Protein Therapeutics Market Predicted to Grow at CAGR of 7.1% by 2030 with Revenue $566.66 billion

Growth of the global protein therapeutics market is attributed to increase in prevalence of chronic diseases, surge in development of protein-based therapies, and various strategies adopted by key players of the market. Moreover, increase in healthcare expenditure and approval of new products are expected to further drive the market growth during the forecast period.

The global protein therapeutics market. However, high production costs required for developing and manufacturing protein-based therapeutics hinder the market growth.

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The major factors that drive the growth of the global protein therapeutics market include introduction & application of new plasma-derived therapies, surge in prevalence of chronic & life-threatening diseases, and rise in awareness among populace regarding the high efficiency of protein therapeutics. However, high cost of protein therapies and complex reimbursement scenario impede the market growth. Conversely, increase in novel indications for known protein therapeutics and untapped emerging markets are anticipated to provide lucrative opportunities for the manufacturers in this industry.

Covid-19 scenario:

The Covid-19 pandemic had a positive impact on the growth of protein therapeutics due to surge in chronic diseases and increase in demand for therapeutic drugs.

The number of clinics and hospitals across the globe increased during the pandemic, which supplemented the demand for protein therapeutics.

However, the prolonged lockdown and disruptions of manufacturing and transportation of healthcare essentials hinder the market.

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North America held the largest share

By region, the market across North America dominated the market in 2020, holding nearly half of the market, due to increase in chronic diseases, rapid adoption of advanced technologies, and presence of key players in the region. However, the market across Asia-Pacific is expected to register the highest CAGR of 8.7% during the forecast period, owing to rapidly growing geriatric population, surge in public-private investment, and increase in number of initiatives for healthcare awareness.

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Major market players

Abbott Laboratories
Baxter International Inc.
Amgen Inc.
F. Hoffmann-La Roche Ltd.
Eli Lilly and Company
Merck & Co., Inc.
Johnson & Johnson (Janssen Pharmaceuticals)
Pfizer Inc.

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