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Proteins are the basic building blocks of the body and are capable of performing a variety of functions such as DNA replication, responding to stimuli, transportation of molecules, catalyzing metabolic reactions, and other physiological processes. Altering, modifying, or reconstructing proteins can facilitate a diverse range of diagnosis and t6raetment development. Protein engineering is a field of science which involves the synthesis of new proteins or amendment in existing ones to bring about desired healthcare outcomes. Protein engineering has evolved to become an imperative tool in pharmaceutical, green chemistry, and biotechnology industry. Market Research Future (MRFR) has published an in-depth report on the global protein engineering market, stating that the market is likely to expand at CAGR of 6.2% over the forecast period of 2017-2023.
The protein engineering market is driven by accelerated R&D activities, and intensifying need to come up with new biological compounds and improve healthcare outcomes. The governments of multiple countries are extending support for protein engineering in the form of R&D grants, which is anticipated to bolster the growth of the market. However, the high cost of instruments used in protein engineering and the dearth of trained research personnel be obstructive to the growth of the market.
The protein engineering market has been segmented based on type, method, application, and end-user.
By type, the protein engineering market has been segmented into instrument, reagents, and services and software.
By method, the protein engineering market has been segmented into rational protein design and directed evolution.
By application, the protein engineering market has been segmented into food and detergent industries, environment applications, medical applications, biopolymer production, and nanobiotechnology.
By end-user, the protein engineering market has been segmented into academic research institutes, pharmaceuticals and biotechnology companies, and contract engineering organizations.
Region-wise, the protein engineering market has been segmented into North America, the Middle East & Africa (MEA), Europe, and Asia Pacific (APAC).
North America is the dominant protein engineering market. The expansion of the biotechnology and pharmaceutical industry in the region is creating a supportive dais for the growth of the protein engineering market. In addition, the availability of technologically advanced devices and instruments for R&D activities is further supporting the growth of the market. The US, followed by Canada, are the major contributors to the North America market.
Europe is the second-largest market for protein engineering. The developed research sector in the region has aptly supported the growth of the market. Government support in the funding for protein engineering and increased emphasis on drug discovery are other factors driving the market growth. The UK, France, and Germany are the key country-specific markets within Europe.
The APAC protein engineering market is poised to showcase noteworthy growth over the forecast period. The market growth is triggered by surging prevalence of heart diseases, diabetes, obesity, and other chronic diseases which induce the need for new and advanced treatment technologies.
The MEA protein engineering market is exhibiting slow but steady growth. The underdeveloped regions have high unmet medical needs due to which there lies a host of opportunities for the expansion of the market. Improving healthcare infrastructure and heightened demand for new drugs and devices are propelling the growth of the market.
Perkin Elmer (U.S.), Bruker Corp. (U.S.), Sigma-Aldrich Corp. (U.S.), GE Healthcare (U.K.), Bio-Rad Laboratories, Inc. (U.S.), Waters Corp. (U.S), AB-Sciex (U.S.), Thermo Fisher Scientific (U.S.), and Agilent Technologies (U.S.) are the eminent players in the protein engineering market.
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