Recombinant Protein Market Propelled By Growing Disease Prevalence And Healthcare Expenditure

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Recombinant Protein Market Propelled By Growing Disease Prevalence And Healthcare Expenditure

Recombinant proteins are widely used in modern medicine and biotechnology.

They find applications as biopharmaceutical drugs in treatments for cancer, anemia, growth deficiencies and other conditions. Advantages of recombinant proteins over traditional drugs include high efficacy, low toxicity and better stability. 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:

The Global Recombinant Protein Market Size is witnessing significant growth driven by rising demand for next-generation therapeutic proteins. Major biopharmaceutical companies are making substantial R&D investments to develop advanced recombinant protein drugs with improved pharmacokinetic and safety profiles. Growing prevalence of chronic diseases worldwide along with increasing demand for affordable biologic therapeutics is fueling the recombinant protein market growth. Key players are engaged in collaborations and acquisitions to expand their product portfolios and strengthen market positions in high-growth segments like oncology and diabetes care. Regulatory approvals for novel recombinant protein drugs and expanding applications beyond healthcare into industrial sectors will further stimulate market revenues during the forecast period.

Segment Analysis

The recombinant protein market is segmented by type, application, and end user. By type, the monoclonal antibodies sub segment dominates the market owing to its wide application in treating various medical conditions such as cancer, asthma, psoriasis etc. It held around 30% of the global market share in 2023.

Key Takeaways

The global recombinant protein market is expected to witness high growth. It is projected to grow at a CAGR of 7.3% during the forecast period of 2023 to 2030. The market was valued at US$ 3131.37 Mn in 2024 and is expected to reach US$ 5412.25 Mn by 2030.

Regional analysis:

North America dominates the global recombinant protein market accounting for around 35% share owing to increasing prevalence of chronic diseases and growing focus on biologics development in the region. However, Asia Pacific is expected to witness the fastest growth over the forecast period driven by growth in the Indian and Chinese biopharmaceutical industries along with rising research investments by both academic and commercial organizations in the region.

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 dominated the market with around 15-20% share owing to its strong product portfolio and global distribution network.

Get More Insights On This Topic: https://www.newsstatix.com/recombinant-protein-market-size-share-analysis-2023-2030/