Bioengineered Protein Drug Market Size

Bioengineered Protein Drug Market size was over USD 105.1 Billion in 2023 and is anticipated to cross USD 200.65 Billion by 2036, witnessing more than 5% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of bioengineered protein drug is assessed at USD 110.2 Billion.. The growth of the market can be attributed to the increasing cases of cancer backed by the presence of multiple organizations to promote cancer treatment and the higher utilization of bioengineered proteins to provide relief in chemotherapy. According to the statistics of the World Health Organization (WHO), cancer is the second leading cause of death around the world. The statistics also stated that in the year 2018, cancer was responsible for an estimated 9.6 million deaths.

The prevalence of infectious diseases such as diabetes, cancer, and others is primarily increasing the global demand for bioengineered protein drugs. As opposed to alternative treatments for cancer, diabetes, and other illnesses, bioengineered protein medications are more successful and often have minimal or no side effects. As a result, healthcare practitioners are increasingly prescribing medicines that are made up of bioengineered protein drugs. Moreover, the escalating research and developments in bioengineered protein drugs and advancements in phase III clinical trials for the several medicines that are made from bioengineered protein drugs, are allowing pharmaceutical manufacturers to increasingly invest in the commercialization of this protein. The Centers for Disease Control and Prevention (CDC), in its statistical report “National Diabetes Statistics Report 2020”, stated that crude estimates for the prevalence of both diagnosed and undiagnosed diabetes amongst the US population aged 18 years or older in the year 2018 were registered to 34.1 million (10.5% of the US population).