Peptide Therapeutics Market with Global Competitive Analysis, and New Business Developments
The peptide therapeutics market is estimated to reach USD 39.9 billion in 2023, and it will touch USD 71.6 billion, advancing at an 8.7% compound annual growth rate, by 2030.
This can be because of the increasing prevalence of metabolic syndromes, cancer, osteoporosis, and obesity, which increase the utilization of such medications. Moreover, with the rising occurrence of target diseases and the growing... morePeptide Therapeutics Market with Global Competitive Analysis, and New Business Developments
The peptide therapeutics market is estimated to reach USD 39.9 billion in 2023, and it will touch USD 71.6 billion, advancing at an 8.7% compound annual growth rate, by 2030.
This can be because of the increasing prevalence of metabolic syndromes, cancer, osteoporosis, and obesity, which increase the utilization of such medications. Moreover, with the rising occurrence of target diseases and the growing number of impacted kids in low-income countries, the need for affordable and efficient medicines is increasing.
The metabolic diseases category, based on application, is dominating the industry, primarily because of the mounting incidence of this disease. Moreover, sedentism, high alcohol consumption, and improper habits of eating result in the prevalence of such diseases.
In addition, these medicines are more costly as compared to their other generic variants and are extensively prescribed, resulting in the generation of larger sales revenue.
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The generic category is likely to witness fast growth in the years to come. This can be because of the rising expense of healthcare, as well as the growing healthcare funding from the government.
Furthermore, the expiration of patents of medicine is allowing small pharmaceutical businesses to introduce various types of generics, which are similarly compelling and more affordable.
The LPPS category, based on synthesis type, is leading the industry. This can be because of the surging necessity for pure peptides for different conditions.
North America continues to lead the industry. This can be because of the growing consciousness of peptide therapeutics, development in the sector of biotechnology, and the mounting occurrence of cancer and various other chronic illnesses in the continent.
APAC is likely to propel at a considerable rate in the years to come. This is primarily attributed to the large unmet necessity for effective medicine, progress in the sector of biotechnology, growing funding for research & development, and low costs of raw materials.
It is because of the mounting incidence of metabolic syndromes, cancer, osteoporosis, and obesity, the peptide therapeutics industry will continue to advance in the years to come.
