The Recombinant Protein Market is estimated to be valued at US$ 3131.37 Mn in 2023 and is expected to exhibit a CAGR of 11.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Recombinant proteins find wide applications in various fields such as healthcare, research & development, industrial applications, and others. Recombinant proteins are crucial components in the production of various biotherapeutics and diagnostic kits. Wide availability of various recombinant proteins has propelled research activities in proteomics and structural biology.
Market key trends:
Rising demand for protein therapeutics owing to their high efficacy and specificity is a major factor driving growth of the recombinant protein market. Recombinant proteins are widely used in insulin production, enzyme replacement therapies, monoclonal antibody production, and other therapeutic areas. According to the World Health Organization, around 422 million people have diabetes globally. Recombinant insulin is a long-standing treatment option for diabetes. Increasing diabetic population requires constant insulin supply and thus acts as a growth booster for recombinant protein market. Additionally, growth in biologics industry, rising R&D in proteomics, and growing focus on healthcare have opened up new opportunities for recombinant protein producers over the forecast period.
Porter’s Analysis
Threat of new entrants: The recombinant protein market requires considerable R&D investment and expertise which poses high entry barriers for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are many established players providing recombinant proteins. However, specialty recombinant proteins may give buyers more bargaining power.
Bargaining power of suppliers: Suppliers of raw materials for recombinant proteins have moderate to high bargaining power since there are few providers of critical inputs such as expression systems and growth media.
Threat of new substitutes: Threat from substitutes is low as protein biology researches largely depend upon use of recombinant proteins.
Competitive rivalry: High due to presence of many global players.
SWOT Analysis
Strength: Wide range of recombinant protein offerings, established R&D infrastructure, and global presence of key players.
Weakness: High capital requirement for R&D and production along with pricing pressures from generics.
Opportunity: Emerging markets growth, increasing funding for protein research, and development of specialty recombinant proteins.
Threats: Stringent regulations, biosimilar competition, and pandemic disruptions.
Key Takeaways
The global Recombinant Protein Market Share is expected to witness high growth, exhibiting CAGR of 11% over the forecast period, due to increasing R&D investments in protein-based drugs and biomarkers. The market size for 2023 is estimated to reach US$ 3131.37 Mn.
Regionally, North America dominates the market currently owing to presence of majority of global players and availability of funding for protein research. Asia Pacific is expected to grow at fastest pace due to rising biopharmaceutical industry and improving healthcare infrastructure.
Key players operating in the recombinant protein market are Merck KGaA, OriGene Technologies, Inc., Thermo Fisher Scientific Inc., Feldan Therapeutics, ACROBiosystems, Abcam plc., Randox Laboratories Ltd., SOL GROUP, Proteintech Group, Inc, Planet Biotechnology, Inc., INFINITE ENZYMES, INC., ORF Genetics, GenScript, BTL Biotechno Labs Pvt Ltd., Prospec-Tany Technogene Ltd., BPS Bioscience, Inc., Sino Biological, Cape Bio Pharms, Abnova Corporation, GeNext Genomics. These players are focused on expanding their product portfolio and geographic presence through collaborations.
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https://www.newsstatix.com/recombinant-protein-market-trends-size-and-share-analysis/
