The market research report, entitled Protein Engineering Market shows good possibilities in the Protein Engineering Market during the next five-year period and ensures more information regarding market trends. The following summary will give an overview of the drivers, challenges, and key players in the market.
Global Protein Engineering Market Forecast:
The protein engineering market was estimated at USD 2.6 billion in 2021 and is likely to grow at a CAGR of 12.49% during 2022-2028 to reach USD 5.96 billion in 2028.
What is protein engineering?
Protein engineering is the process of altering a protein sequence to attain the desired result such as increased stability to the temperature, organic solvents, and/or extremes of pH or a change in the substrate capacity.
The global pandemic in 2020 shook the whole world significantly impacting almost every industry. However, the protein engineering market saw a significant increase in revenues as Covid-19 boosted the industry due to the implication of protein engineering for producing vaccines and diagnostics for Covid-19.
The major factors that drive the growth of the market are-
- Increasing investments in synthetic biology,
- mounting focus on protein-based drug development by biotechnology and pharmaceutical companies.
Some linchpins in the market are:
- Bio-Rad Laboratories, Inc.,
- Thermo Fisher Scientific, Inc.,
- Bruker Corporation,
- Agilent Technologies, Inc.,
- Waters Corporation,
- Danaher Corporation,
- Codexis, Inc.,
- New England Biolabs, Inc.,
- Innovagen AB,
- GE Healthcare,
- CUSABIO TECHNOLOGY LLC,
- Promega Corporation,
- Merck KGaA,
- GenScript Biotech Corporation,
- Takara Bio, Inc.,
- Enantis S.R.O.,
- Pace Analytical,
- Aspira Chemical,
- Zymeworks, Inc.,
- Abzena, Ltd.,
- PhyNexus, Inc.,
- Creative Biolabs.
Protein Engineering Market Segmentation:
The report segments based on demographics, geographics, benefits, and volume, etc, have different driving factors and identify the most-attractive segments and sub-segments. Protein Engineering Market segmentation will not only help marketers to be more efficient in terms of time, money, and other resources but also allows companies to learn about their target audience so that they can tailor campaigns and increase market share and revenue.
Based on the products & services type, the market is segmented as instruments, consumables, and software & services. The instrument segment held the largest share of the market in 2021 and is expected to remain dominant during the forecast period. Technological advancements and the high price of mass spectroscopy and crystallography instruments are the major factors leading to the dominance of the instrument segment.
Based on the protein type, the market is segmented as monoclonal antibodies, erythropoietin, interferons, vaccines, colony-stimulating factors, growth hormones, coagulation factors, and others. The monoclonal antibodies segment dominated the market in 2021 and is expected to maintain its position during the forecast period. Increasing demand for monoclonal antibodies for the treatment of cancer, neurological diseases, and infectious diseases is the major factor behind its dominance.
In terms of regions, North America is estimated to be the largest market during the forecast period. The presence of well-established CROs, increasing investment in R&D, and the availability of the latest techniques and instruments for drug discovery research are the major factors behind the dominance of the North American market.
Asia-Pacific is expected to be the fastest-growing market during the forecast period. Advancements in genomics and proteomics research and government initiatives and funding for protein-based drug research in key countries are the major factors behind the extraordinary growth of the region’s market.
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