Recombinant Protein Market Growth Accelerated by Rising Demand for Next-Generation Therapeutics1/5/2024 Recombinant proteins find widespread use in diagnostic applications, pharmaceuticals and research activities. They are used for developing new biopharmaceuticals which are utilized for treatment of cancer, infectious diseases and other therapeutic areas. Some key benefits of recombinant proteins include high purity, consistency in composition and ability to produce biologically active forms of human proteins in other organisms like E.coli and yeast. The increasing R&D investments by biopharmaceutical companies for development of novel biologics is augmenting the demand for recombinant proteins. The global Recombinant Protein Market is estimated to be valued at US$ 3131.37 Mn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity: The increasing demand for biopharmaceuticals for treatment and management of various chronic diseases represents a key opportunity for growth of the Global Recombinant Protein Market Size. Biologics have revolutionized treatment landscapes of various therapeutic areas. Recombinant proteins play a vital role in development of biopharmaceuticals including monoclonal antibodies, vaccines, growth factors and various other therapeutic molecules. According to a report by Evaluate Pharma, global sales of biologics are estimated to reach US$ 401 Bn by 2026, reflecting a CAGR of 8-10%. The robust pipeline of biologics along with increasing demand to control diseases like cancer, diabetes and autoimmune disorders is expected to substantially boost utilization of recombinant proteins during research, development and production of novel biologics. This thus presents a lucrative opportunity for players in the recombinant protein market to further capitalize on. Porter’s Analysis Threat of new entrants: The threat of new entrants into the recombinant protein market is low as it requires high R&D investment and manufacturing infrastructure to produce high quality recombinant proteins. Bargaining power of buyers: The bargaining power of buyers is high as there are many established players providing recombinant proteins. Buyers can negotiate on price and demand customization of products. Bargaining power of suppliers: The bargaining power of suppliers is medium as there are several suppliers providing critical raw materials required for production of recombinant proteins. Threat of new substitutes: The threat of new substitutes is medium as there is continuous research for developing new and improved drug delivery methods. Competitive rivalry: The competitive rivalry in the market is high due to presence of many global and regional players offering a wide range of recombinant proteins. SWOT Analysis Strength: Recombinant protein has higher efficiency and lower production costs compared to traditional methods. It allows mass production of therapeutic proteins. Weakness: High R&D investment and regulatory compliance requirements add to production costs. Storage and transportation of recombinant proteins need specialized infrastructure. Opportunity: Increasing demand for biologics and monoclonal antibodies drives the recombinant protein market growth. Untapped emerging markets offer new opportunities. Threats: Stringent regulations and lengthy approval timelines poses challenges. Duplication of products increases competition. Key Takeaways The global recombinant protein market is expected to witness high growth supported by increasing demand for biologics and ongoing research in drug development. Regional analysis: North America dominated the market and is expected to retain its leading position during the forecast period supported by strong healthcare infrastructure and availability of advanced technologies. Asia Pacific recombinant protein market is projected to witness fastest growth owing to rising healthcare spending, high disease prevalence and growing biosimilars market in countries like China and India. Key players: Key players operating in the recombinant protein market are Merck KGaA, Allergan plc, Novartis AG, Teva Pharmaceutical Industries Ltd., Pfizer, Inc., Bausch & Lomb, Inotek, Jadran-galenski laboratorij d.d. JGL d.d, Aerie Pharmaceutical and Mylan N.V. Merck KGaA maintains its leading position through continuous product innovation and capacity expansion projects worldwide. Allergan plc focuses on strategic acquisitions to strengthen ophthalmology portfolio. Get More Insights On This Topic: https://www.newswirestats.com/recombinant-protein-market-forecast-outlook-trend-2023-2030/
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AuthorCOHERENT MARKET INSIGHTS |