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Protein Engineering Market Is Expected To Grow 15.8% CAGR till 2023
The Protein Engineering Market is expected to witness a CAGR of 15.8% during the forecast period. The demand for protein engineering in developing countries is coupled with the preference of protein therapy over the gene therapy and expiry of top biologics drugs in the near future.
Increase in the Adoption of Protein Drugs Over Non-Protein Drugs
Many of the protein or peptide based drugs are being developed, and their quantity and frequency of usage has increased dramatically, for example, drugs like tissue plasminogen activator, human growth hormone, interleukin-2, and erythropoietin. Protein drugs have a high adoption rate in terms of size, molecular weight, formulation, delivery route, and therapeutic response. The peptide and protein drugs are also used in the treatment of the neurodegenerative diseases. The potential benefits of the protein drugs are immense, and the continued investment in developing therapeutic proteins or peptides is expected to be profitable in the long-run, which is ultimately driving the protein engineering market.
Other factors include, increased demand for alternatives to chemical processes, increasing prevalence of protein deficient diseases, and the increase in government funding.
Major Players: THERMO FISHER SCIENTIFIC, ELI LILLY AND COMPANY, SIGMA-ALDRICH CORPORATION, PERKINELMER, INC., BRUKER CORPORATION, AGILENT TECHNOLOGIES, BIO-RAD LABORATORIES INC., WATERS CORPORATION, AMGEN, AND NOVO NORDISK, amongst others.
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Lack of Experts to Strategize the Process
Despite many investments in the protein manufacturing sector, there is shortage of skilled labor, which is hindering the protein engineering market in most of the developed and under-developed countries. Few of the recent advancement in protein engineering technologies require skilled technicians. This trend applies to the techniques, such as genetic engineering, high-throughput screening, X-ray crystallography etc. This needs high qualified researchers coupled with essential training for the technicians in order to perform the procedures. Thus, shortage of highly-skilled personnel in many developing countries is ultimately restraining the market of protein engineering.
Other factors restraining the growth market are high costs and high-maintenance tools & instruments, used in protein engineering.
North America Dominates the Market
North America region is dominating the market which is being followed by Europe and APAC, regions due to the rising prevalence of lifestyle associated diseases and increasing adoption of protein based drugs in the regions. The Governments of the US, Canada, and Brazil have been highly supportive of advancements in protein engineering, creating a favorable regulatory environment for companies in the North American market. The Asia-Pacific region is also anticipated to grow with a decent CAGR in the upcoming years.
Regions Covered in this report are as Follows:
United States, North America (Canada and Mexico), Europe (Germany, France, UK, Russia and Italy), Asia-Pacific (China, Japan, Korea, India and Southeast Asia), South America (Brazil, Argentina, Columbia etc.), Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa), RoW (Rest of World).
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