Bio Engineered Protein Drugs Market Poised to Expand at a Robust Pace By 2025
The application of engineering methods and technology to the field of biology is called as bioengineering. Proteins are polymer of amino acids and play an important role in the function of body. Bioengineered proteins are synthesized using genetic engineering. They are also called as recombinant protein. Bioengineered protein drugs are used in treatment of human injury, treatment of cancers, hormonal disorders and chronic diseases such as diabetes, asthma, heart disease etc.
Bioengineered protein drugs are target specific and are highly efficient, they are said to have better PK and PD. The bioengineered protein drugs match the natural biological process and therefore they have lower side effects and higher acceptance as compared to small molecule drug. These are few of the key factors attributing the growth of the global bioengineered protein drug market. In addition to these, the time duration required for the FDA approval and clinical development process is comparatively less than small molecule drugs which is a significant factor driving the growth of the global bioengineered protein drug market.
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Huge development in biopharmaceuticals, technological advancement in drug delivery system are driving the growth of the global market. Furthermore, rise in prevalence of chronic disease such as diabetes, asthma and systemic diseases like cancer is likely to propel the growth of the global bioengineered protein drugs market. According to WHO, the worldwide diabetes population will grow to 366 million by 2030, influencing positively the rapid growth in global bioengineered protein drug market through 2024. However, the complication involved in treatment of disease using bioengineered protein drugs and the ever increasing cost of the drugs is likely to hamper the growth of global market during the forecast period.
The global bioengineered protein drugs market is segmented on the basis of product types, application types, technology types, drug delivery methods and geographical regions.
Cytokines and Chemokines can be subdivided into Interleukins, Interferon and colony stimulating factors. Peptide hormones can be subdivided into growth hormone, erythropoietin, luteinizing hormone and Follicle Stimulating hormone. Vaccines can be subdivided into Toxoid, Inactivated vaccines, Attenuated Vaccines. Therapeutics and enzymes can be subdivided into metabolic enzymes, digestive enzymes and others. There is an increase in demand of monoclonal antibody due to its increased use in therapeutics for cancer, autoimmune diseases and cancer.
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The traditional methods are subdivided into oral, Trans mucosal, parenteral, topical and inhalation. The novel methods are subdivided into micelles, microspheres, liposomes, micro emulsions, nanoparticles, hydrogels, and thin-film drug delivery.
Geographically the global bioengineered protein drug market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The North American region is dominating the global bioengineered protein drug market share in terms of value and volume followed by Europe. North America is expected to lead the global market through 2024 due to improved biopharmaceutical industries, greater technological advancements and highly developed research sector etc. Asia Pacific sector is expected to register highest growth rate in the global bioengineered protein drug market owing to the factors such as developing economic scenario, improving biopharmaceutical industries, developing research sector, increase awareness of people towards technology and rise in prevalence of chronic diseases such as diabetes, asthma etc.
Some of the major players operating in the global bioengineered protein drug markets are Abbott Laboratories, Allergan, Pfizer Inc., Genentech, Inc., Lilly USA, LLC, GlaxoSmithKline plc, Panacea Biotec Ltd., Wockhardt Ltd., Allergan, Novo Nordisk, F. Hoffmann-La Roche Ltd., Amgen, Biogen, Bayer Healthcare Pharmaceuticals, Baxter Healthcare among others worldwide. To maintain a significant position in the global market, the players are adopting strategies such as providing highly efficient and cost effective bioengineered protein drugs, launches and mergers.
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