- Growth Factor
Recombinant Proteins Market is expected to be worth USD 1,926.1 million in 2022 and is projected to grow at a 3.1% CAGR from 2023 to 2029. Proteins encoded by a gene (recombinant DNA) and cloned in a prokaryotic system are known as prokaryotic recombinant proteins (E.coli). Prokaryotic recombinant proteins are good candidates for chronic treatments and numerous autoimmune illnesses due to their high specificity and low immunogenicity. Monoclonal antibodies account for the majority of the recombinant protein market. chronic kidney disease (CKD) drugs (diabetes, cancer, cardiovascular disease, and others) will be the seventh biggest cause of death worldwide by 2030, according to the World Health Organization (WHO). This will fuel the expansion of the prokaryotic recombinant protein market because of its superior benefits and low side effects in treating chronic and autoimmune disorders. In terms of application, the global recombinant proteins market can be divided into Research Applications, Therapeutic Use, and Biotechnology Industry. The Therapeutic Use segment is anticipated to grow at a significant CAGR over the forecast years owing to recombinant protein-containing products used to treat diseases such as diabetes, cancer, and inflammatory diseases. An increase in the incidence of such diseases is likely to increase the demand for new treatment options. According to International Diabetes Federation, in 2019, approx. 463 million adults (20-79 years) were living with diabetes, and this value is projected to reach 700 million by 2045. Rising demand for therapeutics and the increasing use of recombinant proteins in treating diseases such as hemophilia are anticipated to positively influence the recombinant protein therapeutics market over the years to come.
Recombinant Proteins Market Key Developments:
Fastest Growing Market
Due to protracted research and approval procedures, the R&D sector has always remained capital-intensive. Governments see R&D as essential to a country's progress, international competitiveness, and public benefit. Due to which, R&D spending and funding have steadily increased. The 2019 Global R&D Funding Forecast predicts that global life science R&D investment will increase by 3.6% to USD 2.3 trillion by 2019. While the industry is the primary source of R&D financing, academia is also important because research articles are written by academics.
The global recombinant proteins market size is expected to be worth USD 1,926.1 million in 2022 and is projected to grow at a 3.1% CAGR from 2023 to 2029.
Bio-Rad Laboratories, Inc., Thermo Fisher Scientific, Inc., Novo Nordisk A/S, Eli Lilly and Company., Merck KGaA, Abcam PLC, Amgen Inc., Sanofi SA, and Enzo Life Sciences, Inc are the key players in the market
Market growth is primarily driven by factors such as increasing government investments and R&D expenditure in pharmaceutical & biotechnology companies, growing industry-academia collaborations, and the patent expiry of biologics.
Research Application is the leading application segment in the market.