The growth of this market is majorly driven by factors such as the increasing investments in synthetic biology and the growing focus on protein-based drug development by pharmaceutical and biotechnology companies. However, factors such as the high cost of instruments and laboratory documentation systems are expected to restrain the growth of this market during the forecast period.
Based on product service, the market is segmented into instruments, consumables, and software services. Instruments formed the largest product segment in this market owing to technological advancements and the high price of mass spectroscopy and crystallography instruments (as compared to consumables).
Based on protein type, the market is segmented into monoclonal antibodies, insulin, erythropoietin, interferons, vaccines, colony-stimulating factors, growth hormones, coagulation factors, and other proteins. Monoclonal antibodies accounted for the largest share of the market in 2019. The large share of this segment can be attributed to the increasing demand for monoclonal antibodies for the treatment of cancer, neurological diseases, and infectious diseases.
The rational protein design segment accounted for the largest share of the market in 2019. The large share of this segment can be attributed to the increasing use and continuous upgrades of bioinformatics platforms and software for protein analysis.
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The biopharmaceutical companies segment accounted for the largest share of the market in 2019. This is because protein engineering products are widely used for drug discovery and development by biopharmaceutical companies, as they help in designing models to develop a broad range of protein-based drugs.
The global market is segmented into four major regions, namely, North America, Europe, the Asia Pacific, and the Rest of the World. In 2019, North America accounted for the largest share of the global market, closely followed by Europe. Factors such as the presence of well-established CROs, rising RD expenditure, and the availability of the latest techniques and instruments for drug discovery research are responsible for the large share of the North American market.
However, the Asia Pacific market is estimated to grow at the highest CAGR during the forecast period. This can majorly be attributed to the advancements in genomics and proteomics research and government initiatives and funding for protein-based drug research in several Asia Pacific countries.
Key Market Players
The major companies operating in the protein engineering market include Thermo Fisher Scientific (US), Danaher Corporation (US), Agilent Technologies (US), and Bio-Rad Laboratories (US).
Market Research Developments:
In 2019, Creative Biolabs (US) launched the cd25 monoclonal antibody.
In 2019, Waters Corporation (US) launched Vanguard FIT Cartridge Technology.
In 2019, Agilent Technologies (US) acquired BioTek Instruments (US), which helped the company to expand its expertise in cell analysis and establish its position in the immuno-oncology and immunotherapy markets.
In 2019, Merck KGaA signed a license agreement with Amunix Pharmaceuticals, Inc. (US). Under this agreement, Amunix will gain the rights to develop therapeutics using the protease-triggered immune activator (ProTIA) technology platform.