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Jun 11, 2023

Recombinant Protein Market is Projected To Reach A Revised Size of USD 2,320.21 Million By 2029, Growing At A CAGR of 13.02%

News provided by 17 May, 2023, 12:00 ET Share this article BANGALORE, India ,

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17 May, 2023, 12:00 ET

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BANGALORE, India , May 17, 2023 /PRNewswire/ -- Recombinant Protein Market is segmented by Type - Hormones, Growth Factors, Cytokines, Plasma Protein Factor, Recombinant Metabolic Enzymes, Immune Checkpoint Regulators, Others, by Application - Biopharmaceutical Companies, Academic and Research Institutes, Contract Research Organizations. Global Opportunity Analysis and Industry Forecast 2023-2029. It is published in Valuates Reports under the Pharmaceuticals & Biotech Category.

Due to the COVID-19 pandemic and Russia-Ukraine War Influence, the global market for Recombinant Protein estimated at USD 975.77 million in the year 2022, is projected to reach a revised size of USD 2,320.21 million by 2029, growing at a CAGR of 13.02% during the forecast period 2023-2029.

Major Factors Driving The Growth of The Recombinant Protein Market are

The recombinant protein market will expand over the projected period due to factors like the rise in the prevalence of chronic illnesses, an increase in consumer preference for biosimilars and biologics, and advancements in recombinant products.

Additionally, a larger sum is being spent on the research and development of the items that fall under the category of recombinant proteins, which is projected to spur recombinant protein market expansion in the years to come.

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TRENDS INFLUENCING THE GROWTH OF RECOMBINANT PROTEIN MARKET

Recombinant proteins are used to treat a number of chronic disorders, including dwarfism, congestive heart failure, diabetes, cerebral apoplexy, myocardial infarction, multiple sclerosis, anemia, neutropenia, etc. They are also used in research. In addition, subsequent generations of recombinant proteins made some advancements over the prior generation. The second generation of recombinant proteins included proteins with improved qualities including selectivity, biodistribution, and effectiveness, similar to the previous generation, which included native protein structures. The third generation of recombinant proteins also included novel formulations and delivery methods with improved effectiveness and security. This factor is expected to drive the recombinant protein market.

The global healthcare industry is expanding rapidly, which encourages spending on research and development to find new treatments for a range of illnesses. Recombinant protein production is intimately correlated with the expansion of the healthcare industry and spending on biologics. Additionally, government support stimulated the research efforts of academic institutions and biotechnological companies, resulting in developments in the market for recombinant proteins. This factor is expected to drive the recombinant protein market.

As a result, due to increased research and development costs, an aging population, an increase in the frequency of chronic illnesses, a growing preference for biologics and biosimilars, and the introduction of sophisticated recombinant goods Over the projected period, the recombinant protein market is anticipated to see rapid expansion.

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RECOMBINANT PROTEIN MARKET SHARE ANALYSIS

Recombinant protein sales in North America were valued at USD 334.79 million in 2022 and are projected to increase to USD 736.53 million by 2029, at a CAGR of 11.75% from 2023 to 2029.

The recombinant protein market in Asia-Pacific was valued at USD 362.89 million in 2022 and will increase to USD 1,010.82 million by 2029, growing at a CAGR of 15.52% from 2023 to 2029.

The recombinant protein market in Europe was valued at USD 240.37 million in 2022 and would increase to USD 508.09 million by 2029, growing at a CAGR of 11.15% from 2023 to 2029.

The market share leader is the sub-segment for recombinant growth factors. Due to their numerous uses, recombinant growth factors have become more prominent in the market. Numerous recombinant growth factors have been demonstrated to hasten the healing of chronic wounds in diabetes individuals. Besides this, clinical nephrology is another area where recombinant growth factors are widely used.

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