Proteins are necessary for the human body to perform various functions such as catalyzing metabolic reactions, DNA replication, responding to stimuli, and transporting molecules from one location to another. Therefore, the protein engineering market is lucrative. Protein engineering is required to produce biological compounds which include a storage protein, synthetic peptide, and the synthetic drugs that will be superior to a normal one and create an enzyme with superior properties to produce high-value chemicals in large quantities.
The Protein Engineering Market Size was valued at USD 1.5 Billion in 2022 and is projected to grow from USD 1.7 Billion in 2023 to USD 4.09 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 11.80% during the forecast period (2023 - 2032). The most important factors driving the market include increasing demand for new technologies for the healthcare applications and the growth in research and development (R&D) activities for improving health outcomes using novel technologies. Other factors include the emergence of trends in protein identification & tracking and the increasing use of protein studies in R&D activities. Some factors that can put breaks on the market growth include expensive instruments used in protein engineering that require huge maintenance and lack of trained personnel.
The global protein engineering market has been segmented on the basis of application, end users, method, type, and lastly region. Based on applications of protein engineering, this market has been segmented into biopolymer production, environment applications, food & detergent industries, medical applications, and nano-biotechnology. As per the segmentation regarding end users, the market has been segmented into academic research institutes, contract engineering organizations, and pharmaceuticals & biotechnology companies. On the basis of methods, the directed evolution, and rational protein design. By type, the market has been segmented into instrument, reagents, and services & software.
The regional segmentation of the global protein engineering market segments the market into continent-based regional market namely the Americas (North America & South America), Europe, Asia-Pacific, and the Middle East and Africa (MEA). In the Americas, North America is a bigger market than South America due to advanced technology and better healthcare facilities. The Americas is the largest regional market as North America alone holds the potential to be the largest market due to its strong economies namely the United States of America (USA) and Canada. North America is a powerful market due to the presence of many major market players in this region, especially in the USA. Another important reason for the market growth in this region is the increase in the number of biotechnology and pharmaceutical companies. In the USA, extensive protein engineering technologies & methods and availability of technologically-advanced devices & instruments for research are also driving the market the market growth. In South America, Argentina and Brazil have strong economies, and they might emerge as big markets in the future.
Europe is the second largest regional market. Due to reasons same as The Americas, Western Europe is a bigger market than Eastern Europe. Major factors driving this market include increasing demand for protein engineering methods & technologies and the overall growth of the R&D sector in major economies of Western Europe. These major economies are France, Germany, Italy, Spain, and the United Kingdom (UK), followed by the rest of Western Europe.
Key Players
The global protein engineering market players are AB-Sciex (USA), Agilent Technologies (USA), Bio-Rad Laboratories Inc. (USA), Bruker Corp. (USA), GE Healthcare (UK), Perkin Elmer (USA), Sigma-Aldrich Corp. (USA), Thermo Fisher Scientific (USA), and Waters Corp. (USA).
According to the report, the Asia Pacific is expected to emerge as the fastest growing market during the forecast period. In this region, the market is driven by the need for new technologies with their application in healthcare and the rising prevalence of lifestyle diseases such as diabetes, heart diseases, obesity, etc. The primary country-specific markets in this region are Australia, China, India, Japan, and South Korea, followed by the rest of Asia Pacific.
The MEA region shows steady but positive growth with an increase in the demand for new drugs and devices for diagnosis as well as the treatment of diseases and improvement in healthcare infrastructure. The reasons for the slow market growth in this region are lack of awareness, lack of education, lack of technological development, political instability, poor healthcare facilities, and healthcare not considered a priority by most governments. The crucial country-specific markets in this region are Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (UAE), followed by the rest of the MEA region.
About US:
Market Research Future (MRFR), enable customers to unravel the complexity of various industries through Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
