Peptide Therapeutics Market - Growth, Trends, and Forecasts (2020 - 2025)
NEW YORK, July 2, 2020 /PRNewswire/ -- The peptide therapeutics market is projected to grow with a CAGR of nearly 10.19% over the forecast period. The major factor attributing to the growth of the market is the growing incidence of metabolic disorders and cancers. According to the National Institute of Health (NIH), in 2018, an estimated 1,735,350 new cases of cancer will be detected in the United States and 609,640 people will die from the disease. Furthermore, the increasing demand for efficient and low-cost drugs and rising investments in research and development of novel drugs boost market growth. However, the limitations associated with peptides and stringent regulatory requirements for drug approval are the major factors restraining market growth.
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Key Market Trends
Cancer Segment to Dominate the Market Over the Forecast Period
Peptides offer favorable prospects in targeted drug delivery for cancer due to their high specificity, discernment, small sizes, ease of modification, and high biocompatibility. The increasing frequency of cancer globally and increasing prescription of peptide therapeutics for cancer treatment are the key factors responsible for the dominance of this segment.
According to the World Health Organization (WHO) cancer is the second prominent cause of death worldwide and is accountable for an estimated 9.6 million deaths in 2018. Globally, about 1 in 6 deaths is due to cancer. Furthermore, rising awareness among patients and healthcare professionals regarding adverse effects of chemotherapy and radiation therapy is a major factor for growing focus towards alternative therapeutics such as peptide-based drugs.
North America Dominates the Market and Expected to do Same in the Forecast Period
North America is expected to dominate the overall market, throughout the forecast period. The market growth is due to factors such as a rise in awareness levels relating to peptide therapeutics products, increasing necessity for diagnostics in cancer and other diseases, and growing biotechnology industry.
Increasing research and development expenditure by government and key players is also expected to help peptide therapeutics sustain dominance over the coming years. A properly established biopharmaceutical & pharmaceutical industry in this region is a major factor responsible for growth. In the North America region, the United States holds the largest market share due to factors such as an increasing number of research programs in the medical industry, along with a growing number of diseases in the country, which is anticipated to stimulate the demand in this region.
Competitive Landscape
The peptide therapeutics market is moderately competitive and consists of several major players. Some of the companies which are currently dominating the market are Eli Lilly and Company; Pfizer, Inc.; Amgen, Inc.; Bristol-Myers Squibb; EVER NEURO PHARMA GMBH; Takeda Pharmaceutical Company Limited; Teva Pharmaceuticals Industries Ltd.; AstraZeneca PLC; GlaxoSmithKline plc; and Novo Nordisk A/S.
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