The global market for PEGylated proteins is expected to grow at a CAGR of 8.58%, reaching a size of US$1,569.488 million in 2029 from US$882.092 million in 2022.
Factors contributing to the market expansion include the emergence of degenerative and chronic diseases like cancer, kidney diseases, and rheumatoid arthritis, among others, where protein-based treatments are needed, as well as the advantages of PEGylated therapeutic proteins. The increase has been fueled by technological advances that have enabled researchers to create new drugs from proteins they isolate using proteomics and molecular biology techniques. In the last few years, it has become clear that there is an ever-growing need for recombinant proteins, hormones, enzymes, growth factors, monoclonal antibodies, and many other treatments. Because of the therapeutic benefits, including greater activity and specificity, biologics are now widely available and well-known among the afflicted population.
Global PEGylated Proteins Market Drivers
The attachment of polyethylene glycol (PEG) chains to proteins improves their stability and solubility, making protein-based therapeutics much more stable and soluble. Given these modifications, the medicine is easily available through biological processes. In addition, there are lower chances that a patient’s body will react to this substance; hence, it will stay in the system longer, increasing the need for it as a medicine.
Moreover, there is an increasing demand for efficient drugs that help fight chronic diseases, including cancer, diabetes, and autoimmune disorders. These drugs have improved pharmacokinetics and reduced dose frequency, leading to market growth. This has resulted in increased use of PEGylated proteins for treating these diseases.
The constant need to develop new products, conduct research, and create better drugs and drug delivery systems leads to a high revenue generation from the continuous consumption of PEGylating consumables like kits and reagents. Additionally, the existence of significant players with a wide range of products promotes segment expansion.
Consumables have been widely adopted due to the benefits and advancements of PEGylation technology and the rising demand for PEGylated goods. PEG's use has increased due to its versatile application in drug development and research projects. Additionally, several businesses that offer customized PEG conjugation services and products constantly use consumables to produce the desired results.
Colony-stimulating Factors (CSFs) are growth factors that bind to receptor proteins, promoting the proliferation and distinction of hematopoietic stem cells into white blood cells. They are used as pharmaceutical agents to boost immune function in cancer patients receiving treatment for low white blood cell counts (neutropenia), which makes them vulnerable to infection. The highest revenue generation in this segment can be attributed to the rising prevalence of various forms of cancer and the therapies that are associated with them. The CSF segment is expected to grow fastest during the forecast period due to the ongoing rise in cancer cases and new product approvals.
The International Agency for Research on Cancer (IARC) projects that by 2040, there will be 16.3 million cancer-related deaths worldwide and 27.5 million new cases of cancer. The burden on the world will come from changes in economic conditions, lifestyle, and aging. Additionally, businesses are hard at work investigating and creating novel or referenced proteins as therapeutic agents.
This is attributable to expanded R&D funding, encouraging government initiatives, and expanded therapeutic product pipelines through various drug discovery and development programs. Additionally, the regulatory support for new product approvals demonstrates the industry dominance of pharmaceutical and biotechnology companies. In May 2022, Amneal Pharmaceuticals, Inc. announced that it had received approval for Fylnetra, a Neulasta biosimilar. Chemotherapy-induced neutropenia among patients is treated with Pegylated GCSF or Granulocyte colony-stimulating factor.
Moreover, the company also declared that they received three biosimilar approvals from the US FDA in 2022 due to this product. The ongoing need for treatments that are both accessible and affordable has pushed healthcare companies to invest heavily in research and development. Furthermore, the high level of market competition and entry barriers for new players have resulted from the patent expiration of innovative PEGylated therapeutics. Some of the major producers of pharmaceutical and biotechnology products in the sector have consolidated their positions in the market due to this tremendous opportunity.
Global PEGylated Proteins Market Geographical Outlook
Throughout the forecast period, North America is anticipated to hold a sizable share of the global PEGylated protein market. Several factors contribute to the region’s market share, including the high prevalence of chronic diseases, the presence of key players, the established healthcare infrastructure, and the growing awareness of advanced treatment options among Americans. According to data released in November 2022 by the Canadian Cancer Society, it is anticipated that 2,33,900 Canadians will receive a cancer diagnosis in 2022; the country's aging and expanding population will play a major role in this increase in incidence. Therefore, during the forecast period, the growing prevalence of chronic diseases is anticipated to spur an increase in research and development activity and fuel the regional market growth.
Global PEGylated Proteins Market Key Launches
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