The Global Protein Engineering Market is expected to exhibit a CAGR of 6.2% over the forecast period from 2017 to 2023, according to the latest research report from Market Research Future (MRFR). The global protein engineering market is set to rise at a robust CAGR over the forecast period due to the growing demand for protein engineering methodologies in medical research as well as other related applications in life sciences and commercial end-use industries.
Protein engineering is the process of creating specially designed proteins for research and medical purposes. Proteins play a key role in the human body and are also responsible for enabling the proper function of several organs in the body in the form of enzymes. The properties of proteins and their widespread biological application have led to their growing use in biomedical applications, leading to a strong growth in demand from the global protein engineering market. The growing demand for protein engineering in the healthcare sector is likely to remain a major driver for the global protein engineering market over the forecast period, as the use of novel technologies for improving healthcare outcomes has grown rapidly over the last few years.
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On the other hand, the expensive instrumentation used in protein engineering is likely to hinder the growth of the global protein engineering market over the forecast period. The instruments also require large-scale maintenance and trained personnel, which are also significant restraints on the global protein engineering market.
Leading players in the global protein engineering market include Agilent Technologies, Bio-Rad Laboratories Inc., GE Healthcare, Sigma-Aldrich Corp., Waters Corp., Thermo Fisher Scientific, Perkin Elmer, Bruker Corp., and AB-Sciex.
In April 2019, Huatai Securities made an investment of close to USD 15 million in Chinese genetic and protein engineering startup Abiochem Biotechnology Co. Ltd.
The global protein engineering market is segmented on the basis of type, method, application, and end user.
On the basis of type, the protein engineering market is segmented into instruments, reagents, and services and software.
On the basis of method, the market is segmented into rational protein design and directed evolution.
On the basis of application, the protein engineering market is segmented into food and detergent industries, environmental applications, medical applications, biopolymer production, and nanobiotechnology.
On the basis of end user, the protein engineering market is segmented into academic research institutes, pharmaceuticals and biotechnology companies, and contract engineering organizations.
The global protein engineering market is segmented by region into the Americas, Europe, Asia Pacific, and the Middle East and Africa. The Americas, led by North America, is the largest regional market for protein engineering and is likely to retain a dominant share over the forecast period thanks to the growing demand for advanced medical research in the region, leading to a strong rise in the demand for advanced protein engineering. The North America market is likely to hold the major share in the global protein engineering market over the forecast period due to the strong presence of the U.S. in the global healthcare sector and biomedical research. The growing demand for advanced biomedical applications in the U.S. is also likely to be a major driver for the global protein engineering market over the forecast period.
Europe is the second largest regional market for protein engineering and is likely to retain a dominant share over the forecast period due to the growing presence of biomedical research facilities in developed countries such as France, Germany, and the UK. The strong role played by governmental universal healthcare agencies such as the NHS is likely to lead to strong growth prospects for the protein engineering market in the region over the forecast period.
Asia Pacific is likely to exhibit the highest growth rate in the global protein engineering market over the forecast period due to the growing prevalence of target conditions that can be treated with advances in protein engineering. The increasingly advanced healthcare sector in Asia Pacific is also a major driver for the protein engineering market in the region.
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