March 2, 2024

Protein Engineering Market: Growing Demand for Customized Therapeutics Drives Market Growth

The Global Protein Engineering Market is estimated to be valued at US$1,936.7 Mn in 2021 nd is expected to exhibit a CAGR of 15.6% over the forecast period 2023-2028, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Protein engineering involves the modification and design of proteins to create novel molecules with desired properties. These engineered proteins find applications in various industries such as pharmaceuticals, biotechnology, food and beverages, and agriculture. The advantages of protein engineering include improved drug efficacy and safety, enhanced enzyme activity, and the development of targeted therapeutics. The need for customized therapeutics to treat complex diseases is driving the demand for protein engineering products.

Market Key Trends:

One key trend in the protein engineering market is the increasing adoption of computational protein design. Computational tools and algorithms are being used to predict protein structures and design new proteins with desired functions. This approach enables the rapid discovery and optimization of protein molecules for various applications. Computational protein design is gaining popularity in drug discovery, enzyme engineering, and protein-based materials development.

The protein engineering market is highly competitive, with key players including Codexis Inc., Abzena, Ltd., Enantis s.r.o, GenScript Biotech Corp., Waters Corporation, PerkinElmer, Inc., Bruker Corporation, Agilent Technologies, Bio-Rad Laboratories Inc., and Thermo Fisher Scientific Inc., among others.

Porter’s Analysis

Threat of New Entrants: The Protein Engineering market is expected to witness a moderate threat of new entrants. Although the market is highly lucrative with significant growth opportunities, the barriers to entry are quite high. Key barriers include the need for substantial investments in research and development, a deep understanding of complex molecular biology, and strong intellectual property protection. Moreover, the presence of established players with strong brand recognition and extensive customer relationships further increases the difficulty for new entrants to gain market share.

Bargaining Power of Buyers: The bargaining power of buyers in the Protein Engineering market is moderate. Buyers, such as pharmaceutical companies and research institutions, have a certain level of power to negotiate prices and terms due to the presence of multiple suppliers in the market. However, the high switching costs associated with changing protein engineering solution providers limit the bargaining power of buyers to some extent.

Bargaining Power of Suppliers: The bargaining power of suppliers in the Protein Engineering market is moderate. Suppliers of raw materials and equipment used in protein engineering have some negotiating power due to their specialized nature. However, the presence of multiple suppliers and the availability of alternative sourcing options reduce their overall power. Additionally, advancements in technology and the ability of companies to vertically integrate their supply chains further decrease the bargaining power of suppliers.

Threat of New Substitutes: The threat of new substitutes in the Protein Engineering market is low. Protein engineering techniques and solutions have no direct substitutes that can achieve the same level of precision and specificity in protein modification. Alternative techniques, such as traditional genetic engineering or chemical modifications, are less efficient and may have limitations in terms of targeting specific protein structures. Therefore, the threat of substitution is expected to be minimal in the market.

Competitive Rivalry: The Protein Engineering market is characterized by high competitive rivalry. The market is dominated by a few key players who have established strong brand recognition, technological expertise, and extensive customer relationships. These players constantly invest in research and development to enhance their product offerings and maintain their market position. However, the market also offers opportunities for smaller players to compete by focusing on niche applications or developing innovative protein engineering solutions.

Key Takeaways

The Global Protein Engineering Market is expected to witness high growth, exhibiting a CAGR of 15.6% over the forecast period. This growth can be attributed to the increasing demand for protein-based therapeutics and diagnostics, advancements in protein engineering technologies, and the rising prevalence of chronic diseases.

In terms of regional analysis, North America is expected to be the fastest growing and dominating region in the Protein Engineering market. The region’s strong presence of pharmaceutical and biotechnology companies, favorable government initiatives, and robust research and development infrastructure contribute to its growth. Additionally, the increasing investments in personalized medicine and gene therapy further drive the market in this region.

Key players operating in the Protein Engineering market include Codexis Inc., Abzena, Ltd., Enantis s.r.o, GenScript Biotech Corp., Waters Corporation, PerkinElmer, Inc., Bruker Corporation, Agilent Technologies, Bio-Rad Laboratories Inc., and Thermo Fisher Scientific Inc. These players are focusing on strategic partnerships, acquisitions, and product innovations to strengthen their market position and cater to the growing demand for protein engineering solutions.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it