According to MRFR analysis, Global Protein Therapeutics Market is expected to register a 6.86% CAGR during the forecast period of 2020 to 2027.
The rising prevalence of chronic diseases such as metabolic disorders, immunologic disorders, and hematological disorders is accountable for increasing the number of hospital admissions. Chronic disease prevalence is directly responsible for the growing demand for protein therapeutics, thus, driving the growth of this market. The increased awareness among consumers regarding the high efficiency of protein and the growing adoption of plasma-derived therapies are also driving the growth of the market during the forecast period. The plasma-derived therapy is widely used in the treatment of hemophilia and von Willebrand disease (VWD).
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The increasing prevalence of hemophilia is expected to drive the growth of the market. According to the report published by the National Hemophilia Foundation, more than 400,000 patients had hemophilia in 2018. Additionally, 1% of the US population was suffering from von Willebrand disease (VWD).
However, the high cost of protein therapies and unfavorable reimbursement are likely to curb the market growth during the forecast period.
Some of the key players in the global protein therapeutics market are Abbott Laboratories (US), Amgen Inc. (US), Baxter International Inc. (US), Eli Lilly and Company (US), F. Hoffmann-La Roche Ltd. (Switzerland), Johnson & Johnson (US), Merck & Co., Inc. (US), Novo Nordisk A/S (Denmark), CSL Behring (US), Bristol Myers Squibb Co. (US), Pfizer Inc. (US), Sanofi (France), and Biogen, Inc. (US).
Global Protein Therapeutics Market has been segmented based on Type, Application, and End User.
The market, based on type, has been divided into monoclonal antibodies, insulin, fusion protein, erythropoietin, interferon, human growth hormone, follicle-stimulating hormone, and others. The insulin segment is the fastest-growing segment owing to the increasing prevalence of diabetes around the world. According to the report published by the International Diabetes Federation, around 463 million people have diabetes in the world, out of all, more than 59 million patients belong to the European region. Insulin is widely used in the management of Diabetes, which is projected to increase the demand for protein therapeutics during the forecast period.
On the basis of application, the global protein therapeutics market has been segregated into cancer, metabolic disorders, immunologic disorders, hematological disorders, and others. The cancer segment holds a significant share of the global protein therapeutics market owing to the rising prevalence of cancer across the globe. According to the National Cancer Institute, in 2020, it is estimated that there will be 21,750 new cases of ovarian cancer, and an estimated 13,940 people will die of this disease. It is likely to boost the growth of the market during the forecast period.
By End User, the global protein therapeutics market has been segmented into hospitals and clinics, specialty centers, and others. An increasing number of hospital admission and the rising prevalence of chronic diseases are expected to drive the growth of the hospitals and clinics segment during the forecast period.
The market has been divided, by region, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
The Americas has been segmented into North America and Latin America, with the North American market being divided into the US and Canada. The Americas held the largest share in the global market in 2019. The presence of major market players and the increasing prevalence of immunologic disorders in the region are expected to boost market growth during the forecast period.
The European market has been categorized as Western Europe and Eastern Europe. The Western European market has further been classified as Germany, France, the UK, Italy, Spain, and the Rest of Western Europe. The protein therapeutics market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the Rest of Asia-Pacific. Owing to the rising geriatric population and the presence of a large patient pool, the market in Asia-Pacific is expected to be the fastest-growing. The protein therapeutics market in the Middle East & Africa has been divided into the Middle East and Africa.
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