PUBLISHER: DataM Intelligence | PRODUCT CODE: 1289777
PUBLISHER: DataM Intelligence | PRODUCT CODE: 1289777
The Global Protein Engineering Market reached US$ 2,247.2 million in 2022 and is projected to witness lucrative growth by reaching up to US$ 6,721.3 million by 2030. The global protein engineering market is expected to exhibit a CAGR of 15.2% during the forecast period (2023-2030).
Protein engineering is the process of altering or developing proteins in order to improve existing characteristics or add additional functionality. It also entails tinkering with protein structure, sequence, and characteristics in order to increase their stability, specificity, activity, and other desirable traits.
The global protein engineering market is developing rapidly as a result of technological developments, rising demand for protein-based pharmaceuticals, and the expanding uses of proteins in numerous sectors.
One of the major drivers of the worldwide protein engineering market is the increasing need for protein-based therapeutics as the frequency of diabetes rises. According to the CDC's National Diabetes Statistics Report for 2022, 37.3 million people in the United States have diabetes, accounting for 11.3% of the total population.
Because of the rising prevalence of diabetes in the United States, demand for insulin, as well as protein-engineered artificial insulin, is predicted to rise. Therefore, owing to the above factor the global protein engineering market will boost over the forecast period.
Protein engineering requires the utilization of advanced tools and equipment such as mass spectrometers, chromatography systems, and high-throughput screening platforms. Such equipment can be costly to buy, maintain, and improve.
The high cost of instruments is a barrier to investment in protein engineering technologies, particularly for small and medium-sized firms (SMEs) or research institutes with restricted resources. Owing to this reason the global protein engineering market will face a major restraint over the forecast period.
The COVID-19 pandemic has had a substantial influence on the protein engineering business, with increasing demand for treatments and diagnostics driving research and development activities. Protein engineering approaches have been used in vaccine development, antiviral medication design, and diagnostic test development.
Collaboration, financing, and a shift in research focus to viral proteins and immunological responses have propelled advances in protein engineering. However, supply chain interruptions have presented difficulties. Overall, the pandemic has highlighted the relevance of protein engineering in tackling global health issues and has fueled innovation in the area.
The war between Russia and Ukraine has had a limited direct influence on the global protein engineering industry. However, indirect repercussions such as supply chain disruptions, economic instability, strained research collaborations, talent migration, and regulatory changes/trade barriers are possible.
These factors may have an impact on resource availability, investment decisions, research funding, scientific development, and the global talent pool in protein engineering. However, it is vital to highlight that geopolitical conflicts are only one of several variables influencing the industry, with scientific developments and market demand having a larger impact.
The global protein engineering market is segmented based on product type, protein type, technology, end user, and region.
The biopharmaceutical companies segment is projected to dominate the protein engineering market and will account for the highest market share of 52.5%, due to the high proportion utilization of in silico drug research models for treating diabetes, cancer, and neurological illnesses. For example, top pharmaceutical firms such as Novo Nordisk, AstraZeneca, and Eli Lilly have prioritized revenue growth through the discovery of novel treatments.
Furthermore, the biopharmaceutical companies segment is expanding due to increased financing and investment assistance from both public and private healthcare organizations. For instance, in March 2023, Sanofi's acquisition of Provention Bio brought a new, first-in-class medication for type 1 diabetes to its general medicines core asset portfolio. Therefore, the adoption of in-silico techniques and an increase in funding will drive the segment growth of the global protein engineering market size over the forecast period.
The global protein engineering market is dominated by North America and holds 2/5th market share due to better healthcare spending, technological advancements, presence of major market players leading to drug development, collaboration, and advanced healthcare infrastructure.
For instance, in January 2023. Proteinea, a biotech startup based in the U.S. and Egypt, is pioneering computational protein engineering technology, as they are releasing Ankh, the most sophisticated and high-performing open-source protein language model in the world. Proteinea created Ankh in collaboration with Google and the Technical University of Munich, using funding from Google's cloud innovators program.
The major global players in the market include: GE Healthcare, Thermo Fisher Scientific, Agilent Technologies, Bio-Rad Laboratories, Bruker Corporation, Genscript Biotech Corporation, Codexis, Waters Corporation, New England Biolabs, and Merck KGaA.
The global protein engineering market report would provide approximately 53 tables, 54 figures and 195 pages.
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