The growth of the global protein engineering market is attributed to the increasing prevalence of chronic diseases and rising investments in synthetic biology. However, the lack of trained professionals in the market may hamper the market growth. Furthermore, the emerging markets of protein engineering pose viable opportunities for market expansion in the future.
Market Research Future (MRFR) assessed the global Protein Engineering Market Report is expected to register a CAGR of 7.62% during the forecast period of 2021 to 2027. Protein engineering is creating and manufacturing non-natural polypeptides, often by modifying naturally occurring amino acid sequences. Synthetic proteins' structures and functions can now be generated entirely on a computer or created in the lab through directed evolution.
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Protein Engineering Market Players
MRFR recognizes the following companies as the key players in the global protein engineering market—Thermo Fisher Scientific (US), Bio-Rad Laboratories, Inc. (US),GenScript (US), Agilent Technologies, Inc. (US), PerkinElmer, Inc. (US), Bruker Corporation (US),Waters Corporation (US), Merck KGaA (Germany), Promega Corporation (US), and Danaher Corporation (US).
Protein Engineering Market Segmentation
The global protein engineering market has been divided based on type, application, method, and end user.
- Based on application,the protein engineering markethas been divided intofood & detergent industries, environmental, medical, biopolymer production, and nanobiotechnology.
- Based on method, the protein engineering market is bifurcated into rational protein design and directed evolution.
- On the basis of end user, the protein engineering market is segmented into pharmaceuticals & biotechnology companies, contract engineering organizations, and academic research institutes.
Protein Engineering Market Regional Analysis
The global protein engineering market, based on region, has been divided into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The Americas accounted for the largest market share in 2020 and is anticipated to dominate the global protein engineering market during the forecast period. However, Asia-Pacific is projected to register the highest CAGR during the forecast period.
The Americasis expected to dominate with the largest market share due to a well-developed healthcare sector, an increase in biotechnology and pharmaceutical companies, increased R&D capabilities, and the presence of leading players.The Americas consist of North America and Latin America.The market in North America has been divided into the US and Canada. The US accounts for the largest market share in the North American protein engineering market. In the US, the availability of technologically advanced devices & instruments and the concentration of the major market players are the drivers for the protein engineering market in the region.Increased R&D funding in Canada is fueling the growth of the protein engineering market.The growing pharmaceutical industry in South America is a key driving factor for the protein engineering market in the region. Brazil accounts for the largest market share in the region. The high prevalence of lifestyle diseases and increased government support for R&D are further driving the market growth. According to Statista, in 2019, Brazil had the highest pharmaceutical market value in South America, reflecting the rapid growth of the pharmaceutical industry in this region.
Europe has also evolved as a prominent market for protein engineering with the growth of the R&D sector in major countries such as Germany, the UK, France, Italy, and Spain, as well as increasing demand for protein engineering methods and technologies.The Asia-Pacific region represents lucrative opportunities for players operating in the protein engineering market, attributed to the growing prevalence of chronic diseases such as heart diseases and diabetes, increasing healthcare IT spending, and the increasing presence of contract research organizations. Numerous new and innovative approaches are being used for the treatment of heart diseases. Protein engineering has the potential to improve the effectiveness of molecules for cardiac repair specifically. Protein therapeutics are increasingly used for inflammatory and cancer diseases.
Improvement in healthcare infrastructure and increased demand for new drugs and devices for diagnosis and treatment of diseases are the key drivers for the Middle East & Africa's protein engineering market. Countries in the Middle East and North Africa, such as Algeria, Egypt, and Iraq, have made substantial improvements in developing their health care systems. The number of hospitals and diagnostic centers is increasing in the region; this creates a demand for new drugs and devices for the diagnosis and treatment of diseases.
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The global protein engineering market is estimated to grow from USD 2.2 billion in 2019 to USD 3.9 billion by 2024, at a CAGR of 12.4% during the forecast period.
Factors such as the increasing investments in synthetic biology and the growing focus on protein-based drug development by pharmaceutical and biotechnology companies are expected to drive the growth of this market in the coming years.Based on product & service, the protein engineering market is segmented into instruments, consumables, and software & services.
Instruments accounted for the largest share of this market in 2019 owing to the technological advancements in mass spectrometry and X-ray crystallography and their ability to integrate with other technologies.Monoclonal antibodies segment accounted for the largest share of the protein engineering market, by protein type, in 2019Based on protein type, the protein engineering market is segmented into monoclonal antibodies, insulin, erythropoietin, interferons, vaccines, colony-stimulating factors, growth hormones, coagulation factors, and other proteins.
Monoclonal antibodies accounted for the largest share of the protein engineering market in 2019, majorly due to the high and growing demand for monoclonal antibodies for the treatment of cancer, neurological diseases, and infectious diseases.Rational protein design was the largest technology segment in the protein engineering market in 2019Based on technology, the protein engineering market is segmented into rational and irrational protein design.
The rational protein design segment accounted for the largest share of the market, majorly due to the increasing use and continuous upgrades of bioinformatics platforms and software for protein analysis.
For More Information Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=898The major companies operating in the protein engineering market include Thermo Fisher Scientific (US), Danaher Corporation (US), Agilent Technologies (US), and Bio-Rad Laboratories (US).Thermo Fisher Scientific (US) held the leading position in this market primarily due to its strong portfolio of protein engineering consumables, instruments, and services.
