With the growing prevalence of cancer, metabolic, and cardiovascular diseases, markets are buoyant on the launch of pipeline peptide molecules to treat patients.
Currently, there are more than 80 peptides marketed by various companies. The companies continue to explore the probability of designing and engineering peptides that overcome their natural confines, so as to be used as therapeutic agents.
According to TechNavio, the Global Peptide Therapeutics Market is expected to reach US$26.38 billion, growing at a CAGR of 9.25 percent from 2013-2018.
Despite high cost of therapy, adverse side effects, and stringent regulatory compliances, the growing popularity of peptide therapeutics and an increase in contract manufacturing is expected to drive the market. Peptide drugs approved for the management of various diseases in patients, such as Byetta, NovoMix, and Humalog, are in the market. Some of the leading vendors in the Global Peptide Therapeutics Market are AstraZeneca, Eli Lilly, Novo Nordisk, and Sanofi.
Recent developments in optimization of the synthesis and structure of synthetic peptides indicate a positive trend. In coming years, the production of peptides for therapeutic purposes and the process of manufacturing peptides would become more economical.
TechNavio analysts have identified four key market drivers that are positively impacting The Global Peptide Therapeutics Market:
Increase in Patient Population
Peptides are used in various drugs, which are administered to patients with cancer, cardiovascular, and metabolic disorders. For instance, patients with diabetes are treated with peptide drugs such as recombinant insulin and GLP 1 agonists. The high prevalence of disease in patients results in increased consumption of medications. This raises the sales of various peptides that are used to treat the patients.
Advances in Technology for Peptide Synthesis
Many methods of peptide synthesis are available, of which, chemical and enzymatic synthesis are the most important. The synthesis of peptides has integrated the SARs and analog generations to increase bioavailability, reduce adverse effects, increase safety and efficacy, impart protease resistance, and develop novel formulations. This trend is expected to continue and would further drive the market.
Unmet Medical Need
The unmet medical needs in the case of patients with metabolic disorders, cardiovascular disease, and cancer is huge. Therefore, the market is experiencing a higher demand for drugs to treat the diseases effectively. There is a requirement of drugs with a high safety and efficacy profile, which can be used to treat diseases such as diabetes and cancer.
Thus, there is a huge market potential for the drug makers to innovate and develop new peptide therapies. This will drive the global Peptide Therapeutics market in the years to come.
Increase in Healthcare Spending
There has been an increase in global healthcare spending, especially in the developing countries. According to the IMS Institute of Healthcare Informatics report of 2011, in the US, the total system spending on medications was US$320 billion. It showed a per capita increase of 0.5 percent. Another report by the IMS Institute of Healthcare Informatics states that global healthcare spending is expected to reach US$1.2 trillion by 2016.
Also, developing countries will soon achieve an average healthcare spending of US$609 per person. The pharmemerging countries (China, India, Russia, Brazil etc.) will witness spending of US$91 per person. Thus, the increase in healthcare spending will further drive the Global Peptide Therapeutics Market.
