3) Innovations will Boost Bioengineered Protein Drugs Market Growth in the Foreseeable Future

The application of engineering methods and technology to the field of biology is called as bioengineering. Proteins are polymer of amino acids and play an important role in the function of body. Bioengineered proteins are synthesized using genetic engineering. They are also called as recombinant protein. Bioengineered protein drugs are used in treatment of human injury, treatment of cancers, hormonal disorders and chronic diseases such as diabetes, asthma, heart disease etc.

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Bioengineered protein drugs are target specific and are highly efficient, they are said to have better PK and PD. The bioengineered protein drugs match the natural biological process and therefore they have lower side effects and higher acceptance as compared to small molecule drug. These are few of the key factors attributing the growth of the global bioengineered protein drug market. In addition to these, the time duration required for the FDA approval and clinical development process is comparatively less than small molecule drugs which is a significant factor driving the growth of the global bioengineered protein drug market. Huge development in biopharmaceuticals, technological advancement in drug delivery system are driving the growth of the global market.

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Furthermore, rise in prevalence of chronic disease such as diabetes, asthma and systemic diseases like cancer is likely to propel the growth of the global bioengineered protein drugs market. According to WHO, the worldwide diabetes population will grow to 366 million by 2030, influencing positively the rapid growth in global bioengineered protein drug market through 2024. However, the complication involved in treatment of disease using bioengineered protein drugs and the ever increasing cost of the drugs is likely to hamper the growth of global market during the forecast period.

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The global bioengineered protein drugs market is segmented on the basis of product types, application types, technology types, drug delivery methods and geographical regions.

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