Peptide Therapeutics Market to Experience Extensive Growth Thanks to Rising Demands for Improved Healthcare
Changes in lifestyles, increase in environmental pollution, and alteration in dietary habits may lead to the occurrence of several ailments in humans. Thus, a strong need to control these ailments exists, consequently creating a demand for revolutionary treatment methods. One such technique involves utilization of peptides, thus aptly titled as peptide therapeutics. Owing to this method being widely used all over the globe, a distinct peptide therapeutics market exists.
According to expert analysts, the global peptide therapeutics market will capture revenue worth US$46.6 mn by 2024. This is a decent increase from an initial revenue worth US$21.3 bn gained in 2015. This growth is expected to occur with a splendid CAGR of 9.10% during the forecast period from 2016 and 2024.
Increasing Cases of Metabolic Disorders Demand Quality Peptide Treatment Processes
Rising prevalence of various metabolic ailments along with an increasing number cancer cases majorly drives the global peptide therapeutics market. Moreover, with rapid technological advancements, a significant reduction in costs of peptide drug is leading to a surge in preference for utilizing the relevant methodology, thereby boosting growth in the global peptide therapeutics market. Cancer treatments is a key area where peptide therapeutics are expected to be largely utilized in future.
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Cancer Treatment to Surface as Key Application Area of Peptide Therapeutics
Based on the application, the global peptide therapeutics market is classified into cancer treatment, drugs for metabolic disorders, cardiovascular disease (CVD) therapeutics, respiratory disorder therapeutics, gastrointestinal tract (GIT) therapeutics, anti-infective drugs, dermatology therapeutics, central nervous systems (CNS) therapeutics, and renal therapeutics.
With peptides evolving as a potential therapeutic agent for the treatment of cancer, the cancer segment emerged as the key contributor to this market in 2015. The rising mortality rate, caused by cancer, has led to an increased focus of players towards the development of new drugs and products to combat the situation, which is influencing the market substantially. The technological advancements and extensive research and development activities are likely to fuel the uptake of peptide therapeutics for the treatment of cancer over the next few years.
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Peptide therapeutics mainly follow two routes of administration: Oral and parenteral. The parenteral segment led the global market for peptide therapeutics in 2015 due to the easy availability of peptide drugs for the parenteral route of administration compared to other routes. However, the oral administration of these drugs is likely to increase significantly over the next few years.
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Competition to Intensify with Increasing Number of Players
The global peptide therapeutics market is substantially consolidated owing to the presence of a handful of players. However, with new companies expected to enter the market on a regular basis, the vendor landscape is expected to depict an intensified competition in future. Pfizer Inc., Teva Pharmaceutical Industries Ltd., Eli Lilly and Co., Sanofi, Novartis AG, GlaxoSmithKline Plc, Takeda Pharmaceutical Co. Ltd., F. Hoffmann-La Roche Ltd., Bachem Holding AG, and Amgen Inc., are key players operating in the global peptide therapeutics market. Most companies are well-established in North America and Europe, with rapid expansions happening in the Asia Pacific region.
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