What are Key Factors Causing Boom of Catalog Peptides Market?

The global catalog peptides market attained a value of $238.4 million in 2018 and is predicted to progress at a CAGR of 5.8% between 2019 and 2024. Furthermore, based on the estimates of the market research firm, P&S Intelligence, the market is expected to reach a valuation of $332.1 million by 2024. The major factors driving the surge of the market are the soaring number of research and development (R&D) activities in several therapeutic applications, increasing incidence of chronic diseases, and surging investments in protein-based research.

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The increasing R&D activities for addressing the unmet medical requirements in the treatment procedures of various types of chronic diseases such as cancer, diabetes, respiratory ailments, and ischemic heart disorders is a key factor fuelling the advancement of the market. The governments, research institutes, and regulatory bodies in many countries are increasingly making huge investments in research activities in order to develop new and affordable drugs. For example, the National Institute of Health (NIH) in the U.S. makes investments worth $32.3 billion in medical research every year.

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The main categories under the end user segmentation of the catalog peptides market are the contract manufacturing organizations (CMOs) and contract research organizations (CROs), academic and research institutes, and pharmaceutical and biotechnology firms. Out of these, the pharmaceutical and biotechnology category is currently dominating the market, both in revenue and growth. This is because of the increasing usage of the peptides in therapeutic procedures, on account of their greater target stability and affinity and higher chemical diversity as compared to the other types of biological particles and molecules.

Therefore, due to the increasing R&D activities being conducted in peptide synthesis, rapid technological advancements in peptide production, and the growing utilization of peptides in various therapeutic procedures, the market will demonstrate substantial growth over the next few years.

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This release was published on openPR.