Protein Engineering Market Worth $1.5M by 2020
Factors such as high prevalence rate of lifestyle diseases, growth in funding for protein engineering, and reduction in overall cost for drug discovery are the major drivers
According to a new market research report " Protein Engineering Market by Technology (Rational Protein Design, Irrational Protein Design), Product (Instrument, Services), Protein type (Monoclonal antibodies, Interferon, Growth Hormone), End User (Academics Institutes, CROs) -Global Forecast to 2020", published by MarketsandMarkets, The Global Protein Engineering Market is expected to reach around $1,463.0 Million by 2020 with a CAGR of 15.7% during the forecast period (2015 to 2020).
The Global Protein Engineering Market is poised to reach $1,463.0 million by 2020 from $610.3 million in 2014, at a CAGR of 15.7% from 2015 to 2020. Factors such as increase in adoption of protein drugs over non-protein drugs, high prevalence rate of lifestyle diseases, growth in funding for protein engineering, and reduction in overall timeline and cost for drug discovery are the major drivers of the Protein Engineering Market. However, expensive and high maintenance tools and instruments used in protein engineering and dearth of trained personnel are hindering the market.
The Protein Engineering Market is segmented on the basis of product, technology, protein type, end user, and region. By product, the protein engineering market is categorized into instruments, reagents, and services and software. The instruments segment accounted for the largest share-41.4%-of the global protein engineering market in 2014.
The Protein Engineering Technology Market is categorized into rational protein design, and irrational protein design. In this market, rational protein design is the largest and fastest growing segment. On the basis of end user the protein engineering market is classified into academic research institutes, pharmaceutical and biotechnology companies, and contract research organizations. In this market, pharmaceutical and biotechnology companies segment holds the major share followed by contract research organizations.
Based on protein type, the market is categorized into monoclonal antibodies, insulin, erythropoietin, interferon, colony stimulating factor, growth hormones, coagulation factor, vaccines and others (interleukins, follicle stimulating hormones, enzyme replacement). Monoclonal antibodies are the largest as well as fastest growing segment of the protein engineering protein type market. This growth is attributed to the increase in adoption of them for various therapies such as cancer and autoimmune diseases.
On the basis of geography, the Protein Engineering Market is segmented into North America, Europe, Asia, and Rest of the World (RoW). North America is further segmented into U.S. and Canada. Asia is further segmented into China, Japan, India and Rest of Asia. In 2014, North America accounted for the largest share of the protein engineering market, followed by Europe. Both markets are estimated to register double-digit growth rates over the next five years.
Key players operating in the Protein Engineering Market are Agilent Technologies (U.S.), AB-Sciex (U.S.), Bio-Rad Laboratories, Inc. (U.S.), Bruker Corp. (U.S.), GE Healthcare (U.K.), Perkin Elmer (U.S.), Sigma-Aldrich Corp. (U.S.), Thermo Fisher Scientific (U.S.), and Waters Corp. (U.S).