The world market for peptide therapeutics has been experiencing a significant surge in its valuation and size since the last couple of years. The important elements that are boosting the growth and further progress of this market are the increasing prevalence of disorders pertaining to metabolism and the expanding pool of patients of cancer. The advancements in technology, leading to substantial reduction in the cost of production of peptide drugs are also impacting positively the said market remarkably.
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The world market for peptide therapeutics market is quite consolidated in nature. The said international market for peptide therapeutics is being dominated by the likes of Teva, Eli Lilly, Novo Nordisk, and Sanofi as mentioned in the market research report by Transparency Market Research (TMR). These prominent market players in all hold a share of over 75% in the world market for peptide therapeutics in the year 2015. These prominent market players are thriving through research and have initiated and implemented various improvement activities so as to showcase their specific shares in the overall industry. Such moves are likely to build and fuel the competition inside this said market, observes the market intelligence report.
In accordance with TMR analyst, the world market for peptide therapeutics was valued at US$ 21.3 bn in the year 2015 and is anticipated to rise to a market valuation of around US$ 46.6 bn by the year 2024. The said market is anticipated to rise at a growth rate of 9.10% from the year 2016 to the year 2024.”
North America to Continue with its Regional Supremacy
Taking geography into consideration, the world market for peptide therapeutics is classified into North America, Latin America, Europe, Middle East and Africa and Asia Pacific. North America spearheaded the world market for peptide therapeutics with a market share of 38.8% in the year 2015 and the region is foreseen to continue with its supremacy over the years to come. The progress in the infrastructure in the healthcare system and with the introduction of peptide therapeutics as a highly potent drug that is utilized in the therapies of hormonal and oncology are quite likely to give boost to the growth of the market for peptide therapeutics in North America in the years to come.
In addition to this, the existence of already well-established market players in the United States is also estimated to encourage the regional market over the period of forecast that extends from the year 2016 to 2024. The supremacy of North America is trailed by Europe. The region stood at second position in the year 2015, it is also expected to experience healthy rate of growth over the years to come.
Rising Prevalence of Cancer to Encourage Market Growth
The world market for peptide therapeutics is driven by a lot of growth promoting factors. The main reason that lies at the heart of the significant growth of the international market for peptide therapeutics is the rising prevalence of cancer worldwide. As World Health Organization or WHO mentioned that almost around 7 million people face threat of death from cancer consistently and it is further estimated that there would be more than around 16 million new cancer cases every year by 2020. Just because the therapy of chemotherapy is facing substantial difficulties owing to of its inability to convey the correct measure of medication directly, the usage of peptides in the treatment of tumor has expanded thereby coming up with new avenues for the development of the future.
In the years to come, the soaring rate of issues related to metabolism is likely to make promising prospects for the market players that are operating in the world market for peptide therapeutics in the forthcoming years. Furthermore, the non-existence of administrative models might limit the said market from developing over the period of forecast.