The growth of this market is majorly driven by factors such as the increasing investments in synthetic biology and the growing focus on protein-based drug development by pharmaceutical and biotechnology companies. However, 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.
Based on product service, the market is segmented into instruments, consumables, and software services. Instruments formed the largest product segment in this market owing to technological advancements and the high price of mass spectroscopy and crystallography instruments (as compared to consumables).
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Monoclonal antibodies accounted for the largest share of the market in 2019. The large share of this segment can be attributed to the increasing demand for monoclonal antibodies for the treatment of cancer, neurological diseases, and infectious diseases.
The rational protein design segment accounted for the largest share of the market in 2019. The large share of this segment can be attributed to the increasing use and continuous upgrades of bioinformatics platforms and software for protein analysis.
Based on end user, the market is segmented into biopharmaceutical companies, contract research organizations, and academic research institutes. The biopharmaceutical companies segment accounted for the largest share of the market in 2019. This is because protein engineering products are widely used for drug discovery and development by biopharmaceutical companies, as they help in designing models to develop a broad range of protein-based drugs.
The large share of the North American market is attributed to the presence of well-established CROs, rising RD expenditure, and the availability of the latest techniques and instruments for drug discovery research in the region. Also, the rising adoption of biologic drugs such as monoclonal antibodies, erythropoietin, and interferons for the treatment of chronic diseases is a major factor driving the growth of the North American market.
The major companies operating in the global protein engineering market include Thermo Fisher Scientific (US), Danaher Corporation (US), Agilent Technologies (US), and Bio-Rad Laboratories (US).
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- Monoclonal Antibodies
- Colony-stimulating Factors
- Growth Hormones
- Coagulation Factors