Protein Engineering Market | Increasing Investments in Synthetic Biology

(IT-NEWSWIRE.COM, May 27, 2020 ) According to the 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”

[146 Pages Report] The global protein engineering market is projected to reach USD 3.9 billion by 2024 from USD 2.2 billion in 2019, at a CAGR of 12.4% during the forecast period.

The growth of this market is majorly driven by factors such as the increasing investments in synthetic biology and the growing focus on protein-based drug development by pharmaceutical and biotechnology companies. However, factors such as the high cost of instruments and laboratory documentation systems are expected to restrain the growth of this market during the forecast period.

Based on product & service

The market is segmented into instruments, consumables, and software & services. Instruments formed the largest product segment in this market owing to technological advancements and the high price of mass spectroscopy and crystallography instruments (as compared to consumables).

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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.

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.

Based on end user

The market is segmented into biopharmaceutical companies, contract research organizations, and academic research institutes. The biopharmaceutical companies segment accounted for the largest share of the market in 2019. This is because protein engineering products are widely used for drug discovery and development by biopharmaceutical companies, as they help in designing models to develop a broad range of protein-based drugs.

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Based on Region

Geographically, 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.

Key Players

The major companies operating in the protein engineering market include Bio-Rad Laboratories, Inc. (US), Thermo Fisher Scientific, Inc. (US), Bruker Corporation (US), Agilent Technologies, Inc. (US), Waters Corporation (US), Danaher Corporation (US), Codexis, Inc. (US), New England Biolabs, Inc. (US), PerkinElmer (US), Innovagen AB (Sweden), GE Healthcare (US), CUSABIO TECHNOLOGY LLC (US), Promega Corporation (US), Merck KGaA (Germany), GenScript Biotech Corporation (US), Takara Bio, Inc. (Japan), Enantis S.R.O. (Czech Republic), InvivoGen (US), Pace Analytical (US), Aspira Chemical (US), Zymeworks, Inc. (Canada), Abzena, Ltd. (UK), PhyNexus, Inc. (US), ProteoGenix (US), and Creative Biolabs (US)

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Protein Engineering Market | Increasing Investments in Synthetic Biology