The global Protein Engineering Market is estimated to be valued at US$ 1,936.7 Mn in 2021 and is expected to exhibit a CAGR of 15.6% over the forecast period of 2022 to 2028, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
The Protein Engineering market is witnessing significant growth due to increasing research and development activities in the pharmaceutical and biotechnology industries. Protein engineering plays a crucial role in drug discovery and development, as it enables the modification and improvement of proteins for therapeutic purposes. The market is also driven by the rising demand for personalized medicine and advancements in technologies such as DNA recombinant techniques and gene synthesis.
However, the high cost of protein engineering procedures and the stringent regulatory approval processes are some of the major obstacles faced by the market. In addition, ethical concerns regarding the use of genetically modified organisms (GMOs) also pose challenges to the growth of the market.
B) Market key trends:
One key trend in the Protein Engineering market is the increasing adoption of artificial intelligence (AI) and machine learning (ML) technologies. These technologies are being used to analyze large datasets and predict protein structures, functions, and interactions. For example, researchers are using AI algorithms to design proteins with desired properties, such as increased stability or binding affinity. This trend is accelerating the drug discovery process and enabling the development of novel therapeutics.
C) Segment Analysis:
The Protein Engineering market is segmented based on the application, end-user, and region. The pharmaceutical and biotechnology companies segment dominates the market due to their extensive research and development activities in protein-based therapeutics. These companies are actively engaged in protein engineering to develop innovative drugs for various diseases, including cancer, autoimmune disorders, and infectious diseases. The dominance of this segment can be attributed to the large investments made by pharmaceutical and biotechnology companies in protein engineering research.
D) Key Takeaways:
Market size:
The global Protein Engineering Market Growth is expected to witness high growth, exhibiting a CAGR of 15.6% over the forecast period, due to increasing demand for personalized medicine and advancements in protein engineering technologies. For example, the development of next-generation sequencing (NGS) techniques has enabled rapid and cost-effective protein engineering.
Regional analysis:
North America is the fastest-growing and dominating region in the Protein Engineering market. The presence of major pharmaceutical and biotechnology companies, along with the availability of advanced research infrastructure, is driving the growth of the market in this region. Additionally, the increasing prevalence of chronic diseases and the growing need for targeted therapeutics are further boosting the demand for protein engineering in North America.
Key players:
Key players operating in the global Protein Engineering market include Codexis Inc., Abzena Ltd., Enantis s.r.o, GenScript Biotech Corp., Waters Corporation, PerkinElmer Inc., Bruker Corporation, Agilent Technologies, Bio-Rad Laboratories Inc., and Thermo Fisher Scientific Inc. These companies are focusing on strategic collaborations, acquisitions, and product launches to strengthen their market position and expand their product portfolios.
The Protein Engineering market is witnessing significant growth due to increasing research and development activities in the pharmaceutical and biotechnology industries. The adoption of AI and ML technologies is a key trend that is accelerating the drug discovery process. The dominance of pharmaceutical and biotechnology companies in the market can be attributed to their extensive investments in protein engineering research. North America is the fastest-growing region in the market, driven by the presence of major industry players and advanced research infrastructure. The key players in the market are focusing on strategic initiatives to stay competitive in the market.
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