Market Overview –
The protein engineering market is flourishing, with a notable emphasis on antibody engineering. This field focuses on modifying antibodies to enhance their therapeutic properties, leading to more effective treatments for various diseases. As research advances and technology evolves, the demand for antibody engineering services and products drives market growth in the protein engineering sector.
With a predicted value of USD 1.5 billion in 2022, the protein engineering market is expected to rise at a compound annual growth rate (CAGR) of 11.80% from USD 1.7 billion in 2023 to USD 4.09 billion by 2032.
The Protein Engineering market focuses on the design and modification of proteins for various biotechnological and therapeutic applications. Protein engineering techniques enable the manipulation of protein structure and function to enhance their stability, specificity, activity, and immunogenicity. Applications of protein engineering include the development of recombinant proteins for therapeutic use, the design of enzymes for industrial processes, the creation of protein-based biosensors and diagnostics, and the engineering of antibodies for targeted drug delivery and immunotherapy.
Prominent Boosters and Challenges
Protein engineering is widely utilized for circumventing issues and challenges attached with drugs, possessing the ability to elevate the efficacy and affinity of molecules for multiple applications, like cardiac repair. This has unprecedentedly fostered the demand as well as the adoption of protein engineering tools for developing advanced therapeutics, leading to rapid business progression. For example, advent of mAbs (recombinant Monoclonal Antibodies) is created by the extensive deployment of advanced protein engineering tools. The chimerization and humanization of mAbs as well as various approaches to better them in the vivo activity has given way to numerous alternatives for treating various types of cancers, autoimmune diseases, transplant rejections, and several conditions.
Growing urgency to cut down significant R&D expenditure in clinical studies is an important growth rendering factor in the global market. High costs are brought on by significant failure rates during the preclinical stage. The commercialization and marketing of new drug molecules is quite complex and results in long durations. Close to 40% of compounds witness failure during the early stages of the clinical trials, contributing significantly to the costs. This has thrown light on the importance of protein engineering tools among biotech and pharma firms, thereby adding to the revenues.
Market Segmentation
The protein engineering market has been considered for type, method, application, and end-users.
Different types of protein engineering are reagents, services and software along with instrument.
Various methods studied in the MRFR report include rational protein design as well as directed evolution.
Major applications are environment applications, food and detergent industries, biopolymer production, nanobiotechnology, and medical applications.
Prominent end-users profiled in the market study include pharmaceuticals and biotechnology companies, contract engineering organizations, and academic research institutes.
Regional Status
The major regions across which the protein engineering industry will note growth during the review period are Americas, Asia Pacific, the Middle East and Africa, and Europe.
The North American market has been growing by leaps and bounds, successfully taking the lead backed by the extensive concentration of highly reputed players along with the exponential surge in the number of pharmaceutical and biotechnology firms. The biggest market in the region belongs to the US, while Canada comes a close second. The US market stands to benefit from the extensive use of protein engineering methods and technologies combined with the availability of sophisticated instruments and devices for use in research activities. Manufacturers in the region frequently enter partnerships and collaborations to foster their R&D capabilities while several pharmaceutical vendors are involved in commercializing advanced engineering tools. This helps create a favorable scenario for the protein engineering market in North America.
Europe is the second most profitable market and will continue to flourish, thanks to the surging usage of protein engineering technologies and methods. The incredible expansion of the research and development sector across the U.K., France, and Germany, also adds to the market’s gains in the region. Also, the growing spending on protein engineering by pharma companies as well as the rising focus on drug discovery add to the market worth.
Asia Pacific will show the fastest growth trajectory in the following years, fuelled primarily by the surging burden of lifestyle disorders such as obesity, diabetes, heart diseases, and more. Soaring requirement for modern new technologies in the healthcare sector and the expanding presence of contract research organizations benefits the APAC industry as well. Growth in healthcare IT expenditure, and the unprecedented advances in the healthcare standards and infrastructure across the region bolsters the market share. Supportive government-backed initiatives to encourage research activities combined with the emerging outsourcing trend by developed nations will impel the market expansion rate in the region.
Key Players –
Protein Engineering companies include Agilent Technologies, AB-Sciex, Bio-Rad Laboratories, Inc., Bruker Corp., GE Healthcare, Perkin Elmer, Sigma-Aldrich Corp., Thermo Fisher Scientific, and Waters Corp.
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