Protein Engineering Market

Global Protein Engineering Market Size (2023 to 2028)

The global protein engineering market is forecasted to be worth USD 7.02 billion by 2028 from USD 4.01 billion in 2023, growing at a CAGR of 11.84% from 2023 to 2028.

MARKET DRIVERS:

The growing demand for protein-based drugs is one of the key factors driving the growth of the protein engineering market. Protein-based drugs are also called biologics. The usage of protein-based drugs has increased significantly in recent years to treat various diseases including cancer, autoimmune disorders, and genetic disorders as they are effective in targeting specific molecules or pathways in the body and offers reduced side effects and improved therapeutic outcomes. As per the report published by Evaluate Pharma, the top 10 best-selling drugs in 2020 were all biologics, which says the significant impact that protein-based drugs have on the pharmaceutical industry. Protein engineering plays a critical role in the development of protein-based drugs. For instance, protein engineering has been used in the development of proteins with improved pharmacokinetics such as longer half-lives and reduced immunogenicity. Such proteins contain increased effectiveness and offer reduced side effects. The demand for protein-based drugs is majorly being fuelled by the increasing patient population with chronic diseases and the growing aging population.

The growing adoption of personalized medicine further fuels the protein engineering market growth. In several countries, the usage of personalized medicine is on the rise and the trend is likely to accelerate further in the coming years. Protein engineering plays an important role in the development of personalized medicine. Personalized medicine is an approach to developing medical treatment for an individual considering his personal characteristics including genetic markup, lifestyle and environment. Personalized medicine is believed to be specific and highly effective and protein engineering plays a big role in achieving this. The demand for personalized medicine is likely to grow significantly in the coming years, which is expected to boost the demand for protein engineering technologies and drive market growth.

In addition, the rapid adoption of technological advancements in protein engineering, increasing number of investments for the R&D activities in the biotechnology industry, rising usage of protein engineering in industrial applications and increasing patient population suffering from chronic diseases boost the growth rate of the worldwide market during the forecast period. Furthermore, the growing use of protein engineering in the agriculture industry, increasing demand for biofuels, growing adoption of protein-based materials, increasing demand for high-throughput screening and technological advancement in gene editing accelerate the protein engineering market growth. The growing demand for protein-based diagnostics and increasing demand for protein-based therapeutics in developing countries are likely to offer lucrative growth opportunities to the market participants of protein engineering.

MARKET RESTRAINTS:

The high cost of the instruments is the primary restraint to the growth of the protein engineering market worldwide. The scarcity of skilled professionals that can handle the complexities of protein engineering technologies is another significant obstacle to market growth. In addition, factors such as the stringent regulatory environment for protein engineering technologies and poor awareness among people regarding protein engineering impede market growth. Limited funding to conduct R&D activities of protein engineering in many countries and the competition from the traditional protein purification techniques further inhibits the growth rate of the protein engineering market.

Impact of COVID-19 on the global protein engineering market:

The COVID-19 pandemic has had a mixed impact on the global protein engineering market. In the beginning days of the COVID-19 pandemic, the supply chain system worldwide has severely damaged, and research and development activities of protein engineering were kept on hold, which has had an unfavorable impact on the protein engineering market and negatively impacted the market growth. On the other hand, the demand for protein-based therapeutics such as vaccines and antibodies has skyrocketed during the COVID-19 pandemic, which has fuelled market growth. During the COVID-19 pandemic have used protein engineering technologies to develop COVID-19 vaccines and therapeutics. In addition, the demand for protein-based diagnostics such as antigen tests and antibody tests has increased notably during the COVID-19 pandemic. Several governmental and non-governmental organizations have invested significant amounts in the R&D of protein engineering to develop products and solutions to fight the COVID-19 pandemic and resulting in multiple collaboration and partnership activities between the market participants. Likewise, the COVID-19 pandemic has favored the growth of the protein engineering market.

REPORT COVERAGE:

This research report on the global protein engineering market has been segmented and sub-segmented based on product, technology, protein type, end-user, and region.

Protein Engineering Market – By Technology:

• Rational Protein Design

• Directed Evolution

• Hybrid Approach

Based on technology, the hybrid approach segment is expected to hold the major share of the worldwide protein engineering market during the forecast period. The growth of the segment is majorly driven by the due to its ability to create proteins with improved stability, activity, and specificity. In addition, factors such as the growing demand for biologics such as monoclonal antibodies and recombinant proteins for therapeutic and diagnostic applications and the increasing adoption of protein engineering for industrial applications, such as enzyme production and biocatalysis fuel the growth rate of the segment.

The rational protein design segment is expected to grow at a steady CAGR during the forecast period owing to factors such as increasing demand for personalized medicine and targeted therapies.

The directed evolution segment is anticipated to witness a moderate CAGR during the forecast period owing to the increasing demand for enzymes for industrial applications and the development of novel biologics.

Protein Engineering Market – By Product:

• Instruments

• Reagents

• Software & Services

Based on the product, the instrument segment accounted for the largest share of the global protein engineering market in 2022 and is expected to continue to be dominating in the market throughout the forecast period. The segmental growth is majorly driven by the increasing demand for advanced instruments and tools for protein engineering applications such as drug discovery, protein purification, and structural analysis. The growing demand for personalized medicine favors the growth of the segment. The rising need for effective therapeutics has led to increased research and development activities, which require sophisticated instruments and tools further accelerating the segment’s growth rate.

