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.
What the Market Looks Like?
Predicted to grow at a CAGR of 7.2% during the forecast period, the global Protein Engineering market is estimated to reach USD 2.9 billion by the end of 2024.
“Instruments segment to account for the largest share of the market, by product & service, in 2019”
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).
“Monoclonal antibodies segment accounted for the largest share of the protein engineering market, by protein type, in 2019”
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.
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Geographical growth scenario of Protein Engineering Market
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.
Leading market players
The prominent players in the Protein Engineering market include Thermo Fisher Scientific (US), Danaher Corporation (US), Agilent Technologies (US), and Bio-Rad Laboratories (US).
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