May 18, 2024
Recombinant Protein Market

Recombinant Protein Market Estimated to Witness High Growth Owing to Wide Application in Pharmaceutical Industry

Recombinant proteins have various medical and pharmaceutical applications as they can be used to help diagnose and treat diseases. They have gained immense popularity in drug discovery and development as well as the biomedical industry. Recombinant proteins are used in developing therapeutic proteins and antibodies for treating chronic diseases such as cancer, cardiovascular disorders, and immunological diseases. The global recombinant protein market is benefiting from the increasing prevalence of chronic diseases worldwide and the growing need for protein-based drugs and biologics.

The Global recombinant protein market is estimated to be valued at US$ 3607.34 Bn in 2024 and is expected to exhibit a CAGR of 7.3% over the forecast period from 2024 to 2031.

Key Takeaways

Key players operating in the Recombinant Protein Market Growth 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 focusing on new product launches and strategic collaborations to gain a competitive edge in the market.

The market offers significant growth opportunities in applications such as drug discovery, structural biology research, molecular cloning, gene expression studies, and biologics production. Moreover, rising healthcare expenditure and increasing investments by pharmaceutical companies in R&D activities are also fueling market growth.

The recombinant protein market is expanding globally due to growing demand for biologics in emerging economies such as China, India, Brazil, and countries in the Middle East and Africa. Increasing burden of chronic diseases and improving healthcare infrastructure in these regions are supporting the market expansion.

Market drivers

The wide application of recombinant proteins in developing therapeutic antibodies and protein-based drugs is a major market driver. Growing prevalence of diseases like cancer, diabetes and cardiovascular diseases worldwide has increased the demand for protein-based treatment which requires recombinant proteins. Rising government support for healthcare services and biomedical research in various countries is also fueling the adoption of recombinant proteins. In addition, technological advancements in gene cloning techniques have simplified mass production of recombinant proteins, propelling market revenues.

PEST Analysis

Political: The government policies and regulations would have an impact on the Recombinant Protein Market . Regulation changes related to production, quality standards and approval process could influence the demand and availability of these products.

Economic: Economic growth and per capita healthcare expenditure influence the recombinant protein market. A rise in disposable income increases healthcare spending which boosts demand for these drugs and therapies for treatment of various chronic diseases.

Social: An aging population, increasing lifestyle diseases, and growing healthcare awareness are some of the key social factors contributing to market growth. People are adopting a healthier lifestyle and relying more on biopharmaceutical treatments.

Technological: Advancements in genetic engineering, cell culture and fermentation technology have enabled large-scale production of recombinant proteins. Ongoing R&D is improving manufacturing efficiencies and quality which improves patient accessibility and lowers production costs. Artificial intelligence and robotics also aid various stages of bioprocessing.

Around 70% of the global recombinant protein market value is concentrated in North America owing to high healthcare spending, presence of leading biopharma companies and stringent regulatory approval process. Europe and Asia Pacific are other major geographical regions accounting respectively for around 20% and 10% of the market share in terms of value currently.

The fastest growing regional market for recombinant proteins over the forecast period is expected to be Asia Pacific due to rising income levels, increasing government healthcare expenditure, growing elderly population and burgeoning contract manufacturing activities in major Asian countries like China, Japan and India.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it