Protein Engineering Market Worth $3.9 Billion By 2024

By Author: MarketsandMarkets
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The global protein engineering market is projected to reach USD 3.9 billion by 2024 from USD 2.2 billion in 2019, at a CAGR of 12.4% during the forecast period. 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.

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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).

Thermo Fisher Scientific (US) held the leading position in this market primarily due to its strong portfolio of protein engineering consumables, instruments, and services. In addition, the company has strengthened its market position through the expansion of its product portfolio by launching new products every year.