Recombinant proteins find wide application in research, diagnostics, and therapeutics. They are used in development of antibodies, hormones, vaccines, and biopharmaceuticals. Production of recombinant proteins is a cost-effective alternative to isolation of proteins from native sources. 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 key trends:
Rising demand for cost-effective protein production is the major trend driving the growth of the recombinant protein market. Production of recombinant proteins through genetic engineering techniques such as cloning is proving to be a viable and economical alternative to traditional protein production methods. It allows mass production of proteins in less time with higher yields as compared to traditional extraction methods. As the need for affordable biopharmaceuticals and therapeutic proteins continues to rise, recombinant protein production techniques are gaining increasing prominence. This in turn is fueling the expansion of the recombinant protein market during the forecast period.
SWOT Analysis
Strength: Recombinant proteins have enhanced purity and consistency compared to traditional proteins extracted from natural sources. They can be produced through microbial fermentation which provides improved shelf life and scalability.
Weakness: High costs associated with R&D, production, and purification processes of recombinant proteins. Regulatory compliances for clinical trials and approval pose additional challenges.
Opportunity: Rising demand for biologics and therapeutic proteins in disease treatment areas like cancer, diabetes, genetic disorders expands market potential. Cell and gene therapy applications provide new application avenues.
Threats: Biosimilars pose pricing and market share risks once patent exclusivity expires on blockbuster recombinant drugs. Supply chain disruptions and trade barriers can impact availability.
Key Takeaways
The Global Recombinant Protein Market Share is expected to witness high growth over the forecast period supported by increasing demand for biologics in treatment of chronic diseases.
Regional analysis: The North America dominates the global recombinant protein market currently with the United States being the major market owing to high healthcare expenditure and presence of leading biotechnology companies in the region. The Europe region holds the second largest share of the market due to focus on research activities and growing acceptance of biosimilars. Asia Pacific is expected to grow at fastest pace during the forecast period due to low-cost manufacturing facilities and increasing investments in biologics production from various international drug makers in the region.
Key players: Key players operating in the recombinant protein market are Merck KGaA, Allergan plc (A subsidiary of AbbVie Inc.), Novartis AG, Teva Pharmaceutical Industries Ltd., Pfizer, Inc., Bausch & Lomb, Inotek, Jadran-galenski laboratorij d.d. JGL d.d, Aerie Pharmaceutical (A subsidiary of Alcon Management S. A) and Mylan N.V (A subsidiary of Viatris Inc.). These players are involved in new product developments and adopting collaborative strategies to increase their market share in the highly competitive recombinant protein market.
Note:
Source: Coherent Market Insights, Public sources, Desk research
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