(IT-NEWSWIRE.COM, September 24, 2020 ) The report "Protein Engineering Market by Technology (Rational Design, Irrational Design), Product & Service (Instrument, Consumables), Protein Type (Monoclonal Antibodies, Insulin), End User (Academics Institutes, Biopharmaceuticals, CROs) - Global Forecast to 2024"
The global protein engineering market is estimated to grow from USD 2.2 billion in 2019 to USD 3.9 billion by 2024, at a CAGR of 12.4% during the forecast period.
Factors such as the increasing investments in synthetic biology and the growing focus on protein-based drug development by pharmaceutical and biotechnology companies are expected to drive the growth of this market in the coming years.
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Market Size Estimation
For the calculation of the global market value, the segmental revenue was arrived at based on the revenue mapping of major players active in the market. This process involved the following steps:
Generating a list of the major global players operating in the market
Mapping the annual revenue generated by major global players from their protein engineering business (or the nearest reported business unit/product category)
Mapping the revenue of major players to cover 50–60% of the global market as of 2018
Extrapolating the value to 100% to arrive at the global market size
North America accounted for the largest share of the global protein engineering market in 2019
The global market is segmented into four major regions, namely, North America, Europe, the Asia Pacific, and the Rest of the World. In 2019, North America accounted for the largest share of the global market, closely followed by Europe. Factors such as the presence of well-established CROs, rising R&D expenditure, and the availability of the latest techniques and instruments for drug discovery research are responsible for the large share of the North American market. However, the Asia Pacific market is estimated to grow at the highest CAGR during the forecast period. This can majorly be attributed to the advancements in genomics and proteomics research and government initiatives and funding for protein-based drug research in several Asia Pacific countries.
Key Market Players
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).
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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.
Mr. Aashish Mehra