The global recombinant therapeutic antibodies and proteins market is estimated to be valued at US$ 91.2 billion in 2022 and is expected to exhibit a CAGR of 12.2% over the forecast period 2023–2030, as highlighted in a new report published by Coherent Market Insights.
The recombinant therapeutic antibodies and proteins market has witnessed significant growth due to increasing demand for biologics for treatment of various chronic diseases such as cancer, autoimmune diseases, and others. Recombinant therapeutic antibodies and proteins are produced using biotechnology methods and play a vital role in treatment of diseases. They target specific site in the body and reduce side effects. Some key advantages of recombinant therapeutic antibodies and proteins are high selectivity and specificity, non-immunogenicity, fewer side effects compared to small molecules drugs. Rising chronic diseases prevalence coupled with advancement in protein engineering technology is expected to drive the demand for recombinant therapeutic antibodies and proteins over the forecast period.
Market key trends:
The recombinant therapeutic antibodies and proteins market is witnessing rising adoption of biosimilars which has led to increasing competition. Biosimilars are similar to original biologics in terms of safety, purity, and potency but offer cost benefits compared to reference biologics. Patent expiry of major biologics coupled with regulatory approval and commercialization of biosimilars is expected to reduce prices of biologics and increase accessibility. Growing need for cost-effective treatment options is encouraging development of biosimilars. For instance, originator biologic Humira faces competition from biosimilar alternatives in the Europe market. Another key trend is shifting preferences from small molecules drugs to biologics due to advantages such as high target specificity and non-immunogenicity.
Threat of new entrants: The high capital requirements for bioprocessing equipment and expertise pose barriers to entry for new players in the recombinant therapeutic antibodies and proteins market.
Bargaining power of buyers: Due to the life-saving or life-improving nature of biologics, buyers have relatively low bargaining power in this market.
Bargaining power of suppliers: A few large biotechnology companies dominate the supply of recombinant therapeutic antibodies and proteins, giving them significant bargaining power over buyers.
Threat of new substitutes: The lack of suitable substitutes for most biologics limits the threat of substitution in the recombinant therapeutic antibodies and proteins market.
Competitive rivalry: Intense competition exists among leading players to gain market share through investments in R&D and manufacturing capacity expansion.
The Global Recombinant Therapeutic Antibodies And Proteins Market Demand is expected to witness high growth, exhibiting CAGR of 12.2% over the forecast period 2023-2030, due to increasing prevalence of chronic diseases.
North America currently dominates the global recombinant therapeutic antibodies and proteins market, owing to the advanced healthcare infrastructure and high adoption of biologics in the region. Asia Pacific is expected to grow at the fastest pace during the forecast period, driven by expanding patient pool, increasing healthcare spending, and growing disposable income.
Key players operating in the recombinant therapeutic antibodies and proteins market are Abbott, Amgen Inc., Biogen Inc., Eli Lilly and Company, F. Hoffmann-La Roche, Johnson and Johnson, Merck & Co., Novo Nordisk, Pfizer Inc., and Sanofi S.A. These players are focusing on new product launches and expansion of manufacturing facilities to strengthen their market position.