Market Trends of Peptide Therapeutics Industry
This section covers the major market trends shaping the Peptide Therapeutics Market according to our research experts:
Cancer Segment Expected to Witness Significant Growth
The cancer segment is expected to witness significant growth over the forecast period. Peptide therapeutics are targeted in drug delivery for cancer due to their high specificity, discernment, small sizes, ease of modification, and high biocompatibility. Factors such as the growing burden of cancer, the launch of products, and research and development are driving the segment's growth.
The increasing frequency of cancer globally and increasing prescription of peptide therapeutics for cancer treatment are the key factors responsible for the dominance of this segment. For instance, in the Cancer Facts & Figures 2022 data published by the American Cancer Society, an estimated 1.9 million new cancer cases will be diagnosed in the US in 2022. Thus, the high prevalence of cancer cases globally is expected to play a vital role in the growth of the studied segment over the forecast period.
Furthermore, technological developments and new product launches are fueling the studied market's growth. In March 2022, BioNTech SE reported the expansion of its strategic collaboration with Regeneron to advance the Company's FixVaccandidate BNT116 in combination with Libtayo (cemiplimab), a PD-1 inhibitor, in advanced non-small cell lung cancer (NSCLC). Under the terms of the agreement, the companies plan to jointly conduct clinical trials to evaluate their combination in different patient populations with advanced NSCLC.
Moreover, the funding and investments for developing cancer vaccines are fueling this segment's growth. In September 2022, the Gastro-Intestinal Research Foundation (GIRF) in Chicago granted ElicioTherapeutics a USD 2.8 million grant to fund research for two therapeutic cancer vaccines. ELI-007 is being developed to target BRAF gene mutations, whereas ELI-008 is being designed to target p53 hotspot mutations in solid tumors, such as colorectal cancer, melanoma, and non-small cell lung cancer (NSCLC).
Thus, the segment is expected to witness significant growth over the forecast period due to the increasing number of cancer cases, technological developments, and the efficiency of peptide therapeutics in cancer treatment.
North America Expected to Witness Significant Growth
North America is expected to dominate the overall market throughout the forecast period. The market growth is due to various crucial factors, such as increased awareness levels relating to peptide therapeutic products, the increasing necessity for diagnostics in cancer and other diseases, and the developing biotechnology industry.
The high incidence of diseases such as cancer, CVDs, and diabetes creates demand for new biopharmaceuticals in the country. For instance, as per the Canadian Cancer Statistics 2021 released in November 2021, an estimated 229,200 Canadians were diagnosed with cancer. Thus, such high numbers of cancer cases are creating opportunities for new peptide therapeutics in the country and driving the studied market.
The rising prevalence of chronic diseases among the Mexican population is also expected to drive the market's growth. For instance, the IDF published in December 2021 estimated 14 million adults in Mexico living with diabetes. Peptides like amide (GLP-1) are effective in diabetes treatment. This is expected to raise the demand for peptide therapeutics, thereby contributing to the growth of the market in the region over the forecast period.
Furthermore, the rising government initiatives are also driving the growth of the studied market in the region. For instance, in February 2022, the Government of Nova Scotia province reported that Nova Scotians enrolled in Pharmacare programs that will begin switching to a biosimilar version of certain biologic drugs, including some insulins and medications, for treating Crohn's disease and rheumatism. More than 10,000 Canadians have safely switched to a biosimilar as part of this initiative. The increasing population using biosimilar drugs is also expected to contribute to the growth of the market in the region.
Thus, the rising awareness levels relating to peptide therapeutic products, technological advancements due to the presence of key market players, and rising cases of chronic diseases like cancer and diabetes are driving the growth of this market in the region over the forecast period.
