Press release
Breakthroughs in Bioengineered Protein Therapeutics
According to The Business Research Company's, The bioengineered protein drugs market size has grown strongly in recent years. It will grow from $379.36 billion in 2023 to $411.1 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to increased understanding of diseases, regulatory approvals, rising prevalence of chronic diseases, collaborations and partnership, market expansion.
The bioengineered protein drugs market size is expected to see strong growth in the next few years. It will grow to $556.9 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to personalized medicine trends, expanding therapeutic applications, emerging markets, focus on rare diseases, healthcare infrastructure development. Major trends in the forecast period include advancements in protein engineering, increased focus on monoclonal antibodies, personalized medicine and targeted therapies, emergence of next-generation biologics, manufacturing process optimization.
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Market Drivers and Trends:
The increasing prevalence of chronic disease is expected to propel the growth of the bioengineered protein drug market going forward. Chronic diseases refer to those diseases from which people suffer for a year or longer, require continuous medical care, and restrict everyday physical activities. Bioengineered protein drugs are used for the treatment of chronic diseases with designer protein therapies for use in oncology and regenerative medicine using combinatorial and logical methodologies. For instance, in September 2022, according to the World Health Organization (WHO) 2022 Highlights, a Switzerland-based intergovernmental health organization, there were 41 million deaths, which is 74% of those caused by noncommunicable diseases (NCDs) or chronic diseases every year globally were 17.9 million deaths are from cardiovascular diseases, 9.3 million deaths from cancer, 4.1 million deaths from chronic respiratory diseases, and 2.0 million deaths are from diabetes. Therefore, increasing chronic disease is driving the growth of bioengineered protein drugs.
Product innovations are a key trend gaining popularity in the bioengineered protein drug market. Companies operating in the bioengineered protein drug market are adopting new technologies to sustain their position in the market. For instance, in July 2021, Janssen Pharmaceuticals, Inc., a Belgium-based pharmaceutical company, launched RYBREVANT, a Food and Drug Administration (FDA)-approved bioengineered protein drug. Rybrevant (amivantamab-vmjw) is a monoclonal antibody drug that is used to treat non-small cell lung cancer (NSCLC) with epidermal growth factor receptor (EGFR) exon 20 insertion mutations. The technology used in the development of Rybrevant is a combination of molecular biology, cell culture, and protein engineering techniques. Rybrevant was developed using a phage display process, in which a library of antibodies is screened for those that bind specifically to the target protein.
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Major Key Players of the Market:
Abbvie Inc.; Amgen Inc.; Astrazeneca PLC; Bayer HealthCare Pharmaceuticals LLC; Eli Lilly and Company; F. Hoffmann-La Roche AG; GlaxoSmithKline plc; Johnson & Johnson; Novartis AG; Novo Nordisk A/S; Sanofi S.A.; Grifols S.A.; Adma Biologics Inc.; CSL Limited; Abbott Laboratories; Baxter International Inc.; Fresenius Kabi AG; Merck & Co. Inc.; Pfizer Inc.; Biogen Inc.; Bristol-Myers Squibb Company; Genentech Inc.; Lonza Group AG; MedImmune LLC; Regeneron Pharmaceuticals Inc.; Shire plc.; Takeda Pharmaceutical Company Limited; Teva Pharmaceutical Industries Ltd.; Shanghai United Cell Biotechnology Co. Ltd.; Panacea Biotec Ltd.
Bioengineered Protein Drugs Market 2024 Key Insights:
• The bioengineered protein drugs market will grow to $556.9 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%.
• Rising Chronic Disease Prevalence Propels Expansion Of Bioengineered Protein Drug Market
• Product Innovations Drive Progress In The Bioengineered Protein Drug Market
• North America was the largest region in the bioengineered protein drugs market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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