Increasing Adoption of Vaccines to Propel Bioengineered Protein Drugs Market Growth
The quest for bioengineered protein drugs continues to surge among patients, as these are found to have relatively less side-effects and are more effective as compared to other drugs.
Sensing the growing demand for bioengineered protein drugs, market players are increasing their investments towards the development of a wide range of products that include therapeutic proteins, vaccines, and monoclonal antibodies.
The sales of therapeutic proteins are projected to offer highest value to the bioengineered protein drugs market, exceeding US$ 150 Bn by 2025. High adoption of these drugs is attributable to their competency to maintain the required protein levels in patients, and aid in the treatment of cancer, anaemia, hepatitis B/C, and haemophilia, among others.
Besides this, growing significance of preventive care in the healthcare sector is improving sales prospects for bioengineered protein drugs in vaccine formulations.
A recent report added to the comprehensive repository of Fact.MR highlights the adoption rate of vaccines, which is portended to witness a surge at a CAGR of 8.4% in the bioengineered protein drugs market during the forecast period (2020-2025).
Low Returns on High Investment – A Hindrance to Bioengineered Protein Drugs Market Growth
Rise in the number of FDA approvals for bioengineered protein drugs is encouraging market players to increase investments in research & development activities to diversify their product portfolio.
For instance, Eli Lilly and Company invests nearly 23% of its annual revenue, while Biogen spends around 22% of its revenue share, in the pharmaceutical sector. However, increasing penetration of biosimilar products and generic drugs filters out the sales potential of expensive branded bioengineered protein drugs.
Humira is a highly prescribed drug by doctors for the treatment of rheumatoid arthritis, Crohn's disease, ankylosing spondylitis, psoriatic arthritis, chronic plaque psoriasis, and polyarticular arthritis. However, the long-term consumption of this monoclonal antibody is highly unaffordable for most patients, as it lacks reimbursement coverage.
According to the AARP Public Policy Institute and the University of Minnesota’s PRIME Institute, the cost of 40 mg Humira injectable pens tripled from 2006 and 2017. Such an exponential increase in the prices of branded drugs is offering generic drugs the ground to thrive, and, in turn, limiting the RoI potential of leading players in the bioengineered protein drugs market.
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High Cost of Branded Drugs Inadvertently Fuelling Growth of Asia Pacific Bioengineered Protein Drugs Market
High cost associated with branded drugs is hampering the growth of leading players, who are based in developed regions such as North America and Europe.
However, players operating in Asia Pacific are taking a cue and investing in the development of biosimilar and generic drugs that cost merely 20% of branded drugs. This is limiting the penetration of branded drugs in Asia Pacific and leading to a surge in the popularity of generic ones, which is increasing revenue potential of the bioengineered protein drugs market in this region.
According to the National Health Commission, over 2,000 people died of infectious diseases such as cholera and plague in China, in August 2019. Such an alarming death rate is encouraging the adoption of therapeutics, especially in densely populated countries such as China and India.
Also, a huge geriatric population base in Japan seeking cure for arthritis is further strengthening the position of Asia Pacific in the global bioengineered protein drugs market.
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Bioengineered Protein Drugs Market – Assessment of Key Segments
Authors of this comprehensive study have classified the market into key segments for an in-depth study of the bioengineered protein drugs market. Categorisation of the bioengineered protein drugs market is based on drug type, disease, end user, and region.
This detailed study also offers information about the incremental opportunity present in the bioengineered protein drugs market during the forecast period. Key segments considered while studying the bioengineered protein drugs market include:
Revenue of the bioengineered protein drugs market has been evaluated in terms of US$ Mn for the period of 2020 to 2025. In addition to this, compound annual growth rate has been calculated for all key segments for the forecast period of 2020-2025, considering 2019 as the base year.
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