Protein Engineering Market to Receive Overwhelming Hike in Revenues by 2024

(IT-NEWSWIRE.COM, April 23, 2020 ) Factors such as the increasing investments in synthetic biology and the growing focus on protein-based drug development by pharmaceutical and biotechnology companies driving the growth of Protein Engineering Market. However, factors such as the high cost of instruments and laboratory documentation systems are expected to restrain the growth of this market during the forecast period.

How much is the Protein Engineering Market worth?

The global Protein Antibody Engineering market is projected to reach USD 3.9 billion by 2024 from USD 2.2 billion in 2019, at a CAGR of 12.4%. Some of the factors driving the growth of this market are the increasing investments in synthetic biology and the growing focus on protein-based drug development. North America is expected to register the highest growth rate during the forecast period mainly due to the presence of well-established CROs, rising R&D expenditure, and the availability of the latest techniques and instruments for drug discovery research.

Instruments segment accounted for the largest share of the protein engineering market, by product & service, in 2019

Based on product & service, the protein engineering market is segmented into instruments, consumables, and software & services. Instruments accounted for the largest share of this market in 2019 owing to the technological advancements in mass spectrometry and X-ray crystallography and their ability to integrate with other technologies.

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Monoclonal antibodies segment accounted for the largest share of the protein engineering market, by protein type, in 2019

Based on protein type, the protein engineering 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 protein engineering market in 2019, majorly due to the high and growing demand for monoclonal antibodies for the treatment of cancer, neurological diseases, and infectious diseases.

Rational protein design was the largest technology segment in the protein engineering market in 2019

Based on technology, the protein engineering market is segmented into rational and irrational protein design. The rational protein design segment accounted for the largest share of the market, majorly due to the increasing use and continuous upgrades of bioinformatics platforms and software for protein analysis.

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Biopharmaceutical companies were the largest end users of protein engineering products and services in 2019

Based on end user, the protein engineering market is segmented into biopharmaceutical companies, contract research organizations, and academic research institutes. Biopharmaceutical companies use protein engineering products extensively in their drug discovery and development activities as these products help in designing models to develop a broad range of protein-based drugs. As a result, biopharmaceutical companies were the largest end users in this market in 2019.

Asia-Pacific is expected to dominate the medical tapes and Protein Antibody Engineering market in 2017

This report covers the market across four major geographies, namely, North America, Europe, Asia-Pacific, and the Rest of the World (RoW). Of the four geographic regions studied in the report, North America is expected to register the highest growth rate during the forecast period mainly due to the presence of well-established CROs, rising R&D expenditure, and the availability of the latest techniques and instruments for drug discovery research.

Geographically, the Protein Antibody Engineering market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. North America accounted for the largest share of the global market, closely followed by Europe. The large share of the North American market is attributed to the presence of well-established CROs, rising R&D expenditure, and the availability of the latest techniques and instruments for drug discovery research in the region.

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Leading Companies

The major players in the market include Thermo Fisher Scientific (US), Danaher Corporation (US), Agilent Technologies (US), and Bio-Rad Laboratories (US).

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Protein Engineering Market to Receive Overwhelming Hike in Revenues by 2024