Recombinant proteins find widespread applications in pharmaceuticals, biotechnology research and diagnostics. They help mimic the functions of natural human proteins and aid in therapeutic processes. Novel recombinant proteins are replacing conventional drug therapies to treat complex medical conditions like cancer, diabetes and anaemia more effectively and with fewer side-effects. The growing disease burden along with rising healthcare spending is accelerating the demand for these therapeutic recombinant proteins globally. The global recombinant protein market is estimated to be valued at US$ 3131.37 Mn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rising occurrences of chronic diseases and increasing geriatric population across major economies have propelled the demand for recombinant proteins in recent years. As per statistics, chronic diseases accounted for over 60% of all deaths globally in 2018. With the growing prevalence of diseases like cancer, cardiovascular disorders and diabetes, recombinant protein-based therapies are gaining immense importance. Their targeted mechanism of action helps treat underlying disease conditions more efficiently as compared to conventional medication options. This has significantly driven their adoption in therapeutic applications globally over the past few years.
Strength: Global Recombinant Protein Market Size has wide applications in pharmaceuticals and biotechnology sector. Recombinant proteins find usage as therapeutic agents in areas like cancer, metabolic disorders, and cardiovascular diseases.
Weakness: Production of recombinant proteins involve complex and expensive processes like fermentation, cell culture, purification which increase costs. Regulatory requirements for production also add to costs.
Opportunity: Increasing demand for protein-based drugs and therapeutics serves as a major driver for the recombinant protein market. Growing research in disease areas like diabetes and cancer also opens new avenues.
Threats: Biosimilars pose price competition to innovator recombinant proteins. Technical issues in production and scale-up also hinder consistent large scale supplies.
The global recombinant protein market is expected to witness high growth over the forecast period of 2023 to 2030 supported by a CAGR of 7.3%.
Regional analysis: North America currently dominates the recombinant protein market owing to high healthcare spending and presence of major players. However, Asia Pacific region is poised to be the fastest growing market due to increasing research expenditure and manufacturing capabilities in countries like China and India.
Key players operating in the recombinant protein market are Merck KGaA, Allergan plc (A subsidiary of AbbVie Inc.), Novartis AG, Teva Pharmaceutical Industries Ltd., Pfizer, Inc., Bausch & Lomb, Inotek, Jadran-galenski laboratorij d.d. JGL d.d, Aerie Pharmaceutical (A subsidiary of Alcon Management S. A) and Mylan N.V (A subsidiary of Viatris Inc.). These leading companies are engaged in new product launches and facility expansion to strengthen their market position.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it