PEGylated Proteins Market Expected to Observe Major Growth by 2024
The development of the healthcare industry and the introduction of new drugs and therapeutics are the key factors estimated to encourage the growth of the global PEGylated proteins market in the next few years. The rising number of lifestyle disorders and the growing demand for effective therapeutics are boosting the demand for PEGylated proteins. In addition, the increasing focus on research and developing activities and innovations is estimated to generate promising growth opportunities for the leading players operating in the PEGylated proteins market across the globe in the near future.
The rise in the adoption rate of protein-based drugs in comparison with non-protein base drugs, owing to its effectiveness and the rising stability of protein are projected to fuel the development of the global PEGylated proteins market in the coming years. On the contrary, the rising issues related to the product recalls and drug failure are expected to curb the growth of the overall market. Nonetheless, the key players in the market are focusing on untapped markets across the globe in order to enhance their market presence and attract a large number of consumers.
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Furthermore, the presence of a strong pipeline and the rising emphasis of key players on the development of effective new products are estimated to augment global market in the coming years. The availability of enhanced healthcare infrastructure in developed economies is expected to contribute widely towards the expansion of the global PEGylated proteins market in the near future. In addition, the increasing number of end users and the rising number of market players are estimated to accelerate the development of the overall market.
Global PEGylated Proteins Market: Overview
Proteins have found application in the therapeutics industry for long and are much sought after in modern medicine too. This has resulted in a growing number of protein-based drugs in market these days. However, there are quite a few pressing problems associated with their use such as swift degradation and excretion from patients, requiring frequent dosing. This ups the cost of therapy. To tackle the challenege, a polyethylene glycol (PEG) group is linked to the protein in a process called PEGylation. The global PEGylated proteins market is slated to tread on a healthy growth path in the near future on account of PEG's potential to protect against protein enzymatic degradation and prolong the half-life of drugs.
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In the research report, Transparency Market Research provides a detailed analysis of the opportunities present the global PEGylated proteins market. It segments the global market based on various parameters such as products, protein types, application, and end users. It also studies the different growth drivers and restraints affecting the competitive dynamics in the market and its growth prospects in the years ahead.
Global PEGylated Proteins Market: Trends and Opportunities
One of the primary reasons for the popularity of PEGylated proteins is their ability to bolster protein stability and circulate half-life. This unique perceived benefit has majorly contributed to the global PEGylated proteins market. Besides this, other factors stimulating the market are the rising investment in research and development by pharmaceutical and biotechnology companies, expansion in the biologics sector, increasing instances of lifestyle-related diseases, and swifter uptake of protein based drugs compared to non-protein based drugs.
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Countering the growth in the market, however, are drug failures and recalls. A current noticeable trend in the market is the dominance of the consumables products segment over the services segment due to the rising uptake of kit-based PEGylation products. Further, among the different end users in the market, namely academic research institutions, pharmaceutical and biotechnology companies, and CROs, the pharmaceutical and biotechnology companies account for maximum share because of their higher spend on research and development. Depending upon the type of protein, the market can be segmented into interferons, colony stimulating factors, erythropoietin, mAbs, and recombinant factor VIII. Of these, colony stimulating factors is poised for growth in the upcoming years.
Global PEGylated Proteins Market: Regional Outlook
Based on geography, the global market for PEGylated proteins market can be segmented into Europe, North America, Asia Pacific, and the Rest of the World. Among them, North America accounts for maximum share in the market. Some of the prominent growth drivers responsible for the stellar growth in the market in the region are growing take-up of biologics drugs such as erythropoietin, monoclonal antibodies, and interferon for treating chronic ailments and strong government funding and grants for research activities.
Companies Mentioned in Report
To present an in-depth assessment of the competition prevailing in the global market for PEGylated proteins, the report profiles companies such as Thermo Fisher Scientific, Inc., Merck Millipore, NOF Corporation, Creative PEGworks, Quanta BioDesign, Ltd., and Biomatrik, Inc.
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