Mar 10,2021/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Protein Engineering Market.
It was estimated prior to this unanticipated outbreak that the Protein Engineering Market was expected to grow at a CAGR of 12.6% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Protein engineering is the process of altering a protein sequence to attain a desired result such as increased stability to the temperature, organic solvents, and/or extremes of pH or a change in the substrate capacity. Protein engineering can be categorized by protein type into monoclonal antibodies, erythropoietin, interferons, vaccines, colony-stimulating factors, growth hormones, coagulation factors, and others. On the basis of products & services the market can be categorized into instruments, consumables, and software & services. On the basis of technology type, the market can be categorized into rational protein design and irrational protein design. Major end-user in the market are biopharmaceutical companies, contract research organizations, and academic research institutes.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Based on the products & services type, the market is segmented as instruments, consumables, and software & services. The instrument segment held the largest share of the market in 2019, and is expected to remain dominant during the forecast period. Technological advancements and the high price of mass spectroscopy and crystallography instruments are the major factors leading to dominance of the instrument segment.
Based on the protein type, the market is segmented as monoclonal antibodies, erythropoietin, interferons, vaccines, colony-stimulating factors, growth hormones, coagulation factors, and others. The monoclonal antibodies segment dominated the market in 2019, and is expected to maintain its position during the forecast period. Increasing demand for monoclonal antibodies for the treatment of cancer, neurological diseases, and infectious diseases is the major factor behind its dominance.
In terms of regions, North America is estimated to be the largest market during the forecast period. Presence of well-established CROs, increasing investment towards R&D, and the availability of the latest techniques and instruments for drug discovery research are the major factors behind the dominance of the North American market.
Asia-Pacific is expected to be the fastest-growing market during the forecast period. Advancements in genomics and proteomics research and government initiatives and funding for protein-based drug research in key countries are the major factors behind the extra-ordinary growth of the region’s market.