The global protein engineering market is estimated to grow from USD 2.2 billion in 2019 to USD 3.9 billion by 2024, at a CAGR of 12.4% during the forecast period. The growth of this market is largely driven by factors such as the increasing investments in synthetic biology and the growing focus on protein-based drug development by pharmaceutical & biotechnology companies. On the other hand, factors such as the high cost of instruments and laboratory documentation systems are expected to restrain the growth of this market during the forecast period.
The major players operating in the protein engineering market include Thermo Fisher Scientific (US), Bio-Rad Laboratories (US), Agilent Technologies (US), Waters Corporation (US), and Danaher Corporation (US). These players have adopted various growth strategies, such as product launches, acquisitions, agreements, partnerships & collaborations, and expansion to increase their presence in the global protein engineering market.
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Thermo Fisher Scientific (US) is the leading player in the global protein engineering market owing to its technologically advanced product offerings, including products and technologies in qPCR, capillary electrophoresis sequencing, next-generation sequencing, molecular diagnostics, and cell culture and analysis. The company operates in 180 countries and has a strong sales and distribution network across the globe. Thermo Fisher Scientific mainly focuses on the development of new products and acquisitions to enhance its share in the protein engineering market.
Danaher Corporation (US) operates in the protein engineering market through its Life Science division (through AB SCIEX). It offers instruments and consumables such as LC/MS systems, reagents, and kits for various applications in the protein engineering discovery process. To maintain its leadership position in the market, the company is focusing on the launch of new LC/MS systems and collaborating with institutes in emerging countries to boost the innovation of protein-based drugs.
Protein Engineering Market by Technology (Rational Design, Irrational Design), Product & Service (Instrument, Consumables), Protein Type (Monoclonal Antibodies, Insulin), End User (Academics Institutes, Biopharmaceuticals, CROs) - Global Forecast to 2024
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