Protein Engineering Market worth US$ 2.9 Billion 2024 with a CAGR of 15.80%

 


The report "Protein Engineering Market, By Product Type (Modified Enzymes, Insulin, Monoclonal Antibodies, Coagulation Factors, Vaccines, Growth Factors, and Other Product Types), By Technology (Irrational Protein Design, and Rational Protein Design), By End User (Pharmaceutical and Biotechnology Companies, Academic Institutions, and Contract Research Organizations), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2030.”

 Key Highlights:

·         In June 2019, Thermo Fisher Scientific Launches powerful Invitrogen iBright 1500 imaging system for western blot and gel imaging.

·         In July 2019, Amgen and the University of Washington's Institute for Protein Design (IPD), which is revolutionizing its field of science by creating custom-designed proteins from scratch to improve human health, today announced a broad collaboration that will cover multiple projects with a goal of testing new technologies and creating protein-building approaches that can be broadly applied to the search for new medicines.

 

Analyst View:

The propelling factors for the growth of the global protein engineering market include the increasing prevalence of protein deficient diseases, increase in adoption of protein drugs over non-protein drugs. In addition, increased demand for alternatives to chemical processes, and rising government funding for protein engineering will further boost the growth of target market.  Factors such as the increasing investments in synthetic biology and the growing focus on protein-based drug development by pharmaceutical and biotechnology companies are expected to drive the growth of global protein engineering market.  There is a rising number of government initiatives, such as funding R&D for protein engineering and awareness programs, which have influenced the healthcare industry. The government is thus proactively investing in many of the research studies. For instance, Protein Technologies Ltd (PTL) has received funding from the UK government’s Technology Strategy Board (now Innovate UK) for its innovative research in protein engineering. Hence the increasing number of government initiatives for the efficient protein engineering research helps in driving the overall growth of the market.

 Key Market Insights from the report:        

The global Protein Engineering market accounted for US$ 2.9 billion by 2024 and is projected to register a moderate CAGR of 15.80% over the forecast period. The market report has been segmented on the basis of product type, technology, end user, and region.

·         By product type, monoclonal antibody accounted for a dominant share of the protein type segment and are anticipated to grow at a lucrative rate during the forecast period. Growing R&D expenditure in development of therapeutically advanced mAbs is presumed to be one of the significant factors responsible for increased adoption of these tools.

·         By technology, rational design dominated the technology segment with a share of over 39.0%. The dominant share can be attributed to extensive usage of this technology in antibody and enzyme engineering. 

·         By end user, Pharmaceutical & biotechnology companies held a dominant share in the end-use segment in 2016. The substantial share can be attributed to the increasing adoption of in silico models to develop new protein-based drugs in the following applications: cancer, diabetes, and central nervous system diseases.

·         By region, North America captured a dominant share of the market. Consistent number of collaborations encouraged by key market players for increasing their R&D capabilities are presumed to be responsible for the greater share captured by this region.

 

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Competitive Landscape:

The prominent player operating in the global Protein Engineering market includes Thermo Fisher Scientific, Danaher Corporation, Agilent Technologies, Bio-Rad Laboratories, Amgen Inc., Bruker Corporation, General Electric, PerkinElmer, Inc., Genscripts USA, Inc., and Sigma-Aldrich Corporation.  

The market provides detailed information regarding industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory framework across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included into the report.

 About Prophecy Market Insights

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