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LONDON, GREATER LONDON, UK, August 23, 2024 /EINPresswire.com/ -- The global bioengineered protein drugs market has experienced robust growth in recent years, increasing from $379.36 billion in 2023 to $411.1 billion in 2024, at a compound annual growth rate (CAGR) of 8.4%. The market's expansion during this period can be attributed to a greater understanding of diseases, regulatory approvals, a rising prevalence of chronic conditions, and strategic collaborations. The bioengineered protein drugs market is anticipated to continue its upward trajectory, reaching $556.9 billion by 2028 at a CAGR of 7.9%, driven by personalized medicine trends, expanding therapeutic applications, and the focus on rare diseases in emerging markets.
Rising Healthcare Expenditure Anticipated to Fuel Market Growth
The rising healthcare expenditure is a significant factor expected to propel the growth of the bioengineered protein drugs market in the coming years. Healthcare expenditure encompasses all monetary value spent on healthcare goods and services, including medical treatment, medications, hospital care, and other health-related services. Bioengineered protein drugs (BPDs) contribute to increased healthcare expenditure as they provide targeted and innovative therapies. For instance, in November 2022, the Canadian Institute for Health Information (CIHI) forecasted that total health spending in Canada would rise by 0.8%, from $328 billion in 2021 to $331 billion in 2022. This increase in healthcare expenditure supports the growing demand for BPDs.
Explore comprehensive insights into the global bioengineered protein drugs market with a detailed sample report:
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Key Players and Market Trends
Leading companies in the bioengineered protein drugs market include AbbVie Inc., Amgen Inc., AstraZeneca PLC, Bayer HealthCare Pharmaceuticals LLC, and Eli Lilly and Company. These industry giants are investing in product innovation, strategic partnerships, and market expansion to maintain their competitive edge. For example, advancements in protein engineering and an increased focus on monoclonal antibodies are prominent trends shaping the market. Furthermore, the emergence of next-generation biologics and the optimization of manufacturing processes are expected to drive further growth.
Bioengineered Protein Drugs Market Segments:
• Drug Type: Recombinant Protein, Vaccine, Peptide Antibiotics, Therapeutic Enzymes, Other Drug Type
• Technology: Bioreactors, Fractionation, Genetically Modified Organisms, Genetic Engineering, Pharming, Cell Culture, Microbial Cell Fermentation, Other Technology
• Application: Autoimmune, Heart, Congenital, Infectious Diseases, Cancer, Diabetes, Arthritis, Other Application
• End User: Pharmaceutical, Contract Research Organizations, Research Institutes, Biotechnology Companies
Geographical Insights: North America Leading the Market
North America was the largest region in the bioengineered protein drugs market in 2023, driven by advanced healthcare infrastructure, high healthcare expenditure, and a strong presence of key market players. The region's leadership in the market is expected to continue, with emerging markets also showing significant growth potential due to healthcare infrastructure development and a rising focus on rare diseases.
Access the complete report for an in-depth analysis of the global bioengineered protein drugs market:
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Bioengineered Protein Drugs Global Market Report 2024 from The Business Research Company covers the following information:
•Market size data for the forecast period: Historical and Future
•Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
•Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Bioengineered Protein Drugs Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on bioengineered protein drugs market size, bioengineered protein drugs market drivers and trends, bioengineered protein drugs market major players, bioengineered protein drugs competitors' revenues, bioengineered protein drugs market positioning, and bioengineered protein drugs market growth across geographies. The bioengineered protein drugs market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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