- The increasing research in protein engineering and rising government funding for new drug discovery are expected to be some major drivers for the market
- Market Size – USD 1.86 Billion in 2019, Market Growth – CAGR of 12.3%, Market Trends– The growing research institutions across developing economies is expected to fuel the market in the forecast period
NEW YORK, July 28, 2020 /PRNewswire/ -- According to the current analysis of Reports and Data, the Protein Engineering market was valued at USD 1.86 billion in 2019 and is expected to reach USD 4.77 billion by the year 2027, at a CAGR of 12.3%. Protein engineering is the process of conception and production of unnatural polypeptides, which is achieved through the modification of different amino acid sequences that are found in nature. With the wide application of protein engineering, various synthetic protein structures and functions can now be designed completely using a computer and produced in the laboratory using various methods.
With the advent of technology, the rising demand is expected to provide traction to the market. For instance, computational protein design holds a potential promise to revolutionize protein engineering. Protein engineering is significantly in demand as it can develop useful or valuable proteins. It is known to be an emerging research field that helps researchers in understanding protein folding and recognition used for protein design principles. Protein engineering market is spurred by various reasons such as availability of immense information regarding 3D protein structure, advancement in structural bioinformatics, novel protein design algorithms, and other factors that have made it possible to use computational approaches for research and development in protein engineering. Strategic utilization of approaches that have been discovered with research has enabled better stability and increased catalytic activity of the protein. Moreover, it has increased its applicability in various fields that will further expand the market. Protein engineering has also evolved to become a potent tool contributing considerably to the developments in both synthetic biology and metabolic engineering. The rising funding for synthetic biology by governments and other healthcare institutions may drive the industry extensively in the future. Furthermore, substantial ongoing research in the drug discovery process is expected to fuel the market during the forecast period. Growing technological advancements and innovative instruments useful for protein engineering may drive the market extensively in the future. The emergence of new diseases due to microorganisms may also trigger market growth.
However, factors such as high cost of instrumentation and lack of skill professional may hamper the protein engineering industry in the forecast period.
WHO is focused on the latest scientific findings and knowledge on COVID-19. Various researchers and scientists are discovering new ways to tackle COVID-19 infection. Furthermore, the market of protein engineering is also going to get significantly affected due to the multiple kinds of research which are being carried out in this field. With the advent of technology, improving protein stability is an essential goal for clinical and industrial applications, however no commonly accepted and widely used strategy for efficient engineering is known. Furthermore, during the COVID-19 outbreak, protein engineering market is significantly impacted because many of the procedures involve lab automation. Market players are focusing on a research-based approach that will provide traction to the market. For instance, Vir Biotech identified two antibodies that could be effective in preventing and treating COVID-19. However, the high requirement of funds is expected to hamper the market during this period.
Innovations in the protein engineering industry has contributed to the high growth of the industry. For instance, in March 2020, scientists from the Unites States and Taiwan introduced a new protein based on the sonification which was made using machine learning technique.
In 2019, Creative Biolabs launched a new product into the industry known as cd25 monoclonal antibody. The antibody can be widely used in conditions like organ rejection by the body after organ transplantation, especially kidney transplants.
Various collaborations are expected to fuel the industry growth. For instance, in 2019, Agilent Technologies acquired BioTek Instruments. The merger allowed Agilent to establish itself in the immunotherapy and immune-oncology segments and strengthen its position.
In March 2020, Gilead announced its acquisition of Forty-Seven for around USD 4.9 billion. The acquisition would particularly help Gilead to expand itself in the immuno-oncology department.
Regionally, the North American segment occupied the largest share in the industry owing to factors including increasing research and development expenditure and the presence of highly advanced instruments and equipment for drug discovery. The Asia Pacific region is expected to be the fastest growing segment owing to the rising government initiatives and funding for protein-based drug discovery and increasing technological advancements.
Key participants in the market include Thermo Fisher Scientific, Danaher Corporation, Agilent Technologies, Bio-Rad Laboratories, Bruker Corporation, GE Healthcare, Waters Corporation, Sigma-Aldrich Corporation, Genscripts USA, Inc. and Perkinelmer, Inc.
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client's make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise.