —Onkar Sumant
PORTLAND, OREGON, USA, Aug. 1, 2022 /EINPresswire.com/ — Rising prevalence of chronic diseases and increase in proteomics research has driven the growth of the global protein therapeutics market. However, the high production costs required for the development and manufacturing of protein-based therapies are hampering the growth of the market. On the contrary, rising healthcare expenditures and growing geriatric populations would open up new opportunities for market players in the future.
The global protein therapeutics market size was valued at USD 283.64 Billion in 2020 and is projected to reach USD 566.66 Billion by 2030, growing at a CAGR of 7.1% from 2021 to 2030.
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“Growth of the global protein therapeutics market is attributed to rising prevalence of chronic diseases, boom in the development of protein-based therapies, and various strategies adopted by major market players. Moreover, increasing healthcare expenditure and approval of new products are expected to further drive the market growth over the forecast period.”
Collaboration is one of the major strategies adopted by market players to combine capabilities and develop advanced products by addressing areas in need. Blueprint Medicines Corporation has partnered with Proteovant Therapeutics for the development of advanced targeted protein degradation therapies. The targeted protein degrader uses the body’s natural protein system and offers the possibility of developing new drugs for various diseases.
The Covid-19 pandemic has had a positive impact on the growth of therapeutic proteins due to the resurgence of chronic diseases and the increase in demand for therapeutic drugs.
The number of clinics and hospitals around the world has increased during the pandemic, which has supplemented the demand for therapeutic proteins.
However, the prolonged lockdown and disruptions in the manufacturing and transportation of essential health products are hampering the market.
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Along with the collaborative strategy, researchers from different universities around the world have developed new drug delivery systems using therapeutic proteins. Researchers at Nanyang Technological University in Singapore (NTU Singapore) have developed a method of delivering drugs into human cells using protein-based microdroplets. This discovery provides a safer, faster, more efficient and better method than existing methods for cancer treatment, gene therapy and vaccine delivery. These microdroplets are made up of peptides and have the ability to enclose huge biomacromolecules. These molecules carry drugs inside and deliver them to the desired cells. This offers an advantage over existing synthetic supports.
North America held the largest share
By region, the North America market dominated the market in 2020, holding almost half of the market, owing to the increase in chronic diseases, rapid adoption of advanced technologies and the presence of key players In the region. However, the Asia-Pacific market is expected to register the highest CAGR of 8.7% during the forecast period, owing to rapid growth in geriatric population, increasing public-private investment and increasing the number of health care awareness initiatives.
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Main market players
Baxter International Inc.
F. Hoffmann-La Roche Ltd.
Eli Lilly and company
Merck & Co., Inc.
Johnson & Johnson (Janssen Pharmaceuticals)
Novo Nordisk A/S
We also offer regional and national reports –
Japanese therapeutic protein market
South Korea therapeutic protein market
Singapore Therapeutic Protein Market
Chinese therapeutic protein market
Indonesian therapeutic protein market
Australian Therapeutic Protein Market
Taiwanese therapeutic protein market
“We have also published some syndicated market studies in the same field that you may be interested in. Below is the title of the report for your reference, considering the impact of Covid-19 on this market, which will help you to assess the impact of the pandemic on the short and long-term growth trends of this market.
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