Wellesley, Mass, Feb. 09, 2017 (GLOBE NEWSWIRE) -- Continuous research and innovations in the field of drug discovery are driving modest growth in the global market for bioengineered protein drugs. BCC Research reveals in its new report that other growth factors include more sedentary lifestyles, rising incidence of chronic disorders, and increasing awareness about enzymatic and other disorders.
Bioengineered protein drugs are widely used as therapeutic drugs due to their high potency and reduced side effects. They are created by genetically modifying living cells using recombinant DNA technology. The model organisms for these include E. coli bacteria, yeast and mammalian cell cultures. Protein drugs can help treat chronic diseases such as asthma, rheumatoid arthritis, cancer, and diabetes.
The global market for bioengineered protein drugs is expected to reach $228.4 billion by 2021 from $172.5 billion in 2016, growing at a five-year compound annual growth rate (CAGR) of 5.8%. The United States region, the largest market, should reach $93.7 billion and $148.7 billion in 2016 and 2021, respectively, demonstrating a five-year CAGR of 9.7%.The emerging markets should total $40.2 billion in 2021, up from $39.8 billion in 2016, at a CAGR of 0.2%.
Increased research and development spending, growing competition, patent expiries, and new technologies are directing the market. New advancements, new product launches, and changing lifestyles should influence market growth for the foreseeable future, as well.
Monoclonal antibodies account for the largest segment due to their ability to combat chronic diseases like cancer. Other protein drugs, including some vaccines and therapeutic enzymes, are in demand due to an increase in hormonal disorders, diabetes, and infertility. Discovery of protein drugs such as cytokine has led to the treatment of diseases such as advanced stage hepatitis C.
A rise in monoclonal antibody, peptide hormone, blood products, and therapeutic enzyme revenues has boosted the U.S. market, the largest market by region. In the European region, biosimilars and Brexit have adversely impacted the market. The emerging markets have shrunk a little due to lack of awareness and facilities to market bioengineered products in countries such as India and Brazil.
"Overall, global market growth has been favorably impacted by the rapid increase in medical technologies, increasing awareness, increasing patent approvals, improved diagnosis of diseases and expansion of healthcare in emerging markets," says BCC Research analyst Shalini S. Dewan.
Global Markets for Bioengineered Protein Drugs (BIO009G) analyzes proteins that are used for therapeutic purposes, including protein-based drugs in clinical trials. The report also examines current and emerging technologies and their market impact, the patent landscape, and the companies with the greatest breadth in their IP portfolios. Global market drivers and trends, with data from 2014 and 2015, estimates for 2016, and projections of CAGRs through 2021 also are provided.
About BCC Research BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com . Follow BCC Research on Twitter at @BCCResearch .
Editors and reporters who wish to speak with the analyst should contact Steven Cumming at steven.cumming@bccresearch.com.
