The global protein degeneration therapy market is estimated to garner a large amount of revenue by growing at a robust CAGR over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the increasing prevalence of chronic diseases, coupled with the upsurge in development of plasma-derived therapies across the globe. In 2019, cardiovascular diseases caused about 18 million deaths around the world. Whereas, cancer and respiratory diseases were responsible for taking lives of more than 8 million and 4.5 million people respectively. Along with these, researchers are continuously being involved in analyzing bifunctional protein degradation, and how it can be used for the treatment of a variety of clinical conditions, including breast cancer, Alzheimer’s disease and multiple myeloma. This in turn is also expected to drive market growth significantly in the upcoming years. Furthermore, growing investments by pharmaceutical companies for novel drug development, and rising adoption of advanced technologies in the healthcare sector worldwide are projected to offer lucrative opportunities to the market in the near future.
The market is segmented by application into inflammatory, neurology, oncological, respiratory, and others, out of which, the neurology segment is anticipated to witness noteworthy growth in the global protein degeneration therapy market. This can be accounted to the high utilization of the therapy for reversing protein aggregates and damaged organelles in patients with neurological diseases. In addition, protein degeneration therapy is capable of performing highly specific and complex functions, resulting in less drug toxicity that is vital for treating neurological disorders, which is also assessed to boost the growth of the market segment in the future. Moreover, on the basis of route of administration, the oral segment is predicted to occupy the largest share during the forecast period owing to the high simplicity, ease of convenience and non-invasiveness of this type of drug administration.CLICK TO DOWNLOAD SAMPLE REPORT
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Regionally, the global protein degeneration therapy market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in North America is estimated to acquire the largest share over the forecast period on the back of the high healthcare expenditure, and presence of favorable reimbursement facilities in the region. Apart from these, growing occurrence of malignant conditions is also expected to drive the market growth in the region in the coming years. Additionally, the market in Europe is also assessed to gather a notable share during the forecast period ascribing to the growing number of cases of chronic diseases, and rapidly growing geriatric population, who are more susceptible to various disorders, in the region. According to Eurostat, more than one-fifth (20.6%) of the population of the European Union was aged 65 years and above in 2020. Also, the share of people aged 80 years or more is evaluated to increase from 5.9 % to 14.6 % between 2020 and 2100.
The global protein degeneration therapy market is further classified on the basis of region as follows:
Our in-depth analysis of the global protein degeneration therapy market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are increasing prevalence of chronic diseases, and upsurge in the development of plasma-derived therapies globally.
The market is anticipated to attain a robust CAGR over the forecast period, i.e., 2022-2031.
High cost of protein degeneration therapy is estimated to hamper the market growth.
North America will provide more business opportunities for market growth owing to the high healthcare expenditure, and presence of favorable reimbursement facilities in the region.
The major players in the market are F. Hoffmann-La Roche AG, Abbott Laboratories, Amgen Inc., Baxter International Inc., Eli Lilly and Company, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by application, route of administration, and by region.
The oral segment is anticipated to hold largest market size and is estimated grow at a steady CAGR over the forecast period and display significant growth opportunities.
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