In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
On January 4, 2017, Abbott acquired St. Jude Medical, Inc., a medical device firm. The acquisition is expected to help Abbott Laboratories expand its market share in medical devices and improve its bio-engineered stent product range worldwide.
On December 11, 2019, The World Health Organization (WHO), announced several changes to the treatment of drug-resistant tuberculosis (TB) and recommended the use of oral regimens containing Johnson & Johnson’s SIRTURO® (bedaquiline) for drug-resistant TB patients.
Protein plays a vital role in the growth and development of an individual. A protein molecule makes up a long chain of amino acids and controls all biological functions in the body, such as metabolic reactions, DNA replication, and other essential functions. Bioengineered proteins are designed to play a key role in all biological processes, to serve as effective therapeutic agents and to control a wide variety of functions including growth factors, hormones, vaccines, monoclonal antibodies, cytokines, and others. Owing to its versatility, effectiveness, bioreactivity and success rate in the treatment of life-threatening diseases, these special drugs are gaining interest among the manufacturers in the pharmaceutical industry.
The Centers for Disease Control and Prevention (CDC), in its statistical report “National Diabetes Statistics Report 2020”, stated that crude estimates for the prevalence of both diagnosed and undiagnosed diabetes amongst the US population aged 18 years or older in the year 2018 was registered to 34.1 million (10.5% of the US population).
The prevalence of infectious diseases such as diabetes, cancer and others are primarily increasing the global demand for bioengineered protein drugs. As opposed to alternative treatments for cancer, diabetes, and other illnesses, bioengineered protein medications are more successful and often have minimal or no side effects. As a result, healthcare practitioners are increasingly prescribing medicines that are made up of bioengineered protein drugs. Moreover, with the escalating research and developments in bioengineered protein drugs and advancements in phase III clinical trials for the several medicines that are made from bioengineered protein drugs, are allowing pharmaceutical manufacturers to increasingly invest on the commercialization of this protein. CLICK TO DOWNLOAD SAMPLE REPORT
The bioengineered protein drug market is anticipated to record a notable CAGR during the forecast period, i.e. 2020-2028. The market is segmented by drug type into recombinant protein drug, vaccines, peptide hormones, therapeutic enzymes, monoclonal antibodies, replacement proteins, peptide antibiotics, cytokines, and blood products, out of which, the therapeutic enzymes segment is anticipated to hold the largest market share throughout the forecast period on account of the extensive use of therapeutic enzymes in the manufacturing of therapeutic proteins and in the processing of recombinant DNA. Macromolecular therapeutic proteins, such as, interferons, cytokines and monoclonal antibodies, are extensively used in the treatment of HIV, cancer, and other diseases.
On account of the rapid technological advancements in the manufacturing of bioengineered protein drugs, immense developments in biopharmaceuticals and technological innovations in drug delivery systems, the bioengineered protein drug market is anticipated to grow remarkably over the forecast period. Over the years, the healthcare and pharmaceutical industry has observed a remarkable growth in the number of FDA approvals, especially in the development of bioengineered protein drugs. Consequently, the market players are raising their investments for the manufacturing of these drugs and further diversify their product portfolio, which is anticipated to drive the market growth.
According to the statistics of the World Health Organization (WHO), cancer is the second leading cause of death around the world. The statistics also stated that in the year 2018, cancer was responsible for an estimated 9.6 million deaths. In the other statistics by WHO, it stated that by 2030, the worldwide diabetes population will grow to 366 million.
The prevalence of chronic diseases, such as diabetes, cancer, and asthma among others, is growing at a steady pace globally. Owing to such a factor, healthcare practitioners are increasingly prescribing bioengineered protein drugs for the treatment of these diseases. Bioengineered protein drugs, which are also known as recombinant proteins, are widely used in the treatment of cancers and other chronic diseases, hormonal disorders, human injury, and others. These drugs are highly efficient and are designed to be target specific. As a result, these drugs are now-a-days one of the most widely preferred drugs. The players operating in the pharmaceutical and healthcare industry are progressively utilizing these drugs to manufacture medicines, which is anticipated to drive the market growth.
Treatment of diseases that require the use of bioengineered protein drugs usually cost high owing to the complications involved in the treatment process. As a result, the use of these drugs is not that feasible for countries belonging from the low- and middle-income nations. Such a factor is anticipated to affect the growth of the global bioengineered protein drug market.
During the initial re-opening phase of COVID-19 pandemic, several operators operating in the global bioengineered protein drug market had to face numerous challenges to balance their supply chain. With limited workforce, and stringent government norms, the players had to strategically lay out a plan to continue with their existing operations. Although, there was significantly a high demand for pharmaceutical products globally, yet many players couldn’t meet up to fulfil the required need, owing to the restrictions in trade across several nations.
Our in-depth analysis of the bioengineered protein drug market includes the following segments:
The bioengineered protein drug market is segmented based on region into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America is anticipated to register the largest market share throughout the forecast period, followed by the market in Europe. North America is known to have a strong network of drug companies. Backed by the increasing expenditure on healthcare, both by public and private entities, along with the increase in research and developmental activities and for the prevalence of chronic diseases amongst individuals in the region, the North America bioengineered protein drug market is anticipated to grow with a notable CAGR during the forecast period.
The bioengineered protein drug market is further classified on the basis of region as follows: