タンパク質医薬品：世界の市場と製造技術

世界のタンパク質医薬品の市場規模は、2024年の4,417億ドルから、2029年末には6,557億ドルに達すると予測されており、2024年から2029年のCAGRは8.2％です。

北米市場は、2024年に2,359億ドルから、2029年末には3,469億ドルに拡大すると見込まれており、同期間のCAGRは8.0％です。欧州市場は、2024年に1,152億ドルから、2029年末には1,661億ドルに達する見通しで、予測期間中のCAGRは7.6％と予測されています。

当レポートでは、世界のタンパク質医薬品の市場を調査し、市場概要、市場影響因子および市場機会の分析、法規制環境、新興技術および技術開発の動向、市場規模の推移・予測、各種区分・地域別の詳細分析、競合情勢、主要企業のプロファイルなどをまとめています。

目次

第1章 エグゼクティブサマリー

• 市場見通し
• 調査範囲
• 市場サマリー

第2章 市場概要

• 現在および将来の市場概要
• 技術的背景
• 治療用タンパク質の薬理学的分類
• 酵素活性または調節活性を有するタンパク質治療薬
• 特別な標的活性を持つタンパク質治療薬
• タンパク質ワクチン
• 治療用タンパク質の特性
• マクロ経済要因
• ポーターのファイブフォース分析
• サプライチェーン分析

第3章 市場力学

• 世界市場力学
• 市場促進要因
• 製造技術の進歩
• 継続的な製品発売
• 癌の発生率の増加
• 市場抑制要因
• タンパク質医薬品の高コスト
• 複雑な規制手続き
• 市場の課題
• 特許の満了と独占権の喪失
• タンパク質医薬品の安定性と送達
• 市場機会
• MAbの承認件数の増加
• ライセンシングおよびコラボレーション契約

第4章 規制状況

• 規制シナリオ
• 価格規制

第5章 新興技術

• 概要
• タンパク質医薬品市場における新興技術
• 二重特異性抗体と多重特異性抗体
• 抗体薬物複合体
• 抗体融合タンパク質
• タンパク質医薬品市場におけるAI

第6章 市場セグメント分析

• 概要
• セグメンテーションの内訳
• 世界のタンパク質医薬品市場 (タイプ別)
• モノクローナル抗体
• ペプチドホルモン
• ワクチン
• 血液因子
• サイトカイン
• 治療用酵素
• ペプチド抗生物質
• 融合タンパク質
• 世界のタンパク質医薬品市場 (製造技術別)
• 細胞培養
• 微生物発酵
• 天然源
• 受精卵
• 化学合成
• トランスジェニック
• 地域別市場内訳
• 世界のタンパク質医薬品市場 (地域別)
• 北米
• 欧州
• アジア太平洋
• その他の地域

第7章 競合情報

• 業界構造
• 2023年の主要なタンパク質医薬品
• 市場シェア分析
• モノクローナル抗体
• ペプチドホルモン
• 戦略分析
• 買収
• 製品承認
• 協定とパートナーシップ
• その他の戦略

第8章 タンパク質医薬品市場における持続可能性：ESGの観点

• タンパク質医薬品業界における持続可能性
• ESGリスク評価：データの理解
• ESGパフォーマンス分析
• 環境パフォーマンス
• 社会的パフォーマンス
• ガバナンスパフォーマンス
• 総論

第9章 付録

• 調査手法
• 略語
• 参考文献
• 企業プロファイル
• ABBVIE INC.
• AMGEN INC.
• ASTRAZENECA
• BAYER AG
• BRISTOL-MYERS SQUIBB CO.
• F. HOFFMANN-LA ROCHE LTD.
• JOHNSON & JOHNSON SERVICES INC.
• LILLY
• MERCK & CO. INC.
• NOVARTIS AG
• NOVO NORDISK A/S
• PFIZER INC.
• REGENERON PHARMACEUTICALS INC.
• SANOFI
• TAKEDA PHARMACEUTICAL CO. LTD.

List of Tables

• Summary Table : Global Market for Protein Drugs, by Region, Through 2029
• Table 1 : Evolution of Therapeutic Proteins, 1950s to Present
• Table 2 : Global Cancer Incidence and Mortality Cases, by WHO Region, 2022
• Table 3 : Therapeutic Area Distribution of Approved Antibody Drugs, 2023*
• Table 4 : Global Market for Protein Drugs, by Type, Through 2029
• Table 5 : Global Market for MAbs, by Type, Through 2029
• Table 6 : Global Market for MAbs, by Region, Through 2029
• Table 7 : Global Market for Human MAbs, by Region, Through 2029
• Table 8 : Global Market for Humanized MAbs, by Region, Through 2029
• Table 9 : Global Market for Chimeric MAbs, by Region, Through 2029
• Table 10 : Global Market for Murine MAbs, by Region, Through 2029
• Table 11 : Global Market for Peptide Hormones, by Type, Through 2029
• Table 12 : Global Market for Peptide Hormones, by Region, Through 2029
• Table 13 : Global Market for Insulin, by Region, Through 2029Global Market for Insulin, by Region, Through 2029
• Table 14 : Global Market for EPO, by Region, Through 2029
• Table 15 : Global Market for Growth Hormones, by Region, Through 2029
• Table 16 : Global Market for Other Peptide Hormones, by Region, Through 2029
• Table 17 : Global Market for Protein Vaccines, by Type, Through 2029
• Table 18 : Global Market for Protein Vaccines, by Region, Through 2029
• Table 19 : Global Market for Bacterial Vaccines, by Region, Through 2029
• Table 20 : Global Market for Viral Vaccines, by Region, Through 2029
• Table 21 : Global Market for Other Protein Vaccines, by Region, Through 2029
• Table 22 : Global Market for Blood Factors, by Type, Through 2029
• Table 23 : Global Market for Blood Factors, by Region, Through 2029
• Table 24 : Global Market for Coagulation Factors, by Region, Through 2029
• Table 25 : Global Market for Immunoglobulins, by Region, Through 2029
• Table 26 : Global Market for Other Blood Factors, by Region, Through 2029
• Table 27 : Global Market for Cytokines, by Type, Through 2029
• Table 28 : Global Market for Cytokines, by Region, Through 2029
• Table 29 : Global Market for Interleukins, by Region, Through 2029
• Table 30 : Global Market for Interferons, by Region, Through 2029
• Table 31 : Global Market for G-CSF, by Region, Through 2029
• Table 32 : Global Market for Therapeutic Enzymes, by Type, Through 2029
• Table 33 : Global Market for Therapeutic Enzymes, by Region, Through 2029
• Table 34 : Global Market for Lysosomal Enzymes, by Region, Through 2029
• Table 35 : Global Market for Thrombolytic Enzymes, by Region, Through 2029
• Table 36 : Global Market for Pancreatic Enzymes, by Region, Through 2029
• Table 37 : Global Market for Peptide Antibiotics, by Type, Through 2029
• Table 38 : Global Market for Peptide Antibiotics, by Region, Through 2029
• Table 39 : Global Market for Cyclosporine, by Region, Through 2029
• Table 40 : Global Market for Vancomycin, by Region, Through 2029
• Table 41 : Global Market for Other Peptide Antibiotics, by Region, Through 2029
• Table 42 : Global Market for Fusion Proteins, by Region, Through 2029
• Table 43 : Global Market for Protein Drugs, by Manufacturing Technology, Through 2029
• Table 44 : Global Market for Cell Culture, by Region, Through 2029
• Table 45 : Global Market for Microbial Fermentation, by Region, Through 2029
• Table 46 : Global Market for Natural Source Protein Manufacturing Technology, by Region, Through 2029
• Table 47 : Global Market for Embryonated Egg Protein Manufacturing Technology, by Region, Through 2029
• Table 48 : Global Market for Chemical Synthesis Protein Manufacturing Technology, by Region, Through 2029
• Table 49 : Global Market for Transgenics Protein Manufacturing Technology, by Region, Through 2029
• Table 50 : Global Market for Protein Drugs, by Region, Through 2029
• Table 51 : North American Market for Protein Drugs, by Type, Through 2029
• Table 52 : North American Market for Protein Drugs, by Manufacturing Technology, Through 2029
• Table 53 : North American Market for Protein Drugs, by Country, Through 2029
• Table 54 : Estimated Incidence of Cancer Cases in the EU, by Country, 2022
• Table 55 : Therapeutic MAbs Approved or Under Review in the EU, 2023 and 2024
• Table 56 : European Market for Protein Drugs, by Type, Through 2029
• Table 57 : European Market for Protein Drugs, by Manufacturing Technology, Through 2029
• Table 58 : European Market for Protein Drugs, by Country, Through 2029
• Table 59 : Asia-Pacific Market for Protein Drugs, by Type, Through 2029
• Table 60 : Asia-Pacific Market for Protein Drugs, by Manufacturing Technology, Through 2029
• Table 61 : Asia-Pacific Market for Protein Drugs, by Country, Through 2029
• Table 62 : RoW Market for Protein Drugs, by Type, Through 2029
• Table 63 : RoW Market for Protein Drugs, by Manufacturing Technology, Through 2029
• Table 64 : RoW Market for Protein Drugs, by Sub-Region, Through 2029
• Table 65 : Leading Protein Drugs, 2023
• Table 66 : Acquisitions in the Protein Drug Market, 2022-2024
• Table 67 : Product Approvals in the Protein Drug Market, 2022-2024
• Table 68 : Agreements and Partnerships in the Protein Drug Market, 2022-2025
• Table 69 : Other Strategies in the Protein Drug Market, 2022-2024
• Table 70 : Focus Areas in ESG Metrics
• Table 71 : ESG Rankings for Major Protein Drug Companies, 2024*
• Table 72 : ESG: Environmental Overview
• Table 73 : ESG: Social Factors Overview
• Table 74 : ESG: Governance Overview
• Table 75 : Abbreviations Used in this Report
• Table 76 : AbbVie Inc.: Company Snapshot
• Table 77 : AbbVie Inc.: Financial Performance, FY 2022 and 2023
• Table 78 : AbbVie Inc.: Product Portfolio
• Table 79 : AbbVie Inc.: News/Key Developments, 2023 and 2024
• Table 80 : Amgen Inc.: Company Snapshot
• Table 81 : Amgen Inc.: Financial Performance, FY 2022 and 2023
• Table 82 : Amgen Inc.: Product Portfolio
• Table 83 : Amgen Inc.: News/Key Developments, 2022-2024
• Table 84 : AstraZeneca: Company Snapshot
• Table 85 : AstraZeneca: Financial Performance, FY 2022 and 2023
• Table 86 : AstraZeneca: Product Portfolio
• Table 87 : AstraZeneca: News/Recent Developments, 2023 and 2024
• Table 88 : Bayer AG: Company Snapshot
• Table 89 : Bayer AG: Financial Performance, FY 2022 and 2023
• Table 90 : Bayer AG: Product Portfolio
• Table 91 : Bayer AG: News/Recent Developments, 2024
• Table 92 : Bristol-Myers Squibb Co.: Company Snapshot
• Table 93 : Bristol-Myers Squibb Co.: Financial Performance, FY 2022 and 2023
• Table 94 : Bristol-Myers Squibb Co.: Product Portfolio
• Table 95 : Bristol-Myers Squibb Co.: News/Key Developments, 2023
• Table 96 : F. Hoffmann-La Roche Ltd.: Company Snapshot
• Table 97 : F. Hoffman-La Roche Ltd.: Financial Performance, FY 2022 and 2023
• Table 98 : F. Hoffman-La Roche Ltd.: Product Portfolio
• Table 99 : F. Hoffman-La Roche Ltd.: News/Key Developments, 2023 and 2024
• Table 100 : Johnson & Johnson Services Inc.: Company Snapshot
• Table 101 : Johnson & Johnson Services Inc.: Financial Performance, FY 2022 and 2023
• Table 102 : Johnson & Johnson Services Inc.: Product Portfolio
• Table 103 : Johnson & Johnson Services Inc.: News/Key Developments, 2022-2024
• Table 104 : Lilly: Company Snapshot
• Table 105 : Lilly: Financial Performance, FY 2022 and 2023
• Table 106 : Lilly: Product Portfolio
• Table 107 : Lilly: News/Key Developments, 2023 and 2024
• Table 108 : Merck & Co. Inc.: Company Snapshot
• Table 109 : Merck & Co. Inc.: Financial Performance, FY 2022 and 2023
• Table 110 : Merck & Co. Inc.: Product Portfolio
• Table 111 : Merck & Co. Inc.: News/Key Developments, 2022-2024
• Table 112 : Novartis AG: Company Snapshot
• Table 113 : Novartis AG: Financial Performance, FY 2022 and 2023
• Table 114 : Novartis AG: Product Portfolio
• Table 115 : Novartis AG: News/Key Developments, 2022-2024
• Table 116 : Novo Nordisk A/S: Company Snapshot
• Table 117 : Novo Nordisk A/S: Financial Performance, FY 2022 and 2023
• Table 118 : Novo Nordisk A/S: Product Portfolio
• Table 119 : Novo Nordisk A/S: News/Key Developments, 2023-2025
• Table 120 : Pfizer Inc.: Company Snapshot
• Table 121 : Pfizer Inc.: Financial Performance, FY 2022 and 2023
• Table 122 : Pfizer Inc.: Product Portfolio
• Table 123 : Pfizer Inc.: News/Key Developments, 2023 and 2024
• Table 124 : Regeneron Pharmaceuticals Inc.: Company Snapshot
• Table 125 : Regeneron Pharmaceuticals Inc.: Financial Performance, FY 2022 and 2023
• Table 126 : Regeneron Pharmaceuticals Inc.: Product Portfolio
• Table 127 : Regeneron Pharmaceuticals Inc.: News/Key Developments, 2022 and 2023
• Table 128 : Sanofi: Company Snapshot
• Table 129 : Sanofi: Financial Performance, FY 2022 and 2023
• Table 130 : Sanofi: Product Portfolio
• Table 131 : Sanofi: News/Key Developments, 2022-2024
• Table 132 : Takeda Pharmaceutical Co. Ltd.: Company Snapshot
• Table 133 : Takeda Pharmaceutical Co. Ltd.: Financial Performance, FY 2022 and 2023
• Table 134 : Takeda Pharmaceutical Co. Ltd.: Product Portfolio
• Table 135 : Takeda Pharmaceutical Co. Ltd.: News/Key Developments, 2022-2024

