Major players in the biosimilar therapeutic peptides market are Eli Lilly, Sanofi, Takeda Pharmaceuticals, Teva Pharmaceuticals, Pfizer Inc. , Amgen Inc. , AstraZeneca PLC, GlaxoSmithKline (GSK), Novartis AG and Novo Nordisk A/S.
New York, Dec. 18, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Biosimilar Therapeutic Peptides Global Market Report 2020-30: COVID-19 Growth and Change" - https://www.reportlinker.com/p05998718/?utm_source=GNW
The global biosimilar therapeutic peptides market is expected to decline from $0.80 billion in 2019 to $0.77 billion in 2020 at a compound annual growth rate (CAGR) of -3.45%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities resulting in operational challenges. The entire supply chain has been disrupted, impacting the market negatively. The market is then expected to recover and reach $1.72 billion in 2023 at a CAGR of 30.48%.
The biosimilar therapeutic peptides market consists of sales of biosimilar therapeutic peptides by the companies that are engaged in developing and commercialization of biosimilar peptides drugs for therapeutic applications. Peptide drugs are used as replacement therapies, which supplement peptide hormones when the endogenous levels tend to decrease. Biosimilar therapeutic peptides are used in the treatment of cardiovascular diseases, metabolic diseases, respiratory conditions, cancer, and respiratory diseases.
In October 2019, Zealand Pharma A/S, a Denmark-based biotechnology company specializing in the discovery and development of innovative peptide-based medicines, acquired Encycle Therapeutics Inc. for up to $80 million. The acquisition is expected to strengthen Zealand Pharma in the peptide therapeutics market and in targeting gastrointestinal diseases with the addition of orally delivered preclinical macrocycle peptide. Encycle Therapeutics, Inc., is a Canada-based biotechnology company specializing in unique platform technology that allows the synthesis of macrocyclic peptides demonstrating improved drug-like properties.
The biosimilar therapeutic peptides market covered in this report is segmented by route of administration into parenteral route; transdermal route; others and by application into cancer; cardiovascular; central nervous systems; metabolic disorders; infection; hematological disorders; gastrointestinal disorders; dermatology; respiratory disorders.
The long and costly drug approval process is expected to limit the growth of the biosimilar therapeutic peptides market. The development, approval, and launch of new drugs is an expensive and prolonged procedure that includes expensive research stages. A new drug has to go through four phases of clinical trials and screening by the regulatory body including Food and Drug Administration (FDA) (USA), Medicines and Healthcare Products Regulatory Agency (MHRA) (UK), and Medicines and Healthcare Products Regulatory Agency (MHRA) (India). According to a report of Tufts Center for the Study of Drug Development published by the Journal of Health Economics in 2019, a cost to develop new drugs is $2.6 billion whereas the approval rate for drugs entering clinical trials is less than 12%. Therefore, long and costly drug approvals of new drug candidates are anticipated to hinder the growth of the biosimilar therapeutic peptides market.
During the historic period, the biosimilar therapeutic peptides market witnessed a growth in research collaborations as well as research funding approvals. Key companies are focusing on collaborations with companies and organizations to enhance their R&D, and expand their product portfolio and geographical reach. For instance, in January 2020, a UK-based biotechnology company focusing on developing a class of therapeutics based on its proprietary bicyclic peptide technology announced a collaboration with Cancer Research UK to develop BT7401, a new bicycle immune-oncology candidate. Cancer Research UK will fund and sponsor the development of a new candidate. In addition to this, in April 2018, Sapience Therapeutics, Inc., a US-based biotechnology company focused on R&D on peptide therapeutics announced a research collaboration with the University of Bath (UK) to develop and discover new therapeutic agents for oncology applications. Hence, research collaborations to develop new therapeutic peptides is a major trend in the market.
The increase in the aging population is projected to surge the patients with chronic diseases contributing to the growth of the biosimilar therapeutic peptides market. There has been a surge in the old age population rapidly across the world and is predicted to continue over the forecast period. According to the World Health Organization (WHO), the world’s population over the age of 60 years is expected to reach 2 billion by the end of 2050, up from 900 million in 2015. In 2018, approximately 125 million people were aged over 80 years or older. Moreover, according to the World Population Prospects: the 2019 Revision, the number of people aged 80 years and above is likely to increase from 143 million in 2019 to 426 million in 2050. Old age is prone to several chronic diseases including cancer. Biosimilar therapeutic peptides are used for the treatment of various chronic diseases and cancer. The expected increase in the aging population suffering from various chronic conditions will drive the biosimilar therapeutic peptides market.
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