Number of pages: 100 | Report Format: PDF | Published date: June 19, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
Report Attribute |
Details |
Market Size Value in 2022 |
US$ 2.20 billion |
Revenue Forecast in 2031 |
US$ 8.69 billion |
CAGR |
16.5% |
Base Year for Estimation |
2022 |
Forecast Period |
2023 to 2031 |
Historical Year |
2021 |
Segments Covered |
Protein Type, Technology, Product Type, End User, and Region |
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the protein engineering market was valued at US$ 2.20 billion in 2022 and is expected to register a revenue CAGR of 16.5% to reach US$ 8.69 billion by 2031.
Protein Engineering Market Fundamentals
Protein engineering is a dynamic field at the intersection of biology, biochemistry, and biotechnology that focuses on designing and modifying proteins to enhance their properties and create novel functionalities. Protein engineers manipulate protein structures and sequences through rational design or directed evolution approaches to achieve specific objectives. By harnessing molecular biology principles and computational modeling, they can optimize protein stability, improve binding affinity, alter enzymatic activity, and even create entirely new protein functions. Protein engineering has diverse applications, ranging from developing more effective therapeutics and enzymes for industrial processes to designing biosensors and diagnostic tools. With its potential to revolutionize various sectors, protein engineering continues to drive innovation and contributes to advancements in biomedical research, biotechnology, and beyond.
Protein Engineering Market Dynamics
The rise in protein-deficient diseases, the preference for protein drugs over non-protein drugs, the rising need for alternatives to chemical processes, and increased government funding for protein engineering are the key drivers of the global protein engineering market. The rising prevalence of protein-deficient diseases, like kwashiorkor and marasmus, among people, particularly in developing and underdeveloped countries, is likely to increase the demand for protein drugs and different treatment options, which is anticipated to increase the global protein engineering market growth over the forecast period. For instance, it has been noted that the prevalence of marasmus in the United States is fewer than 5%, according to an article named "Marasmus" that was published by StatPearls in May 2022. Additionally, adults are more likely than children to experience undernutrition in wealthy countries. The prevalence of marasmus among the population is raising the need for protein synthesis to eradicate disorders caused by protein shortage, promoting the market growth. The Women and Child Development Ministry reported that there were 15,46,420 children with moderate acute malnutrition and 17,76,902 children with severe acute malnutrition in October 2021. The country's rising malnutrition rates are driving demand for more effective medical care and vaccines that cause the least harm, which is expected to boost the global protein engineering market growth over the next years.
Additionally, the market is growing as a result of the increasing number of government programs to enhance protein engineering capabilities, which boosts financing, investments, and research & development activities. For instance, Nabla Bio secured a USD 11 million seed fundraising round in December 2021, with Zetta Venture Partners and Khosla Ventures serving as the lead investors. With the help of this funding, a protein design platform powered by artificial intelligence (AI) will be developed more quickly, allowing for the rapid end-to-end development of new antibody therapeutics. Therefore, the growing number of government programs for effective protein engineering research contributes to the market's overall growth.
However, over the projected period, the global protein engineering market growth is likely to be constrained by the high costs associated with protein engineering techniques and the lack of strategic planning skills.
Protein Engineering Market Ecosystem
The global protein engineering market is analyzed from the following perspectives: protein type, technology, product type, end user, and region.
Protein Engineering Market by Protein Type
Based on the product type, the protein engineering market is segmented into monoclonal antibodies, insulin, vaccines, colony-stimulating factors, coagulation factors, interferon, and others.
The monoclonal antibodies segment accounts for 24% of revenue share in the global protein engineering market. This is a result of its widespread use in treating conditions including cancer and autoimmune illnesses. The use of monoclonal antibodies for illness treatment has greatly expanded due to the rising incidence of cancer and other autoimmune diseases. For instance, the American Cancer Society estimates that in 2022, there will be roughly 287,850 new instances of invasive breast cancer identified in women in the United States. Additionally, according to the same source, the United States is anticipated to have roughly 51,400 new cases of ductal carcinoma in situ in 2022. As a result, the prevalence of breast cancer in the population is increasing, which is raising the need for better treatment alternatives and boosting market growth over the coming years. The demand for protein-based therapeutics is also anticipated to rise due to the increasing industry efforts to produce protein-engineered pharmaceuticals to treat various ailments, which is anticipated to accelerate market growth. For instance, Trastuzumab Emtansine, the first Antibody Drug Conjugate biosimilar, was introduced by Zydus Cadila in May 2021 to treat both early and advanced HER2 positive breast cancer.