The reagents segment held a substantial share of the global market in 2022 and is expected to grow at a healthy CAGR during the forecast period owing to the increasing demand for high-quality reagents and consumables for protein engineering applications. The growing adoption of recombinant DNA technology and protein expression systems is further fuelling segmental growth.

The software and services segment is anticipated to register a moderate growth rate during the forecast period. Factors such as the growing need for bioinformatics tools and services for protein engineering research and increasing demand for contract research services contribute to segmental growth.

Protein Engineering Market – By Protein Type:

• Insulin

• Monoclonal Antibodies

• Vaccines

• Colony Stimulating Factors

• Coagulation Factors

• Interferon

Based on the protein type, the monoclonal antibodies segment led the protein engineering market in 2021 and is anticipated to repeat the domination throughout the forecast period. The growing usage of monoclonal antibodies to treat various chronic diseases including cancer, autoimmune disorders, and infectious diseases is one of the key factors propelling segmental growth. High specificity and efficacy of monoclonal antibodies in targeting the disease-causing agents, technological developments, patient expirations and the growing number of R&D activities further fuel the growth rate of the segment.

Protein Engineering Market – By End-User:

• Academic Research Institutes

• CROs

• Pharma & Biotech Companies

During the forecast period, the pharma and biotech companies segment is anticipated to account for a significant share of the protein engineering market by end-user. The growing usage of protein engineering technologies by the pharma and biotech companies in the R&D activities to develop new drugs and therapies to treat various diseases majorly drive segmental growth. In addition, factors such as the growing demand for personalized medicine and the increasing need for biologics further accelerate the growth rate of the segment.

Protein Engineering Market – By Region:

• North America

• Asia Pacific

• Europe

• Latin America

• Middle East and Africa

Geographically, the North American protein engineering market region held the dominating share of the global protein engineering market worldwide in 2021 and the domination of North America is expected to continue throughout the forecast period owing to rising R&D expenditure, technological advancement, and rising incidence of chronic diseases. In 2020, there were 1.5 million new cases of diabetes in the United States each year, as per American Diabetes Association 2020. An estimated 37% of persons in the United States who were 18 years of age or older and had diabetes also had chronic kidney disease. In addition, the presence of well-established pharmaceutical and biotechnology companies, increasing investments for the R&D of protein engineering, and increasing demand for personalized medicine fuel the growth rate of the North American market. The presence of major international market participants, a favorable regulatory environment for protein engineering in North America and a rising emphasis on biologics and biosimilars accelerate the North American market growth during the forecast period. The U.S. protein engineering market is predicted to account for the largest share of the North American market during the forecast period owing to the presence of a large number of biotech and pharmaceutical companies.

The European region is estimated to hold a considerable share of the worldwide market during the forecast period. The presence of sophisticated healthcare infrastructure, increasing investments by the market participants for the R&D of protein engineering and rising demand for advanced therapies. Favorable regulatory environment, rising emphasis on personalized medicine and gene therapy and the presence of several biotech and pharmaceutical companies in Europe further boost the growth rate of the European market. During the forecast period, Germany and the UK are predicted to occupy the major share of the European market.

The APAC protein engineering market is anticipated to witness the fastest CAGR in the worldwide protein engineering market during the forecast period. The growing demand for protein drugs, rising government support for biotechnology research and increasing investments in the biopharmaceutical sector primarily boost the market growth in the APAC region. Growing government support for biotechnology research and an increasing number of partnerships and collaborations among market participants further promote the growth rate of the APAC market. China and Japan held the major share of the APAC market in 2022 and the same is expected to repeat during the forecast period.

The Latin American market is estimated to register a steady CAGR during the forecast period. The growth of the Latin American market is majorly supported by factors such as the growing prevalence of chronic diseases, increasing investments in the biopharmaceutical sector, rising demand for personalized medicine and the trend of outsourcing research and development activities supporting market growth in Europe. Brazil and Mexico are predicted to account for the most significant share of the Latin American market during the forecast period.

The MEA protein engineering market is predicted to showcase a moderate CAGR during the forecast period owing to the increasing government support for the development of the healthcare sector, rising investments in research and development, and growing demand for biopharmaceuticals.

KEY MARKET PARTICIPANTS:

Thermo Fisher Scientific, Inc., Danaher Corporation, Agilent Technologies, Inc., Bio-Rad Laboratories, Inc., Bruker Corporation, Merck KGaA, Perkinelmer, Inc., Cytiva, Promega Corporation, Takara Bio, Inc., Genscript Biotech Corporation, Codexis, Inc., New England Biolabs, Inc., Creative Biolabs, and Phynexus, Inc. are a few of the companies playing a significant role in the protein engineering market.

RECENT HAPPENINGS IN THIS MARKET:

• In January 2022, Amgen and Generate Biomedicines signed an agreement to develop protein therapeutics. An artificial intelligence (AI) platform provides the opportunity to facilitate the development of multi-specific drugs by reducing time significantly.

• In June 2021, IISER Bhopal Scientists invented a technology For Precision Engineering of Proteins to help Cancer patients with precise imaging-guided tumor surgeries and directed Cancer Chemotherapeutics in the coming years.

• In July 2020, Cullinan Oncology introduced Cullinan Amber Pioneer Next-Generation Cytokine Fusion Proteins for Cancer Therapy, intending to improve the therapeutic aspect of immune-stimulatory cytokine combinations for cancer treatment.

• In 2019, Amunix Pharmaceuticals Inc. and Merck KGaA inked a license agreement allowing Amunix to develop medicines based on the protease-triggered immune activator platform.