Global Protein Engineering Market (2019 - 2024)
NEW YORK, Nov. 5, 2019 /PRNewswire/ --
Market Overview
The propelling factors for the growth of the global protein engineering market include the increasing prevalence of protein deficient diseases, increase in adoption of protein drugs over non-protein drugs, increased demand for alternatives to chemical processes, and rising government funding for protein engineering.
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Protein-energy malnutrition (PEM) is increasing in the rural areas of emerging economies. It refers to a group of disorders that includes marasmus, kwashiorkor and intermediate states of marasmus-kwashiorkor. Therefore the prevalence of kwashiorkor varies from geography to geography. It is rare in the United States; however most affected regions include Southeast Asia, Central America, Congo, Puerto Rico, Jamaica, and South Africa. Thus, the increasing prevalence of protein-deficient diseases is driving the overall market.
There is a rising number of government initiatives, such as funding R&D for protein engineering and awareness programs, which have influenced the healthcare industry. The government is thus proactively investing in many of the research studies. For instance, Protein Technologies Ltd (PTL) has received funding from the UK government's Technology Strategy Board (now Innovate UK) for its innovative research in protein engineering. Hence the increasing number of government initiatives for the efficient protein engineering research helps in driving the overall growth of the market.
Protein engineering also holds immense opportunity in the agrochemical industry as engineering in proteins may lead to the generation of enzymes with improved function that may increase the crop yield or facilitate the biofuel production. It is also likely to play an important role as a tool to attain increased crop yield needed to meet future demands.
Scope of the Report
As per the scope of the report, protein engineering is the manipulation of the structures of proteins to produce the desired properties, or the synthesis of proteins with particular structures. It is the process by which novel proteins with desired properties are developed, and has grown enormously since past three decades. In the past years, protein engineers have successfully generated a wide range of proteins tailored to specific health, industry, medicine, research, and biotechnology applications.
Key Market Trends
Monoclonal Antibodies by Protein Type is the Largest Segment that is Expected to Grow Fastest During the Forecast Period
Monoclonal antibodies are anticipated to hold the largest market share in the future, owing to their high adoption for numerous therapies, such as cancer and autoimmune diseases. They also have tremendous applications in the fields of therapeutics, diagnostics, and targeted drug delivery systems, for infectious diseases caused by viruses, bacteria, and protozoa, as well as for cancer, and metabolic and hormonal disorders. Hence, recombinant deoxyribonucleic acid technology through genetic engineering has successfully led to the possibility of reconstruction of monoclonal antibodies, thus fueling the growth of the segment.
Asia-Pacific Holds the Fastest Growth and is Expected to Follow the Same Trend Over the Forecast Period
The Asia-Pacific market is expected to witness the fastest CAGR during the forecast period, owing to the growing presence of contract research organizations, rising healthcare IT spending, and unprecedented evolution of the healthcare infrastructure and standards across this region. Growing demand for personalized medicine and strong R&D investments in proteomics-based drug discovery projects are also supplementing the growth of the protein engineering market.
Competitive Landscape
The global protein engineering market players are highly focused on strategies, such as mergers and acquisitions, new product development initiatives, and geographical expansion. As the cost of R&D is high and requires high-end infrastructure, most of the pharmaceutical and biotechnology companies are moving toward CROs. Most of the players in the CRO industry are joining forces in order to create a market position.
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