(PharmaNewsWire.Com, August 17, 2020 ) The growth of protein antibody engineering 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.
[146 Pages Report] 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.
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
What drives the market?
Increasing Investments in Synthetic Biology Growing Focus on Protein-Based Drug Development By Pharmaceutical & Biotechnology Firms
However, factors such as the high cost of instruments and laboratory documentation systems are expected to restrain the growth of protein antibody engineering market during the forecast period.
North America accounted for the largest share of the global protein engineering market in 2019
The global protein antibody engineering 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 protein antibody engineering 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.
The major companies operating in the protein antibody 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.
Recent Developments:
In 2019, Creative Biolabs (US) launched the cd25 monoclonal antibody. In 2019, Waters Corporation (US) launched Vanguard FIT Cartridge Technology. In 2019, Agilent Technologies (US) acquired BioTek Instruments (US), which helped the company to expand its expertise in cell analysis and establish its position in the immuno-oncology and immunotherapy markets. In 2019, Merck KGaA signed a license agreement with Amunix Pharmaceuticals, Inc. (US). Under this agreement, Amunix will gain the rights to develop therapeutics using the protease-triggered immune activator (ProTIA) technology platform.
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