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Protein Engineering Market Trends

Report ID: GMI8008
Published Date: Feb 2024
Report Format: PDF

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Protein Engineering Market Trends

Growing demand for protein engineering instruments for the development of innovative treatments has accelerated market expansion. Furthermore, the increasing number of government initiatives aimed at improving protein engineering skills are expected to provide considerable growth opportunities for the market. As a result, research activities and programs, funding allocations, and R&D spending in this domain have increased.

For instance, Nabla Bio announced the completion of a USD 11 million seed funding round in December 2021. With this funding, a platform for AI-first design has been established, that enabled the creation of next-generation antibody therapy, which accounted for USD 214.7 billion in 2022, among other contributing factors

Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

The global protein engineering industry was valued at around USD 2.5 billion in 2023 and is estimated to reach over USD 9.3 billion by 2032 owing to the rising frequency of protein-deficient disorders such as marasmus and kwashiorkor, particularly in developing and underdeveloped countries.

The reagents segment will record significant growth rate at 16.2% from 2024 to 2032, fueled by increasing use of reagents for a wide range of applications, including the synthesis of growth factors, monoclonal antibodies, vaccines, and other medicines.

North America protein engineering market accounted for USD 1.01 billion in 2023 and is predicted to witness substantial growth through 2032, owing to increased chronic disease prevalence, high healthcare spending, favorable government policies, and increasing use of protein medications over non-protein drugs.

Agilent Technologies, Inc., Amgen Inc., Bio-Rad Laboratories, Inc., Bristol Myers Squibb Company, Bruker Corporation, Danaher Corporation, Genentech, Inc., Integrated DNA Technologies, Inc., Lonza Group, Merck KGaA, Thermo Fisher Scientific Inc., and Vertex Pharmaceuticals Incorporated.