Demand for bioengineered protein drugs is on an upward rise as awareness regarding their success rate, safety, specificity, and bio-reactivity catches on with people.
Demand for bioengineered protein drugs is on an upward rise as awareness regarding their success rate, safety, specificity, and bio-reactivity catches on with people. And, as market players capture the trend, development of a wide range of related products emerges on the cards. Certain products include monoclonal antibodies, vaccines, and therapeutic proteins.
Out of these, therapeutic proteins segment is set to dominate the global bioengineered protein drugs market landscape over the coming few years. As per Fact.MR, the segment would surpass the USD 150 bn. mark by the end of the year 2050.
It further claims, “Growing adoption of bioengineered protein drugs is an outcome of high efficacy and safety demonstrated by them. Further, as incidence of hepatitis B/C, cancer, hemophilia, and anemia increases, demand for these drugs will grow further.”
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Additionally, as preventive healthcare gains prominence across population worldwide, prospects for sales of these drugs improves significantly as demand for vaccine formulations go up. Fact.MR states that a CAGR of 8.4% will be charted by this segment over the assessment period.
High number of Deaths Due to Infectious Diseases Fueling Demand for Therapeutics
In 2019, China saw 2000 deaths caused by Plague and Cholera. And, this alarming figure drives demand for therapeutics, leading to growth in the global bioengineered protein drugs market. Besides, as world population ages at a quick pace, such diseases would see an increase in incidence. Additionally, a large pool of geriatrics is seeking treatment for arthritis in Japan. This contributes massively to the growth of Asia Pacific’s market for bioengineered protein drugs market.
2 billion people will be aged 60 and above and one in every six people will be aged 65 and above worldwide by the end of 2050. One in every four will fall into the latter age bracket in developed regions such as North America and Europe. This demographic is prone to illnesses that demand use of bioengineered protein drugs market. Thus, it can be safely said that the market is set to witness steady growth over the forecast period.
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Asia Pacific to Witness Development of Biosimilars and Generic Drugs over the Forecast Period
As unaffordability of branded drugs limits growth of major market players, cue for tapping elsewhere takes center-stage. And, thus one notes players investing towards development of generic drugs and biosimilars, particularly in Asia Pacific region. The APAC region has limited penetration of branded drugs. And, this allows generic drugs to carve off larger market share.
High Investments with Lower Returns Restraining Growth of Global Bioengineered Protein Drugs Market
“A major factor that stops the bioengineered protein drugs market from reaching a higher growth curve is low returns on high investments”, states Fact.MR, “However, increase in drug approvals from FDA is encouraging players to increase investments.” As of now, 23% of total revenue is invested here by Eli Lilly and 22% by Biogen.
Besides, it is worth noting that high costs often make these drugs unaffordable for a large section of people. For instance, Humira, though extremely efficient, is so expensive that most people are unable to consume it for longer periods. It is also because reimbursement coverage does not cover this monoclonal antibody. From the year 2006 to 2017, the price of 40 mg pens grew by 3x.
This is set to bring in generic drugs into the market landscape, limiting the earning potential of branded drug players.
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