The global protein engineering market is estimated to grow from USD 2.2 billion in 2019 to USD 3.9 billion by 2024, at a CAGR of 12.4% during the forecast period.
Factors such as the increasing investments in synthetic biology and the growing focus on protein-based drug development by pharmaceutical and biotechnology companies are expected to drive the growth of this market in the coming years.
Instruments segment accounted for the largest share of the protein engineering market, by product & service, in 2019
Based on product & service, the protein engineering market is segmented into instruments, consumables, and software & services. Instruments accounted for the largest share of this market in 2019 owing to the technological advancements in mass spectrometry and X-ray crystallography and their ability to integrate with other technologies.
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Monoclonal antibodies segment accounted for the largest share of the protein engineering market, by protein type, in 2019
Based on protein type, the protein engineering 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 protein engineering market in 2019, majorly due to the high and growing demand for monoclonal antibodies for the treatment of cancer, neurological diseases, and infectious diseases.
North America was the largest regional market for protein engineering products and services in 2019
In 2019, North America accounted for the largest share of the global protein antibody engineering market, followed by Europe. The large share of the North American market is attributed to the presence of well-established CROs, rising R&D expenditure, and the availability of the latest techniques and instruments for drug discovery research in the region.
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The major companies operating in the global protein engineering market include Thermo Fisher Scientific (US), Danaher Corporation (US), Agilent Technologies (US), and Bio-Rad Laboratories (US).