Visiongain has published a new report on Global Protein Engineering Market Report Forecast 2021-2031. Forecast by Product (Consumables, Instruments, and Software & Services) By Protein Type (Monoclonal Antibodies, Insulin, Vaccines, Erythropoietins, Colony-Stimulating Factors, Growth Hormones, Coagulation Factors, Interferons, Other Proteins) By Technology (Rational Protein Design, Irrational Protein Design, Hybrid Protein Design) By End-User (Biopharmaceutical Companies, Contract Research Organizations, Academic Research Institutes). PLUS, Profiles of Leading Protein Engineering Companies and Regional and Leading National Market Analysis. PLUS, COVID-19 Recovery Scenarios.
Visiongain lead analyst says: ‘The Global protein engineering market was valued at US$ 2,683.6 million in 2020 and is projected to reach at a market value of US$ 9,785.6 million by 2031. Growing investment in drug R&D by pharmaceutical and biopharmaceutical companies; investment by government for novel vaccine development for COVID-19; rising prevalence of autoimmune diseases; mounting demand for biologics & biosimilars; and developing healthcare infrastructure in emerging economies are some of the major factors that propel the market growth’.
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COVID-19 Impact on Protein Engineering Market
The spread of coronavirus has contributed to an increase in the number of research activities to establish a vaccine to treat and prevent infection among healthy people. Several manufacturers of vaccines around the world have expanded their testing ability to find an effective coronavirus vaccine. Higher vaccine demand is expected to place pressure on manufacturers and healthcare professionals to supply the vaccine. The increasing number of funding to encourage immunisation and product development by government and private organisations are the key drivers of the demand for protein engineering.
Market Drivers
The growing demand for biosimilars is expected to boost the demand of protein engineering products. Thus, demand for the protein engineering products for the development and manufacturing of biosimilar drugs is high. Over the past few years, knowledge, and acceptance of biosimilars has increased, resulting in a booming protein engineering market.
The escalating demand for contract research services for drugs and biologics R&D is another major factor driving the market growth. The biopharmaceutical industry’s aspiration to tap opportunities in developing economies is reshaping the market. Minimizing investment in R&D facilities can free up company resources that can be utilized in other areas including manufacturing and marketing.
Market Opportunities
There is a high demand for more efficient and reliable biologics and biosimilars for the treatment and maintenance of chronic diseases. An increase in the R&D investment by biologics companies and research institutes is a major factor that boosts the demand for protein engineering products worldwide. The consistent investments being made by companies around the world for developing biologics for the treatment of chronic diseases, therefore the adoption of protein engineering for drug R&D is expected to increase over the coming decade.
The biotechnology companies are offering advanced products and technology for the development of vaccines. Thus, the demand for protein engineering will also increase for the development and manufacturing of vaccines for the COVID-19 immunization programs worldwide. The manufacturers are focusing on the production of these products to cater to the expected high demand in the near future that is expected to boost the market growth.
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Competitive Landscape
Protein engineering market is a highly competitive market with several global and local players. Some of the leading players in this market include Thermo Fisher Scientific, Inc.; Danaher Corporation; Agilent Technologies, Inc.; Bio-Rad Laboratories, Inc.; Bruker Corporation; Merck KGaA; Perkinelmer, Inc.; Cytiva; Promega Corporation; Takara Bio, Inc.; Genscript Biotech Corporation; Codexis, Inc.; New England Biolabs, Inc.; Creative Biolabs; Phynexus, Inc.
The major strategies acquired by the leading players are collaborations, M&A, high investment in R&D, new product launches, and geographical expansion. These strategies help the companies to reinforce their existing product portfolio and regional reach. For instance, in November 2020, Perkinelmer announces that it will acquire Horizon Discovery, which is a cell engineering company for US$383 million.
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