(MENAFN- GlobeNewsWire - Nasdaq) New York, June 08, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Bioengineered Protein Drugs Global Market Report 2023" -
A., Grifols S.A., Astrazeneca PLC, Adma Biologics Inc., CSL Limited, and Grifols S.A.
The global bioengineered protein drugs market is expected to grow from $349.20 billion in 2022 to $379.36 billion in 2023 at a compound annual growth rate (CAGR) of 8.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The bioengineered protein drugs market is expected to reach $514.17 billion in 2027 at a CAGR of 7.9%.
The bioengineered protein drugs market consists of sales of cytokines, peptide antibiotics, monoclonal antibodies, replacement proteins and blood products.Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Bioengineered protein drugs are defined as drugs that are manufactured through certain laboratory techniques using living cells, which include applications of biological processes and protein molecules. The use of bioengineered proteins allows for the tuning of mechanical and stimuli sensitive qualities, together with high purity and uniform molecular weight, avoiding adverse results.
North America was the largest region in the bioengineered protein drugs market in 2022. The regions covered in bioengineered protein drugs report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of bioengineered protein drugs are recombinant proteins, vaccines, peptide antibiotics, therapeutic enzymes, and others.Recombinant proteins refer to proteins that are produced through genetic engineering techniques that involve inserting a gene or genes encoding a desired protein into an organism, such as bacteria or yeast.
They are produced with various technologies, including bioreactors, microbial cell fermentation, fractionation, genetically modified organisms, genetic engineering, pharmacology, cell culture, microbial cell fermentation, and others, used by pharmaceutical companies, contract research organizations, research institutes, and biotechnology companies. It is used to treat various diseases, including autoimmune, heart, congenital, infectious, cancer, diabetes, arthritis, and others.
The increasing prevalence of chronic disease is expected to propel the growth of the bioengineered protein drug market going forward.Chronic diseases refer to those diseases from which people suffer for a year or longer, require continuous medical care, and restrict everyday physical activities.
Bioengineered protein drugs are used for the treatment of chronic diseases with designer protein therapies for use in oncology and regenerative medicine using combinatorial and logical methodologies. For instance, in September 2022, according to the World Health Organization (WHO) 2022 Highlights, a Switzerland-based intergovernmental health organization, there were 41 million deaths, which is 74% of those caused by noncommunicable diseases (NCDs) or chronic diseases every year globally were 17.9 million deaths are from cardiovascular diseases, 9.3 million deaths from cancer, 4.1 million deaths from chronic respiratory diseases, and 2.0 million deaths are from diabetes. Therefore, increasing chronic disease is driving the growth of bioengineered protein drugs.
Technological innovations are a key trend gaining popularity in the bioengineered protein drug market.Companies operating in the bioengineered protein drug market are adopting new technologies to sustain their position in the market.
For instance, in July 2021, Janssen Pharmaceuticals, Inc., a Belgium-based pharmaceutical company, launched RYBREVANT, a Food and Drug Administration (FDA)-approved bioengineered protein drug. Rybrevant (amivantamab-vmjw) is a monoclonal antibody drug that is used to treat non-small cell lung cancer (NSCLC) with epidermal growth factor receptor (EGFR) exon 20 insertion mutations. The technology used in the development of Rybrevant is a combination of molecular biology, cell culture, and protein engineering techniques. Rybrevant was developed using a phage display process, in which a library of antibodies is screened for those that bind specifically to the target protein.
In May 2020, AbbVie Inc., a US-based pharmaceutical company, acquired Allergan for $63 billion. This acquisition expands, diversifies, and enhances AbbVie's portfolio by acquiring long-term brands in a variety of desirable therapeutic fields, such as immunology and neuroscience. Allergan Plc is an Ireland-based pharmaceutical company that is involved in the development and production of bioengineered protein drugs.
The countries covered in the bioengineered protein drugs market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The bioengineered protein drugs market research report is one of a series of new reports that provides bioengineered protein drugs market statistics, including global market size, regional shares, competitors with a bioengineered protein drugs market share, detailed bioengineered protein drugs market segments, market trends and opportunities, and any further data you may need to thrive in the bioengineered protein drugs industry. This bioengineered protein drugs market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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