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What is the Expected Expansion Rate of the Bioengineered Protein Drugs Market in the 2024-2033 Forecast?

The market for bioengineered protein drugs has expanded significantly in recent years. The market is expected to increase from $379.36 billion in 2023 to $411.1 billion in 2024, with a compound annual growth rate (CAGR) of 8.4%. The growth during the historical period is likely due to enhanced comprehension of diseases, regulatory authorizations, rising incidence of chronic ailments, collaborations and partnerships, and market expansion.

The market for bioengineered protein drugs is predicted to witness substantial expansion in the following years, reaching a market size of $556.9 billion by 2028, growing at a compound annual growth rate (CAGR) of 7.9%. This growth during the forecast timeframe is likely due to several factors including the rise of personalized medicine, an extended range of therapeutic uses, emerging markets, a focus on treating rare diseases, and advancements in healthcare infrastructure. The forecast period is also expected to see key trends such as advancements in protein engineering, a heightened emphasis on monoclonal antibodies, the growth of personalized medicine and targeted therapies, the advent of next-generation biologics, and improvements in the manufacturing process.

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What Factors Are Catalyzing the Growth of the bioengineered protein drugs Market?

The surge in chronic disease occurrence is projected to boost the expansion of the bioengineered protein drug market in the future. Chronic illnesses are those illnesses that persist for over a year, necessitate ongoing medical attention, and impede normal physical activities. Bioengineered protein drugs provide treatment solutions for these chronic illnesses through custom protein therapies. These are utilized in the fields of oncology and regenerative medicine, applying combinatorial and logical approaches. For example, the World Health Organization (WHO) 2022 Highlights revealed in September 2022 that 41 million out of 74% of the total deaths worldwide due to noncommunicable or chronic diseases. These include 17.9 million deaths from cardiovascular diseases, 9.3 million deaths from cancer, 4.1 million deaths from chronic respiratory diseases, and 2 million deaths from diabetes. Consequently, the rise in chronic diseases is acting as a catalyst for the growth of the bioengineered protein drug market.

Which Segments Are Important in the Bioengineered Protein Drugs Market Landscape?

1) By Drug Type: Recombinant Protein, Vaccine, Peptide Antibiotics, Therapeutic Enzymes, Other Drug Type

2) By Technology: Bioreactors, Fractionation, Genetically Modified Organisms, Genetic Engineering, Pharming, Cell Culture, Microbial Cell Fermentation, Other Technology

3) By Application: Autoimmune, Heart, Congenital, Infectious Diseases, Cancer, Diabetes, Arthritis, Other Application

4) By End User: Pharmaceutical, Contract Research Organizations, Research Institutes, Biotechnology Companies

What Are the Groundbreaking Trends in the Bioengineered Protein Drugs Market?

The escalation of product innovations in the bioengineered protein drug market is a rising trend. The businesses working in this market are integrating novel technologies to maintain their market stance. An example of this trend occurred in July 2021 when Janssen Pharmaceuticals, Inc., a pharmaceutical company located in Belgium, released RYBREVANT, a drug that the FDA has approved. Rybrevant (amivantamab-vmjw) is a monoclonal antibody medication for treating non-small cell lung cancer (NSCLC) with mutations in the epidermal growth factor receptor (EGFR) exon 20 insertions. Rybrevant’s development incorporated a mix of molecular biology, protein engineering, and cell culture methods. This bioengineered protein drug was produced using a phage display technique where an antibody library is checked for those specifically attaching to the target protein.

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What Are the Key Regions Powering Growth in the Bioengineered Protein Drugs Market?

North America was the largest region in the bioengineered protein drugs market in 2023. The regions covered in the bioengineered protein drugs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The Bioengineered Protein Drugs Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the bioengineered protein drugs market, its market share, and analyzes key competitors along with their market positions.

The Table Of Content For The Bioengineered Protein Drugs Market Include

1. Bioengineered Protein Drugs Market Executive Summary

2. Bioengineered Protein Drugs Market Segments

3. Bioengineered Protein Drugs Market Size And Template Market Growth Rate

4. Key Bioengineered Protein Drugs Market Trends

5. Major Bioengineered Protein Drugs Market Drivers

……

25. Key Mergers And Acquisitions In The Bioengineered Protein Drugs Market

26. Top Bioengineered Protein Drugs Companies

27. Bioengineered Protein Drugs Market Opportunities And Strategies

28. Bioengineered Protein Drugs Market, Conclusions And Recommendations

29. Appendix

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