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[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.
Rational protein design is the largest technology segment in the protein engineering market
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.
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Biopharmaceutical companies were the largest end users of protein engineering products and services in 2019
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.
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.
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Key Market Players
The major companies operating in the protein engineering market include Thermo Fisher Scientific (US), Danaher Corporation (US), Agilent Technologies (US), and Bio-Rad Laboratories (US).