Global Protein Engineering Market Growth in Technology of Rational Design, Irrational Design at a CAGR of 12.4%

(IT-NEWSWIRE.COM, April 08, 2020 ) According to latest research report” Protein Engineering Market by Technology (Rational Design, Irrational Design), Product & Service (Instrument, Consumables), Protein Type (Monoclonal Antibodies, Insulin), End User (Academics Institutes, Biopharmaceuticals, CROs) - Global Forecast to 2024", 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%
Browse 132 market data Tables and 32 Figures spread through 146 Pages and in-depth TOC on "Protein Engineering Market”.
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Based on technology, the neering market is segmented into rational and irrational protein design. The rational protein design segment accounted for the largest share of the market in 2019.

The large share of this segment can be attributed to the increasing use and continuous upgrades of bioinformatics platforms and software for protein analysis.
Monoclonal antibodies segment accounted for the largest share of the protein engineering market, by protein type, in 2019
Based on protein type, the 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 market in 2019. The large share of this segment can be attributed to the increasing demand for monoclonal antibodies for the treatment of cancer, neurological diseases, and infectious diseases.

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North America accounted for the largest share of the global protein engineering market in 2019
The global market is segmented into four major regions, namely, North America, Europe, the Asia Pacific, and the Rest of the World. In 2019, North America accounted for the largest share of the global market, closely followed by Europe. Factors such as the presence of well-established CROs, rising R&D expenditure, and the availability of the latest techniques and instruments for drug discovery research are responsible for the large share of the North American market.
However, the Asia Pacific market is estimated to grow at the highest CAGR during the forecast period. This can majorly be attributed to the advancements in genomics and proteomics research and government initiatives and funding for protein-based drug research in several Asia Pacific countries.

Leading Companies
Thermo Fisher Scientific (US), Danaher Corporation (US), Agilent Technologies (US), and Bio-Rad Laboratories (US).

Thermo Fisher Scientific (US) is the leading player in the global protein engineering market owing to its technologically advanced product offerings, including products and technologies in qPCR, capillary electrophoresis sequencing, next-generation sequencing, molecular diagnostics, and cell culture and analysis. The company operates in 180 countries and has a strong sales and distribution network across the globe. Thermo Fisher Scientific mainly focuses on the development of new products and acquisitions to enhance its share in the protein engineering market.

Danaher Corporation (US) operates in the protein engineering market through its Life Science division (through AB SCIEX). It offers instruments and consumables such as LC/MS systems, reagents, and kits for various applications in the protein engineering discovery process. To maintain its leadership position in the market, the company is focusing on the launch of new LC/MS systems and collaborating with institutes in emerging countries to boost the innovation of protein-based drugs.

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Global Protein Engineering Market Growth in Technology of Rational Design, Irrational Design at a CAGR of 12.4%