Global customized peptide synthesis market is predicted to increase from $268.8 million in 2018 to $390.0 million by 2024. The market is also expected to advance at a 6.4% CAGR during the forecast period (2019–2024).
Rapid technological developments in peptide utilization in the pharmaceutical industry are one of the biggest factors responsible for the rise in the demand for customized peptide synthesis across the world. Peptide has been conventionally produced from natural sources such as adrenocorticotropic hormone (ACTH) from bovine and porcine pituitary and insulin from canine and bovine pancreas. This production process was time-consuming and produced lower quantities of peptide. However, due to the technological advancements in the last few years, manufacturers have started shifting toward the synthesis of synthetic peptides such as octreotide, leuprorelin, and oxytocin.
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The other major factor propelling the demand for customized peptide synthesis is the rising participation of private and public research organizations in synthetic biology research across the globe. The number of private and public companies conducting research and development (R&D) activities on synthetic biology increased tremendously from 2009 to 2013. In addition to this, there has been a huge rise in the investments made on R&D activities for the development of advanced bio-based products in order to overcome several global health challenges such as the increasing prevalence of chronic diseases.
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Globally, the Asia-Pacific (APAC) region is predicted to observe the fastest growth in the adoption of customized peptide synthesis methods during the forecast period. The main factors causing the growth of the customized peptide synthesis market in the APAC region are the low cost of the raw materials used in the customized peptide synthesis process, ballooning usage of peptides in various drug discovery processes, increasing investments on R&D projects in the field of customized peptide synthesis, soaring number of life sciences research activities, and rising technological innovations in customized peptide synthesis methods, in the region.
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