by Recombinant proteins have widespread applications in biotechnology, medicine, and research. They are used in pharmaceutical applications like production of insulin, blood products, growth hormones, monoclonal antibodies, and vaccines. Recombinant protein manufacturing provides advantages over extraction from tissues and cells of organisms. Products can be produced in large quantities with consistent quality and purity. The global recombinant protein market offers significant opportunities owing to growing prevalence of chronic diseases like diabetes, cancer, and cardiovascular diseases which require recombinant proteins and biologics for treatment.
The global recombinant protein Market is estimated to be valued at US$ 3131.37 million 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 Dynamics
One of the key drivers for the recombinant protein market is the growing demand from the pharmaceutical industry. Recombinant proteins find extensive usage in production of therapeutic drugs, vaccines, monoclonal antibodies, and other biologics. The demand is driven by increasing prevalence of chronic diseases worldwide. According to WHO, chronic diseases accounted for approximately 60% of total reported deaths in 2018. Moreover, rising healthcare expenditure and increasing R&D investments by biotechnology and pharmaceutical companies for development of novel protein drugs are also boosting the market growth. However, high costs associated with recombinant protein production poses a challenge for market players. Production of recombinant proteins involves complex manufacturing processes like cell culture, purification, and refolding which increases the overall costs. Technological advancements in production techniques can help lower costs and drive the market in coming years.
Segment Analysis
The global recombinant protein market is segmented by product type, application, end-user, and region. Based on product type, the therapeutics segment is expected to dominate the market during the forecast period owing to increase in research and development activities in pharmaceutical and biopharmaceutical industries. Therapeutic recombinant proteins are widely used in treatment of several diseases like cancer, infectious diseases, and hormonal disorders.
PEST Analysis
Political: Government regulations supporting research and development activities in biotechnology and pharmaceutical sectors will support market growth. However, stringent regulations for approval of recombinant proteins may hamper the market.
Economic: Rising healthcare spending, increasing incidence of chronic diseases, and growing geriatric population driving the demand for recombinant proteins. However, high manufacturing costs of recombinant proteins poses a challenge.
Social: Increasing public awareness about recombinant therapeutics and rising demand for affordable treatment options will aid market growth.
Technological: Advancements in gene expression systems, cell culture methods, and purification technologies have helped increase production yields of recombinant proteins bringing down costs. Continuous research on gene therapy and stem cell therapy also supports market growth.
Key Takeaways
The Global Recombinant Protein Market Share is expected to witness high growth during the forecast period driven by rising prevalence of chronic diseases, growing demand for biologics and biosimilars as affordable treatment options.
Geographically, North America is expected to dominate the global market owing to strong biotechnology research in the US and Canada. Europe is also expected to hold significant market share. However, Asia Pacific region is expected to witness fastest growth driven by rising healthcare spending, growing geriatric population, and increasing focus of international players in emerging nations like India and China.
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.). Merck KGaA is one of the leading players focusing on expansion of manufacturing facilities to cater to increasing demand. Allergan plc and Novartis AG are also investing heavily in R&D of innovative recombinant proteins for treatment of various diseases.
Note:
Source: Coherent Market Insights, Public sources, Desk research
We have leveraged AI tools to mine information and compile it