The insulin segment is projected to grow at the fastest revenue CAGR in the global protein engineering market. This is because there is a greater need for insulin due to the global rise in the number of people with diabetes. 8.3 million Americans alone depend on insulin to keep their blood sugar levels under control. Additionally, reputable market participants like Eli Lilly, Novo Nordisk, and Sanofi provide a variety of insulin kinds, expanding the segment's potential applications. In the near future, these elements are anticipated to fuel the development of insulin protein engineering.
Protein Engineering Market by Technology
Based on the technology, the global protein engineering market is segmented into directed evolution, hybrid approach, rational protein design, de novo protein design, and others.
The hybrid approach segment is projected to record the fastest revenue CAGR over the forecast period. This is due to the widespread use of hybrid techniques, which combine directed evolution and rational design, for various purposes, such as improving redox proteins and enzymes. The fabrication of nano-devices for biosensing and other significant nanotechnology engineering applications places a high value on these enzymes, boosting the chances for future growth.
The rational protein design segment accounts for 28% revenue share in the global protein engineering market. The technology's vast application in enzyme engineering and antibody development accounts for the dominant share. Enzyme engineering has seen a tremendous increase in its commercial uses, which has led to the creation of improved and modified enzymes with the appropriate catalytic capabilities. Site-directed mutagenesis is one method that is often employed in rational design engineering approaches, and its high market penetration helps to drive the segment.
Protein Engineering Market by Product Type
Based on the product type, the protein engineering market is segmented into instruments, reagents, and software & services.
The instruments segment accounts for the highest revenue share of 52% in the global protein engineering market. One of the key aspects enabling quick molecular development processes is the preference of researchers for automated technologies, which is one of the key causes driving segment expansion. Additionally, the demand for high-efficiency protein engineering tools such as chromatographic systems and real-time PCR equipment is expected to increase over the projection period.
Protein Engineering Market by End User
Based on the end user, the protein engineering market is segmented into academic institutions, contract research organizations (CROs), and pharmaceutical and biotechnology companies.
The pharmaceutical & biotechnology companies segment captured the highest share of more than 43% in the global protein engineering market. A significant portion is a result of the expanding usage of in silico drug research models for the treatment of neurological issues, cancer, and diabetes. These businesses constantly strive to preserve their market presence by using computer modeling to create drug versions of patent-expiring medications. The segment is also driven by the increasing funding and financial support from public and commercial healthcare organizations to create sophisticated protein engineering technologies to improve patient outcomes.
Protein Engineering Market by Region
Geographically, the global Protein Engineering market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America is expected to have a significant major market share in the protein engineering market. The prevalence of chronic diseases is increasing, government policies are supportive, healthcare costs are high, and protein medications are increasingly preferred to non-protein drugs. Additionally, the region's growing elderly population is fostering the development of protein-based medicines and driving the market's growth. Over the forecast period, the prevalence of chronic diseases is expected to increase, propelling the market growth. For instance, according to data from the American Diabetes Association that was updated in February 2022, there were about 1.9 million Americans with type 1 diabetes, including about 244,000 adolescents and teenagers. As a result, the population's increasing prevalence of diabetes is anticipated to lead to an increase in the need for insulin, leading to an increase in the need for protein-engineered artificial insulin. According to GLOBOCAN 2020 figures, 612,390 fatalities, and 2,281,658 new cancer cases were identified in the United States in 2020. This shows that the high incidence and mortality rate of cancer increases the need for effective therapy, which increases the need for protein medications and treatments, which is anticipated to accelerate market growth throughout the forecast period.
The Asia Pacific region is projected to grow at the fastest CAGR over the forecast period. This is because developing Asian nations have high autoimmune, cardiovascular, and cancer disease rates. Due to the significant economic development in emerging countries like India and China, unexplored potential in this region is also anticipated to help the sector thrive. The region's expansion is also predicted to be aided by the availability of a sizable population base to create and evaluate clinical protein engineering applications.
Protein Engineering Market Competitive Landscape
The prominent players operating in the global protein engineering market are:
Protein Engineering Market Strategic Developments
Protein engineering is a field of biotechnology that involves the design and modification of proteins to create new or improved functionalities.
The revenue CAGR for the protein engineering market is 16.5% during the forecast period.
PerkinElmer Inc., Waters Corp., Bio-Rad Laboratories, Merck KGaA, and Agilent Technologies are some of the major key players in the global protein engineering market.
The Asia Pacific region is the key growth region in the global protein engineering market.
Protein engineering involves complex and resource-intensive research and development processes. The high costs associated with conducting research, acquiring advanced technologies, and recruiting skilled professionals can pose a significant barrier for smaller companies or research institutions with limited financial resources.
*Insights on financial performance are subject to the availability of information in the public domain