Press release
Bioengineered Protein Drugs for Cancer Treatment Market to Grow at CAGR of 7% Through 2025
Pharmaceutical and biotechnological companies are the leading end users in the bioengineered protein drugs market, as these companies constantly strive to increase the exclusivity to their portfolios. Collectively, these end users are projected to account for 53% of the market share by 2025. However, a shift from in-house R&D towards outsourced services is augmenting the importance of contract research organisations as end users in the bioengineered protein drugs market.Click here to Get Synopsis of the Report – https://www.factmr.com/report/4440/bioengineered-protein-drugs-market
Increasing reliance on these organisations for drug discovery portends the growing adoption of bioengineered protein drugs to further improve their efficacy. In addition, governments of developed regions have extended financial aid to reduce the mortality rate, which is further likely to strengthen the pathway for the penetration of bioengineered protein drugs. Though the overall market movement looks prodigious, an analytical study published by Fact.MR foresees the advent of generic drugs as an impeder to the growth of the global bioengineered protein drugs market.
Key Highlights of Bioengineered Protein Drugs Market
• Patients suffering from cancer continue to remain the target audience of players in the bioengineered protein drugs market. Adoption of bioengineered protein drugs for treatment is projected to increase at a CAGR of around 7% during the forecast period (2020-2025). Also, a spurt in the sales of these drugs is expected, which is likely to be driven by individuals diagnosed with infectious diseases.
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• High costs associated with bioengineered protein drugs, in tandem with their short shelf life, causes reluctance among patients towards their adoption. In addition, increasing development of biosimilar products that cost just 20% of branded drugs is expected to deter revenue potential of the bioengineered protein drugs market during the forecast period.
• Preference for oral route of drug administration for any medication is high among patients, on the back of convenience and ease. However, bioengineered protein drugs are difficult to administer in an oral formulation, on account of gastric acid formed in the stomach, which could impede their adoption rate.
A subject matter expert at Fact.MR opines, “The healthcare industry is experiencing a shift from curative care towards preventive care, which is projected to create more sales prospects for bioengineered protein vaccines over therapeutic proteins.”
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Prominent Players Rely on Generic Drugs and Strong Distribution Network
F.Hoffmann-La Roche, AbbVie, and Johnson & Johnson are the leading players, collectively accounting for around 60% share in the global bioengineered protein drugs market. The focal point of these players is on the development of branded drugs to treat myriad rare diseases. A substantial revenue of F.Hoffmann-La Roche is attributable to its blockbuster drugs - Avastin, Rituxan, and Herceptin, specifically developed for the treatment of cancer. Another leading player, AbbVie, holds a dominant position in the bioengineered protein drugs market, on account of its flagship product-Humira-which is considered as a breakthrough product to treat a number of conditions and diseases.
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In contrast to the focus of leading players on the development of branded drugs, prominent and emerging players strive to ace the market race through generic formulations. Also, they take measured actions towards strengthening their distribution network to increase the accessibility of their products.
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