Sarasota, FL -- (SBWIRE) -- 02/20/2019 -- Zion Market Research has published a new report titled "Protein Engineering Market by Product Type (Instruments, Reagents, and Services & Software), by Technology (Rational Protein Design and Irrational Protein Design), by Protein Type (Monoclonal Antibodies, Insulin, Erythropoietin, Interferon, Colony Stimulating Factor, Growth Hormones, Coagulation Factor, Vaccines, and Others), and by End-User (Academic Research Institutes, Pharmaceutical & Biotechnology Companies, and Contract Research Organizations): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2024". According to the report, the global protein engineering market was valued at approximately USD 1,093 million in 2018 and is expected to generate around USD 2,595 million by 2024, at a CAGR of around 15.5% between 2019 and 2024.

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Protein engineering is defined as the procedure to develop novel, valuable, and useful proteins. Protein engineering can be performed with two major techniques—rational protein designing and directed evaluation. Proteins have high specificity and less immunogenicity. Proteins can be modified in various ways to be used as therapeutic agents. By using protein engineering technique, unnatural proteins can be utilized for valuable clinical research.

Since the last few years, protein engineering has effectively enhanced various protein properties, especially the high demand for industrial biocatalysts, such as protease, esterase, lipase, cellulase, amylase, xylanase, etc. The global protein engineering market is likely to be majorly driven by continuously developing pharmaceutical industries, biotechnological innovations, increasing focus toward targeting specific drug development, rising clinical and analytical techniques, and a substantial increase in research funding over the estimated timeframe.

By product type, the market is segmented into instruments, reagents, and services and software. The instruments segment held a major revenue share of the global protein engineering market in 2018. Based on technology, the global protein engineering market is segmented into rational protein design and irrational protein design. The rational protein design segment is anticipated to grow rapidly over the forecast time period. The protein type segment of the global protein engineering market is segmented into monoclonal antibodies, insulin, erythropoietin, interferon, colony stimulating factor, growth hormones, a coagulation factor, vaccines, and others. Monoclonal antibodies are anticipated to hold the largest market share in the future, owing to their high adoption for numerous therapies, such as cancer, autoimmune diseases, etc. Academic research institutes, pharmaceutical, and biotechnology companies, and contract research organizations comprise the end-user segment of the global protein engineering market. Pharmaceutical and biotechnology companies held a prominent share of the global protein engineering market followed by contract research organizations in 2018.

By region, North America held a dominant share of the global protein engineering market in 2018 and is anticipated to continue its regional domination over the forecast years as well. This regional growth can be attributed to the robust healthcare infrastructure, extensive commercialization of advanced engineering tools, high adoption of protein-based drugs, and huge investments in drug development. The Asia Pacific region is anticipated to grow significantly in the upcoming years, owing to the increased government support, the rising prevalence of protein deficiency diseases, and high unmet medical needs in the region.

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Some key players of the global protein engineering market are GE Healthcare, AB-Sciex, Agilent Technologies, Sigma-Aldrich Corp., Bio-Rad Laboratories, Inc., Perkin Elmer, Thermo Fisher Scientific, Bruker Corp., and Waters Corp., among others.

This report segments the global protein engineering market into:

Global Protein Engineering Market: Product Type Analysis

Instruments
Reagents
Services and Software

Global Protein Engineering Market: Technology Analysis

Rational Protein Design
Irrational Protein Design

Global Protein Engineering Market: Protein Type Analysis

Monoclonal Antibodies
Insulin
Erythropoietin
Interferon
Colony Stimulating Factor
Growth Hormones
Coagulation Factor
Vaccines
Others

Global Protein Engineering Market: End-User Analysis

Academic Research Institutes
Pharmaceutical and Biotechnology Companies
Contract Research Organizations

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Global Protein Engineering Market: Regional Analysis

North America
The U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa