Allied Market Research published a report, titled, “Protein Engineering Market by Product (Instruments, Consumables, and Software), Technology Type (Rational/ Site Directed Mutagenesis and Irrational/ Random Mutagenesis), Protein Type (Monoclonal Antibodies, Insulin, Erythropoietin, Interferon, and Others), and End User, (Pharmaceutical & Biotechnological Companies, Academic & Research Institutes, and Contract Research Organizations): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the global protein engineering industry generated $2.2 billion in 2022, and is anticipated to generate $7.7 billion by 2032, witnessing a CAGR of 13.2% from 2023 to 2032.
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Prime determinants of growth
Increasing R&D activities in the biopharmaceutical industry, technological advancements in protein engineering, and increase in developmental strategies in protein engineering by key players drive the growth of the global protein engineering market. However, high cost and maintenance of protein engineering systems restricts the market growth. Moreover, the growth opportunities in emerging markets presents new opportunities in the coming years.
Economic Downturn Analysis: Impact of Recession in 2023 on the Protein Engineering Market
- During economic downturns, there is a heightened focus on cost containment and efficient resource allocation. Recessions often result in budget cuts, impacting research funding from both public and private sectors. Reduced funding affects academic institutions, research centers, and biotechnology companies engaged in life sciences research.
- Moreover, it hampers investments in protein engineering technology development, slowing down innovation and the introduction of advanced protein engineering systems.
- However, despite budget constraints, the significance of healthcare research remains pivotal, especially during challenging times. Diseases and health concerns persist regardless of economic conditions, potentially leading to sustained demand for protein engineering technologies in critical areas such as disease research, diagnostics, and drug development.
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The consumables segment to maintain its leadership status during the forecast period
By product, the consumables segment held the largest market share in 2022, accounting for nearly half of the global protein engineering market revenue and is estimated to maintain its leadership status during the forecast period. This is attributed to rise in demand for consumables, along with a wide range of available consumables.
However, the instruments segment is projected to attain the highest CAGR of 13.7% from 2023 to 2032. This is attributed to the continuous technological innovations in protein engineering systems.
The rational/site-directed mutagenesis segment to maintain its leadership status during the forecast period
By technology type, the rational/site-directed mutagenesis segment held the largest market share in 2022, accounting for nearly three-fifths of the global protein engineering market revenue and is estimated to maintain its leadership status duing the forecast period. This is attributed to its wide application such as to enhance thermal stability or resistance to denaturation of a protein, to alter the substrate or ligand specificity of enzymes or binding proteins by targeted changes in key amino acid residues.
However, the irrational/random mutagenesis segment is projected to attain the highest CAGR of 13.7% from 2023 to 2032. This is attributed to various applications of random mutagenesis such as, it is used in directed evolution experiments to generate diverse libraries of protein variants, which can then be screened for improved or novel functions as well as it is also used to exploring sequence-function space to identify variants with desired traits.
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The monoclonal antibodies segment to maintain its leadership status during the forecast period
By protein type, the monoclonal antibodies segment held the largest market share in 2022, accounting for more than two-fifths of the global protein engineering market and is estimated to maintain its leadership status during the forecast period. This is attributed to increase in demand for personalized medicine and the target therapy of monoclonal antibodies, which is anticipated to increase the popularity of this market.
North America to maintain its dominance by 2032
Region-wise, North America held the largest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global protein engineering market revenue, and is expected to dominate the market during the forecast period. This is attributed to the well-established healthcare system, rise in prevalence of chronic diseases, technological advancement in devices, and rise in number of product approvals.
Leading Market Players:
- Agilent Technologies, Inc.
- Thermo Fisher Scientific Inc.
- Takara Holdings, Inc.
- Promega Corporation
- New England Biolabs
- Jena Bioscience GmbH
- Danaher Corporation
- Creative Biolabs
- Amgen, Inc.
- Bio-Rad Laboratories, Inc.
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