Global Protein Engineering Market Size, Share, Growth Analysis, By Product, By Technology, By Protein Type, By End-User - Industry Forecast 2024-2031

Global Protein Engineering Market size was valued at USD 2.16 Billion in 2022 and is poised to grow from USD 2.52 Billion in 2023 to USD 8.6 Billion by 2031, at a CAGR of 16.60% during the forecast period (2024-2031).

Biotechnology and pharmaceutical sectors are increasingly directing their focus towards the advancement of protein-based therapies, citing their superiority over non-protein drugs in terms of cost-effectiveness and patient outcomes. This shift is particularly fueled by a rising demand for targeted treatments to combat conditions such as cancer and autoimmune diseases, propelling the adoption of protein engineering techniques. The COVID-19 pandemic has further catalyzed this trend, notably in the development of vaccines and diagnostics, where protein engineering has played a pivotal role. For instance, in July 2021, scientists at Eindhoven University of Technology in Germany devised a bioluminescent diagnostic kit to detect coronavirus antibodies, highlighting the practical applications of such innovations. With an uptick in clinical trials exploring protein-based treatments for COVID-19 and beyond, coupled with increased governmental support and funding, the protein engineering market is poised for significant expansion. Collaborations between industry players, such as the partnership between Generate Biomedicines and Amgen, and the growing awareness and need for protein engineering solutions in addressing chronic diseases and malnutrition, particularly in underserved regions, further underscore the sector's potential for growth. With ongoing investments and advancements, including in areas like synthetic biology and personalized therapy, the outlook for the protein engineering industry appears promising for the foreseeable future.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Protein Engineering Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Protein Engineering Market Segmental Analysis

The global protein engineering market is segmented based on technology, protein type, product, end user, and region. In terms of product, the market is segmented into instruments, reagents, and software & services. With respect to segmentation by technology, the market is widespread into rational protein design, directed evolution, hybrid approach, de novo protein design, and others. Based on protein type, the market is grouped into insulin, monoclonal antibodies, vaccines, growth factors, colony stimulating factors, coagulation factors, interferon, and others. By end-use, the market is segmented into academic research institutes, contract research organizations, and pharmaceutical & biotechnology companies. Region wise, the market is widespread into North America, Europe, Asia-Pacific, South America, and MEA.

Drivers of the Global Protein Engineering Market

Protein engineering is pivotal in advancing therapeutic proteins like antibodies, enzymes, and hormones, vital in combating chronic illnesses and meeting the escalating demand for precise and tailored treatments. The surge in chronic diseases and the call for personalized therapies underscore the necessity for innovative and enhanced therapeutic proteins.

Restraints in the Global Protein Engineering Market

Protein engineering necessitates substantial investment in research and development endeavors, encompassing procurement of laboratory equipment, specialized skill sets, and undertaking clinical trials. The considerable expenses tied to these pursuits can pose a significant barrier, particularly for small to medium-sized enterprises.

Market Trends of the Global Protein Engineering Market

The increasing desire for personalized medicine involves tailoring treatments to individual patients according to their genetic composition. Through protein engineering, there's a capacity to craft personalized therapeutic proteins and antibodies, precisely targeting particular ailments and enhancing patient prognoses.