The Global Protein Engineering Market is estimated to be valued at US$ 1,936.7 Mn in 2023 and is expected to exhibit a CAGR of 15.6% over the forecast period 2022-2028, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Protein engineering involves the modification of protein structures to improve their functionality for various applications, such as drug development, biocatalysis, and diagnostics. The market for protein engineering is witnessing significant growth due to the rising demand for therapeutic proteins and the increasing investments in research and development activities. The ability of protein engineering to enhance the bioactivity and stability of proteins is driving its adoption across various industries.
Market Dynamics:
The protein engineering market is driven by two main factors. First, the rising demand for therapeutic proteins for the treatment of various diseases, such as cancer, diabetes, and cardiovascular disorders, is fueling market growth. Protein engineering allows the development of novel therapeutic proteins with improved efficacy and reduced side effects, thereby driving its adoption in the pharmaceutical industry.
Second, increasing investments in research and development activities by biotechnology and pharmaceutical companies are stimulating market growth. The advancements in protein engineering technologies, such as directed evolution and rational design, are facilitating the development of novel protein-based therapeutics and biocatalysts, further propelling market growth.
SWOT Analysis:
Strength:
- Protein engineering market is experiencing high growth due to increasing investment in research and development activities related to biologics and pharmaceuticals.
- Growing demand for personalized medicine and advancements in gene synthesis technologies are driving the growth of the protein engineering market.
- The market is supported by collaborations between pharmaceutical companies and research institutes for the development of novel therapeutics.
Weakness:
- High cost associated with protein engineering techniques and limited availability of skilled professionals are restraining the market growth.
- Stringent regulatory requirements and ethical concerns regarding the use of genetically modified organisms pose challenges for the protein engineering market.
Opportunity:
- Increasing prevalence of chronic diseases and the need for effective treatment options provide opportunities for the protein engineering market to develop targeted therapies.
- Advancements in computational techniques and artificial intelligence can aid in protein engineering, enabling faster and more efficient drug discovery.
Threats:
- Competition from alternative technologies such as antibody engineering and gene therapy poses a threat to the protein engineering market.
- Legal and regulatory challenges, including patent infringement issues, can hinder market growth and limit the entry of new players.
Key Takeaways:
The Global Protein Engineering Market is expected to witness high growth, exhibiting a CAGR of 15.6% over the forecast period, due to increasing investment in research and development activities related to biologics and pharmaceuticals. The United States is anticipated to be the fastest-growing and dominating region in the protein engineering market, owing to the presence of major pharmaceutical companies and research institutes.
Key players operating in the protein engineering market are Codexis Inc., Abzena Ltd., Enantis s.r.o, GenScript Biotech Corp., Waters Corporation, PerkinElmer Inc., Bruker Corporation, Agilent Technologies, Bio-Rad Laboratories Inc., and Thermo Fisher Scientific Inc., among others. These companies are actively involved in research and development activities, partnerships, and collaborations to enhance their product portfolio and gain a competitive edge in the market.
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