Product ID: SQMIG35H2172
Global Protein Engineering Market Size, Share, Growth Analysis, By Product(Instruments, Reagents), By Technology(Rational Protein Design, Directed Evolution), By Protein Type(Insulin, Monoclonal Antibodies), By End-User(Academic Research Institutes, Contract Research Organizations) - Industry Forecast 2024-2031
Report ID:
SQMIG35H2172 |
Region:
Global |
Published Date: March, 2024
Pages:
219
|
Tables:
124 |
Figures:
77
Global Protein Engineering Market Insights
Global Protein Engineering Market size was valued at USD 2.16 Billion in 2022 and is poised to grow from USD 2.52 Billion in 2023 to USD 8.6 Billion by 2031, at a CAGR of 16.60% during the forecast period (2024-2031).
Biotechnology and pharmaceutical companies are increasingly focusing on the research and development of protein-based therapies due to their advantages over non-protein drugs. These advantages include higher cost-effectiveness and improved patient outcomes. Moreover, there is a rising demand for targeted therapies to treat conditions such as cancer and autoimmune diseases, which is driving the adoption of protein engineering techniques. The COVID-19 pandemic has also played a significant role in boosting the industry, as protein engineering has been instrumental in the production of COVID-19 vaccines and diagnostics.
For example, in July 2021, scientists at the Eindhoven University of Technology in Germany developed a bioluminescent diagnostic kit to determine if an individual's immune system is producing antibodies in response to the coronavirus. Additionally, the industry is expected to experience substantial growth due to the increasing number of clinical trials involving protein-based treatments for COVID-19. Protein engineering is frequently used to address drug-related shortcomings and enhance the affinity and effectiveness of molecules for various purposes, including cardiovascular repair.
The growing demand for protein engineering tools for the development of cutting-edge treatments has accelerated market growth. Furthermore, the increasing number of government initiatives aimed at enhancing protein engineering capabilities is expected to offer significant growth potential. These initiatives involve increased research activities, funding allocation, and R&D spending in the field. For example, in December 2021, Nabla Bio secured $11 million in a seed fundraising round to develop an AI-first design platform for the development of next-generation antibody therapeutics.
Collaborations and partnerships between companies, such as the research partnership contract between Generate Biomedicines and Amgen in January 2022 to develop protein therapies for clinical targets, are further driving market growth. Additionally, the rising incidence of chronic and lifestyle-related disorders, including diabetes and cardiovascular conditions, is increasing the demand for protein engineering. Moreover, the growing prevalence of protein deficiency disorders like Protein-Energy Malnutrition (PEM), primarily in low-income countries, is also contributing to market growth. With increasing private and public investments in synthetic biology and ongoing advancements in personalized therapy engineering, the protein engineering industry is expected to witness substantial growth in the near future.
Global Protein Engineering Market Report Snapshots
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