The latest report by IMARC Group, titled "Protein Engineering Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," finds that the global protein engineering market size reached US$ 2.61 Billion in 2021. Protein engineering refers to the process that involves the synthesis of new proteins or manipulation of the existing protein structure or sequence to achieve the desired properties. It utilizes the recombinant deoxyribonucleic acid (DNA) technology or chemical synthesis to alter the individual amino acids in a normal protein to develop a novel protein with enhanced functions, such as better stability to the temperature, organic solvents, or extremes of pH. Over the years, protein engineers and researchers have successfully developed a wide range of proteins or enzymes tailored to specific industrial, medical, research, and biotechnology applications.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Protein Engineering Market Trends:
The shifting focus toward protein-based drug development coupled with heavy investments in synthetic biology represents the primary factor driving the market growth. Besides this, the growing inclination from non-protein drugs toward protein therapeutics due to the rising awareness regarding their positive clinical outcomes among the masses has augmented the demand for protein engineering. Additionally, governments of various countries are taking favorable initiatives, such as funding research and development (R&D) projects and organizing awareness programs about protein engineering. Along with this, the widespread prevalence of protein-deficient diseases and the escalating demand for personalized medicines have accelerated the adoption of protein engineering. Furthermore, the rising adoption of monoclonal antibodies to treat numerous diseases, including cancer, autoimmune disorders, transplant rejections, and other conditions, has catalyzed the market growth. Moreover, the advent of recombinant monoclonal antibodies (mAbs), emerging applications in the agrochemical industry, improving healthcare infrastructure, increasing investments in proteomics-based drug discovery projects, and technological advancements are some of the other factors creating a favorable market outlook. Looking forward, IMARC Group expects the market value to reach US$ 5.18 Billion by 2027, growing at a CAGR of 11.60% during 2022-2027.
- Based on the product and services, the market has been divided into instruments, reagents, and services and software.
- On the basis of the protein type, the market has been segregated into insulin, monoclonal antibodies, coagulation factors, vaccines, growth factors, and others.
- Based on technology, the market has been bifurcated into irrational and rational protein design.
- The market has been classified based on the end user into pharmaceutical and biotechnology companies, academic research institutes, and contract research organizations.
- Region-wise, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has also been examined, with some of the key players being Abzena Ltd., Agilent Technologies Inc., Amgen Inc., Bio-Rad Laboratories Inc., Bruker Corporation, Codexis Inc., Danaher Corporation, Eli Lilly and Company, General Electric Company, Merck KGaA, Novo Nordisk A/S, PerkinElmer Inc, Thermo Fisher Scientific Inc., and Waters Corporation.
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