According to a new market research report "Peptide Synthesis Marketby Product (Reagent, Synthesizer, Chromatography), Technology (Solid Phase, Liquid Phase, and Hybrid & Recombinant), End User (Pharmaceuticals & Biotechnology, CRO), and Region - Global Forecast to 2023", published by MarketsandMarkets™, the market is projected to reach USD 426.4 million by 2023 from USD 310.5 million in 2018, at a CAGR of 6.5% during the forecast period.
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Growth in this market is driven by the increasing use of peptides in pharmaceutical drugs, rise in research activities and availability of funding for R&D, and the development of advanced technological peptide synthesizers.
Reagents accounted for the largest share of the Peptide Synthesis Market in 2017
By product, the market is segmented into reagents & equipment. In 2017, reagents segment accounted for the largest share of the Peptide Synthesis Market. The large share of this segment can be attributed to factors such as the growing applications of peptides in therapeutics, drug design, and gene synthesis; rising number of ongoing research projects involving peptide synthesis; and the availability of various peptide synthesis reagents in the market.
By technology,solid-phase synthesisis expected to grow at the highest CAGR during 2018-2023
Based on technology, the Peptide Synthesis Market has been segmented into solid-phase synthesis, liquid-phase synthesis and recombinant technology. In 2017, solid-phase synthesis is expected to grow at the highest CAGR during 2018-2023. Solid-phase synthesis is associated with a number of advantages, such as ease of operation, easy purification, short production cycles, high-level automation, and synthesis capabilities of long peptides in small quantities of amino acids. Such advantages are driving the growth of the solid-phase synthesis segment.
Pharmaceutical & biotechnological companies are expected to dominate the Peptide Synthesis Market in 2017
Based on end users, the Peptide Synthesis Market is segmented into pharmaceutical & biotechnological companies, contract development and manufacturing organizations, and academic and research institutes. In 2017, pharmaceutical & biotechnological companies accounted for the largest market share due to increasing number of research projects in genomics, molecular biology, and related areas; growing application areas of peptides in drug discovery, therapeutics, and research; and substantial R&D investments.
APAC is expected to grow at the highest CAGR during the forecast period.
Global Peptide Synthesis Market has been studied for North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. APAC is expected to grow at the highest CAGR in the Peptide Synthesis Market, primarily due to the increasing investments by pharmaceutical and biotechnology companies and rising R&D activities in the region.
The prominent players in the Peptide Synthesis Market are GenScript Biotech Corporation (China), AAPPTec (US), Bachem (Switzerland), AnaSpec (US), Biotage (Sweden), CEM Corporation (US), Gyros Protein Technologies (Sweden), Advanced ChemTech (US), Merck KGaA (Germany) and New England Peptide, Inc (US). Product launches and agreements, partnerships and collaborations were the major strategies adopted by these payers to maintain their positions in the Peptide Synthesis Market.
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