List of Figures

• Summary Figure : Global Market Shares of Protein Drugs, by Region, 2023
• Figure 1 : Desirable Characteristics of Therapeutic Proteins
• Figure 2 : Porter's Five Forces Analysis: Protein Drug Market
• Figure 3 : Supply Chain of Protein Drugs
• Figure 4 : Market Dynamics Snapshot
• Figure 5 : Emerging Technologies in the Protein Drugs Market
• Figure 6 : Global Market Shares of Protein Drugs, by Type, 2023
• Figure 7 : Global Market Shares of MAbs, by Type, 2023
• Figure 8 : Global Market Shares of Peptide Hormones, by Type, 2023
• Figure 9 : Global Market Shares of Protein Vaccines, by Type, 2023
• Figure 10 : Global Market Shares of Blood Factors, by Type, 2023
• Figure 11 : Global Market Shares of Cytokines, by Type, 2023
• Figure 12 : Global Market Shares of Therapeutic Enzymes, by Type, 2023
• Figure 13 : Global Market Shares of Peptide Antibiotics, by Type, 2023
• Figure 14 : Global Market Shares of Protein Drugs, by Manufacturing Technology, 2023
• Figure 15 : Global Market Shares of Protein Drugs, by Region, 2023
• Figure 16 : North American Market Shares of Protein Drugs, by Country, 2023
• Figure 17 : U.S. Elderly Population (65 and Older), 2010-2050
• Figure 18 : European Market Shares of Protein Drugs, by Country, 2023
• Figure 19 : Asia-Pacific Market Shares of Protein Drugs, by Country, 2023
• Figure 20 : RoW Market Shares of Protein Drugs, by Sub-Region, 2023
• Figure 21 : Global Market Shares of MAbs, by Company, 2023
• Figure 22 : Global Market Shares of Peptide Hormones, by Company, 2023
• Figure 23 : Business Benefits of a Strong ESG Proposition
• Figure 24 : AbbVie Inc.: Revenue Shares, by Business Unit, FY 2023
• Figure 25 : AbbVie Inc.: Revenue Shares, by Country/Region, FY 2023
• Figure 26 : Amgen Inc.: Revenue Shares, by Business Unit, FY 2023
• Figure 27 : Amgen Inc.: Revenue Shares, by Country/Region, FY 2023
• Figure 28 : AstraZeneca: Revenue Shares, by Business Unit, FY 2023
• Figure 29 : AstraZeneca: Revenue Shares, by Region/Country, FY 2023
• Figure 30 : Bayer AG: Revenue Shares, by Business Unit, FY 2023
• Figure 31 : Bayer AG: Revenue Shares, by Region/Country, FY 2023
• Figure 32 : Bristol-Myers Squibb Co.: Revenue Shares, by Business Unit, FY 2023
• Figure 33 : Bristol-Myers Squibb Co.: Revenue Shares, by Country/Region, FY 2023
• Figure 34 : F. Hoffman-La Roche Ltd.: Revenue Shares, by Business Unit, FY 2023
• Figure 35 : F. Hoffman-La Roche Ltd.: Revenue Shares, by Country/Region, FY 2023
• Figure 36 : Johnson & Johnson Services Inc.: Revenue Shares, by Business Unit, FY 2023
• Figure 37 : Johnson & Johnson Services Inc.: Revenue Shares, by Country/Region, FY 2023
• Figure 38 : Lilly: Revenue Shares, by Business Unit, FY 2023
• Figure 39 : Lilly: Revenue Shares, by Country/Region, FY 2023
• Figure 40 : Merck & Co. Inc.: Revenue Shares, by Business Unit, FY 2023
• Figure 41 : Merck & Co. Inc.: Revenue Shares, by Country/Region, FY 2023
• Figure 42 : Novartis AG: Revenue Shares, by Business Unit, FY 2023
• Figure 43 : Novartis AG: Revenue Shares, by Country/Region, FY 2023
• Figure 44 : Novo Nordisk A/S: Revenue Shares, by Business Unit, FY 2023
• Figure 45 : Novo Nordisk A/S: Revenue Shares, by Country/Region, FY 2023
• Figure 46 : Pfizer Inc.: Revenue Shares, by Business Unit, FY 2023
• Figure 47 : Pfizer Inc.: Revenue Shares, by Country/Region, FY 2023
• Figure 48 : Regeneron Pharmaceuticals Inc.: Revenue Shares, by Product Sales, FY 2023
• Figure 49 : Regeneron Pharmaceuticals Inc.: Revenue Shares, by Country/Region, FY 2023
• Figure 50 : Sanofi: Revenue Shares, by Business Unit, FY 2023
• Figure 51 : Sanofi: Revenue Shares, by Country/Region, FY 2023
• Figure 52 : Takeda Pharmaceutical Co. Ltd.: Revenue Shares, by Business Unit, FY 2023
• Figure 53 : Takeda Pharmaceutical Co. Ltd.: Revenue Shares, by Region, FY 2023

The global protein drugs market is expected to grow from $441.7 billion in 2024 and is projected to reach $655.7 billion by the end of 2029, at a compound annual growth rate (CAGR) of 8.2% during the forecast period of 2024 to 2029.

The North American protein drugs market is expected to grow from $235.9 billion in 2024 and is projected to reach $346.9 billion by the end of 2029, at a CAGR of 8.0% during the forecast period of 2024 to 2029.

The European protein drugs market is expected to grow from $115.2 billion in 2024 and is projected to reach $166.1 billion by the end of 2029, at a CAGR of 7.6% during the forecast period of 2024 to 2029.

Report Scope

The report analyzes trends in the global market for protein drugs and manufacturing technologies. The report includes global revenue ($ millions) for the base year of 2023 and estimated data for the forecast period of 2024 through 2029. The market is segmented by product type/subtype, manufacturing technology and region. The regions covered are North America, Europe, Asia-Pacific and the Rest of the World, focusing on major countries in these regions.

The report focuses on the trends and challenges that affect the market and the vendor landscape. It analyzes environmental, social, and corporate governance (ESG) developments and discusses patents and emerging technologies related to the market.

The report concludes with an analysis of the competitive landscape, which provides the rankings and market shares of leading companies in the protein drug market. It also has a section of company profiles that shows financials, product portfolios and recent developments.

