The global protein engineering market is expected to reach USD 3.09 billion by 2025, according to a new report by Grand View Research, Inc. The market is driven by presence of regulatory authorities consistently striving to reduce time and cost involved in the drug discovery process. One such example is the launch of critical path initiative by U.S. FDA, for incorporation of advanced technologies, such as protein engineering, in drug discovery processes. Moreover, this facilitates prediction of probable adverse reactions & toxicity and improves efficacy of target molecules early on, resulting in lowered drug attrition rates in the later stages. This is anticipated to help control overall expenditure. Rise in R&D expenditure by countries indicates the urgent need for adoption of these tools in all drug discovery and development processes.
The rising number of government initiatives aimed at enhancing protein engineering capabilities is anticipated to present the market with high growth potential. This has resulted in a significant rise in number of research activities & programs and fund allotment for R&D. For instance, Protein Engineering Network of Centres of Excellence (PENCE) contributed approximately USD 1.0 million for proteomics projects and hosted conferences on proteomics in Canada as an effort to broaden research associated with this technology.
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Further Key Findings From the Report Suggest:
Hybrid approach is predicted to observe exponential growth as a consequence of technological superiority and ability to overcome the shortcomings associated with the aforementioned technologies
Software & services is expected to emerge as the fastest growing segment owing to high inclination of companies to outsourcing of services to achieve overall cost-efficiency
Monoclonal antibodies held the largest share in protein-type segment due to development of these antibodies on a large scale through extensive adoption of these engineering tools
North America held a substantial share, which can be attributed to extensive research activities that are likely to provide high potential growth platform through consistent usage in this region
The market in Asia Pacific is projected to exhibit exponential growth over the coming years owing to rising awareness pertaining to benefits of protein engineering and increasing disposable income
The competition is marked by players employing strategies such as mergers & acquisitions and distribution agreements resulting in significant growth in their market share
Grand View Research has segmented the global protein engineering market on the basis of technology, product, protein type, end-use, and region:
Technology Outlook (Revenue, USD Million, 2014 - 2025)
Rational Protein Design
Product Outlook (Revenue, USD Million, 2014 - 2025)
Software & Services
Protein Type Outlook (Revenue, USD Million, 2014 - 2025)
Colony Stimulating Factors
End-use Outlook (Revenue, USD Million, 2014 - 2025)
Academic Research Institutes
Pharma & Biotech Companies
Regional Outlook (Revenue, USD Million, 2014 - 2025)
Middle East & Africa
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