Protein Engineering Market Analysis

Protein Engineering Market Analysis

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Based on product, the market is segmented into instruments, reagents, and software & services. The reagents segment is poised for significant growth at a CAGR of 16.2% during the forecast period.
 

• The segmental growth is fueled by increasing use of reagents for a wide range of applications, including the synthesis of growth factors, monoclonal antibodies, vaccines, and other medicines.
   
• Furthermore, the use of reagents for research and development in the creation of innovative COVID-19 vaccines has expanded the prospects for the launch of new products in this sector, which is expected to boost the market in the coming years.
   

Based on technology, the protein engineering market is segmented into irrational protein design and rational protein design. The rational protein design segment accounted for a revenue share of 65.5% in 2023 and is estimated to follow similar trend over the coming years.
 

• The widespread use of this technology in enzyme engineering and antibody production is primarily responsible for the segment's rise. Enzyme engineering is being used extensively in the commercial sector, which has led to the development of improved and modified enzymes with the right catalytic properties.
   
• Further, technology such as site-directed mutagenesis, are frequently utilized in rational design engineering methods, and the significant market penetration of such techniques helps to drive the segment progress.
   

The protein engineering market by protein type is categorized into insulin, monoclonal antibodies, vaccines, growth factors, coagulation factors, interferon, and other protein types. The monoclonal antibodies segment accounted for around USD 635.3 million revenue size in 2023.
 

• The segment growth is majorly owing to the increased R&D spending on the development of therapeutically enhanced monoclonal antibody. In addition, the growing use of targeted monoclonal antibodies to treat cancer and other chronic diseases is likely to enhance the market in the near future.
   
• Similarly, the growth potential is predicted to significantly improve with the advent of genetic platforms that leverage cutting-edge technology, such as next-generation sequencing for enabling efficient protein engineering for the synthesis of monoclonal antibodies.
   

Based on end-use, the protein engineering market is segmented into academic research institutes, contract research organizations (CROs), and pharmaceutical & biotechnology companies. The pharmaceutical & biotechnology companies segment accounted for a revenue share of 45.1% in 2023 and is estimated to follow similar trend over the coming years.
 

• The large share is attributed to the increasing use of protein engineering in silico drug development models for the treatment of diabetes, cancer, and neurological problems. These firms strive hard to preserve their market presence by producing drug versions of patent-expiring pharmaceuticals utilizing a computer modeling technique.
   
• Furthermore, governmental, and commercial healthcare organizations are increasing their funding and financial support for the development of sophisticated protein engineering technologies to improve patient outcomes.
   

North America protein engineering market accounted for USD 1.01 billion revenue in 2023 and is predicted to witness substantial market growth.
 

• North America is predicted to dominate the market owing to factors such as increased chronic disease prevalence, high healthcare spending, favorable government policies, and increasing use of protein medications over non-protein drugs.
   
• Furthermore, the presence of leading market players in the region focusing on development of protein engineering drugs/vaccines, new product launches, and growing product approvals is providing improved treatment alternatives, which is projected to enhance the market demand.