The global protein engineering market is estimated to be valued at US$ 1,936.7 Mn in 2021 and is expected to exhibit a CAGR of 15.6% over the forecast period 2022-2028, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
Protein engineering is a rapidly growing field that involves the design and development of new proteins with improved properties or functions, using various techniques such as directed evolution, rational design, and computational modeling. This technology has wide applications in the pharmaceutical and biotechnology industries, including drug development, therapeutic protein production, diagnostics, and industrial enzymes.
Protein engineering has revolutionized the development of novel therapeutics, particularly in the field of biologics. It allows for the modification of proteins to enhance their stability, bioavailability, and efficacy, leading to the development of more effective and targeted therapies for various diseases.
B) Market Dynamics:
1. Increasing Focus on Drug Development:
The rising prevalence of chronic diseases, such as cancer, diabetes, and cardiovascular disorders, has led to an increased focus on the development of novel drug therapies. Protein engineering plays a crucial role in this process by enabling the design and optimization of target-specific drugs with improved efficacy and reduced side effects. For example, the use of protein engineering techniques has led to the development of monoclonal antibodies, which have revolutionized cancer treatment. These advancements are driving the growth of the protein engineering market.
2. Advancements in Biotechnology:
The rapid advancements in biotechnology, including DNA sequencing, gene synthesis, and recombinant DNA technology, have significantly contributed to the growth of the protein engineering market. These advancements have made it easier and faster to manipulate and engineer proteins, leading to more efficient and cost-effective protein production. Additionally, the availability of advanced tools and technologies, such as protein design software and high-throughput screening techniques, has further accelerated the protein engineering process.
C) Segment Analysis:
The protein engineering market can be segmented based on product type, technology, and application. In terms of product type, the market can be divided into instruments, software, and services. The instruments segment is expected to dominate the market due to the increasing demand for advanced protein engineering instruments, such as mass spectrometers, chromatography systems, and protein purification systems.
D) PEST Analysis:
Political: Government regulations and policies related to biotechnology research and development can significantly impact the protein engineering market.
Economic: Healthcare expenditure and investments in biotechnology research and development are key economic factors influencing market growth.
Social: Increasing awareness and acceptance of biologics and personalized medicine are driving the demand for protein engineering.
Technological: Advancements in gene editing technologies, such as CRISPR-Cas9, have opened new avenues for protein engineering research.
E) Key Takeaways:
1. The global Protein Engineering Market Growth is expected to witness high growth, exhibiting a CAGR of 15.6% over the forecast period, due to increasing focus on drug development and advancements in biotechnology.
2. North America is expected to be the fastest-growing and dominating region in the protein engineering market, driven by the presence of major pharmaceutical and biotechnology companies, government support for R&D, and favorable reimbursement policies.
3. Key players operating in the global protein engineering market include Codexis Inc., Abzena Ltd., Enantis s.r.o, GenScript Biotech Corp., Waters Corporation, PerkinElmer Inc., Bruker Corporation, Agilent Technologies, Bio-Rad Laboratories Inc., and Thermo Fisher Scientific Inc. These players are focusing on strategic collaborations, acquisitions, and product launches to strengthen their market position.
The protein engineering market is witnessing significant growth due to increasing focus on drug development and advancements in biotechnology. With the increasing demand for targeted and personalized therapies, protein engineering plays a crucial role in the development of novel therapeutics. The market is expected to witness high growth over the forecast period, driven by technological advancements and the growing adoption of protein engineering techniques across various industries.