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Recombinant Protein Market Growth Accelerated by Rising Demand from Pharmaceutical Industry

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Purvaja
Recombinant Protein Market Growth Accelerated by Rising Demand from Pharmaceutical Industry

Recombinant proteins refer to proteins that are derived through genetic engineering techniques and produced through biological systems such as bacteria, yeast, insect and mammalian cells. Recombinant proteins find wide applications in pharmaceuticals, biotechnology research and diagnostics due to their therapeutic properties and advantages over conventional methods of protein production. With the increasing prevalence of chronic diseases and commercial success of biologics, the demand for recombinant proteins from pharmaceutical companies has surged significantly. 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:

Advancements in gene synthesis technologies is one of the key trends fueling the growth of recombinant protein market. Earlier, gene synthesis was complex and time consuming process but with development of custom gene synthesis technologies, it has become faster and more affordable. Companies can now design and assemble genes and genomes of choice with high fidelity at competitive rates. This has enabled life science researchers to easily produce novel recombinant proteins for developing new therapeutics. Further, custom gene synthesis also helps in producing large quantity of recombinant proteins required for pre-clinical and clinical trials within short timeframe, thereby accelerating drug development process.

Segment Analysis

The global recombinant protein market is segmented into therapeutic proteins, diagnostic proteins and research proteins. Therapeutic proteins dominated the market in 2020 accounting for over 50% of the market share. Therapeutic proteins have a wide range of applications such as in cancer treatment, infectious diseases, genetic disorders and other therapeutic areas. The high demand for recombinant therapeutic proteins for chronic disease management is driving the growth of this segment.

Key Takeaways

The Global Recombinant Protein Market Share is expected to witness high growth.

Regional analysis: North America dominated the global recombinant protein market in 2020 and is expected to continue its dominance during the forecast period. This can be attributed to the growing biotechnology industry, rising demand for protein-based drugs and presence of key market players in the region. Asia Pacific is expected to witness the fastest growth during the forecast period owing to rising investments in healthcare sector, increasing popularity of biologics and expanding research capabilities 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.). Merck KGaA holds the leading market position based on its diverse product portfolio and strong distribution network globally.

For more details on the report, Read- https://www.insightprobing.com/recombinant-protein-market-growth-demand-and-overview/

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