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(Medical-NewsWire.com, May 04, 2021 ) 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 market. 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.
How much is the Protein Engineering Market worth?
The 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 protein engineering market in the coming years. North America accounted for the largest share of this market majorly due to the advancements in genomics and proteomics research and government initiatives and funding for protein-based drug research.
Monoclonal antibodies segment accounted for the largest share of the protein engineering antibody market, by protein type, in 2019
Based 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.
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Rational protein design was the largest technology segment in the protein engineering market in 2019
Based on technology, the protein antibody 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.
Biopharmaceutical companies were the largest end users of protein engineering products and services in 2019
Based on end user, the protein engineering market is segmented into biopharmaceutical companies, contract research organizations, and academic research institutes. Biopharmaceutical companies use protein engineering products extensively in their drug discovery and development activities as these products help in designing models to develop a broad range of protein-based drugs. As a result, biopharmaceutical companies were the largest end users in this market in 2019.
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North America accounted for the largest share of the global protein engineering antibody market in 2019
This report covers the market across four major geographies, namely, North America, Europe, Asia-Pacific, and the Rest of the World (RoW). Of the four geographic regions studied in the report, Asia-Pacific is expected to register the highest growth rate during the forecast period mainly due to the advancements in genomics and proteomics research and government initiatives and funding for protein-based drug research.
Geographically, the protein antibody engineering market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. In 2019, North America accounted for the largest share of the global protein engineering market, followed by Europe. The large share of the North American market is attributed to the presence of well-established CROs, rising R&D expenditure, and the availability of the latest techniques and instruments for drug discovery research in the region. Also, the rising adoption of biologic drugs such as monoclonal antibodies, erythropoietin, and interferons for the treatment of chronic diseases is a major factor driving the growth of the North American market.
The major players in the 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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Mr. Aashish Mehra