Report Includes

• 79 data tables and 57 additional tables
• An analysis of the global markets for protein drugs and their manufacturing technologies
• Analyses of the global market trends, with revenue data for 2021 to 2023, estimates for 2024, and projected CAGRs through 2029
• Estimates of the size of and revenue prospects for the global market, along with a market share analysis by type of protein drug, manufacturing technology, and region
• Facts and figures pertaining to the market dynamics, technological advances, regulations, and the impact of macroeconomic factors
• Insights derived from the Porter's Five Forces model, as well as global supply chain and PESTLE analyses
• Analysis of the advances in manufacturing technologies, disease prevalence trends, new products , and the impact of biosimilars entering the market for protein drugs
• An analysis of patents and significant patent grants
• Overview of sustainability trends and ESG developments, with emphasis on consumer attitudes, and the ESG scores and practices of leading companies
• Analysis of the industry structure, including companies' market shares and rankings, strategic alliances, M&A activity and a venture funding outlook
• Profiles of leading companies, including AbbVie Inc., Bristol Myer Squibb, Merck & Co., Novo Nordisk S/A, Sanofi, and Roche

Table of Contents

Chapter 1 Executive Summary

• Market Outlook
• Scope of Report
• Market Summary

Chapter 2 Market Overview

• Current and Future Market Overview
• Technology Background
• Pharmacological Classification of Therapeutic Proteins
• Protein Therapeutics with Enzymatic or Regulatory Activity
• Protein Therapeutics with Special Targeting Activity
• Protein Vaccines
• Characteristics of Therapeutic Proteins
• Macroeconomic Factors
• Porter's Five Forces Analysis
• Potential for New Entrants
• Bargaining Power of Suppliers
• Bargaining Power of Buyers
• Threat of Substitute Products or Services
• Competition in the Industry
• Supply Chain Analysis
• R&D
• Manufacturing
• Packaging
• Wholesale Distributors and Repackagers
• Pharmacies/Hospitals
• Dispensed to Consumers

Chapter 3 Market Dynamics

• Global Market Dynamics
• Market Drivers
• Advances in Manufacturing Technologies
• Continuous Product Launches
• Increasing Incidence of Cancer
• Market Restraints
• High Costs of Protein Drugs
• Complex Regulatory Procedures
• Market Challenges
• Patent Expiration and Loss of Exclusivity
• Protein Drugs Stability and Delivery
• Market Opportunities
• Increasing Number of Approvals for MAbs
• Licensing and Collaboration Agreements

Chapter 4 Regulatory Landscape

• Regulatory Scenario
• Price Regulations

Chapter 5 Emerging Technologies

• Overview
• Emerging Technologies in Protein Drugs Market
• Bispecific Antibodies and Multi-Specific Antibodies
• Antibody-Drug Conjugates
• Antibody Fusion Proteins
• AI in the Protein Drug Market

Chapter 6 Market Segment Analysis

• Overview
• Segmentation Breakdown
• Global Market for Protein Drugs, by Type
• MAbs
• Peptide Hormones
• Vaccines
• Blood Factors
• Cytokines
• Therapeutic Enzymes
• Peptide Antibiotics
• Fusion Proteins
• Global Market for Protein Drugs, by Manufacturing Technology
• Cell Culture
• Microbial Fermentation
• Natural Source
• Embryonated Egg
• Chemical Synthesis
• Transgenics
• Market Breakdown by Region
• Global Market for Protein Drugs, by Region
• North America
• Europe
• Asia-Pacific
• Rest of the World

Chapter 7 Competitive Intelligence

• Industry Structure
• Leading Protein Drugs, 2023
• Market Share Analysis
• MAbs
• Peptide Hormones
• Strategic Analysis
• Acquisitions
• Product Approvals
• Agreements and Partnerships
• Other Strategies

Chapter 8 Sustainability in the Protein Drug Market: ESG Perspective

• Sustainability in the Protein Drug Industry
• ESG Risk Ratings: Understanding the Data
• ESG Performance Analysis
• Environmental Performance
• Social Performance
• Governance Performance
• Concluding Remarks

Chapter 9 Appendix

• Methodology
• Abbreviations
• References
• Company Profiles
• ABBVIE INC.
• AMGEN INC.
• ASTRAZENECA
• BAYER AG
• BRISTOL-MYERS SQUIBB CO.
• F. HOFFMANN-LA ROCHE LTD.
• JOHNSON & JOHNSON SERVICES INC.
• LILLY
• MERCK & CO. INC.
• NOVARTIS AG
• NOVO NORDISK A/S
• PFIZER INC.
• REGENERON PHARMACEUTICALS INC.
• SANOFI
• TAKEDA PHARMACEUTICAL CO. LTD.