[Analyst Rating] $3.88B Protein Engineering Market by Technology, Product & Service, Protein Type, End-user and Region – Forecast to 2024

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Dublin, Feb. 05, 2020 (GLOBE NEWSWIRE) — The “Protein Engineering Market by Technology (Rational Design, Irrational Design), Product & Service (Instrument, Consumables), Protein Type (Monoclonal Antibodies, Insulin), End User (Academics Institutes, Biopharmaceuticals, CROs) – Global Forecast to 2024” report has been added to ResearchAndMarkets.com's offering.

The global protein engineering market is projected to reach USD 3,887.8 million in 2024 from USD 2,167.1 million in 2019, at CAGR of 12.4% during the forecast period.

The major factors driving the growth of this market include the increasing investments in synthetic biology and the growing focus on protein-based drug development by pharmaceutical and biotechnology companies.

Thermo Fisher Scientific (US), Bio-Rad Laboratories (US), Agilent Technologies (US), Waters Corporation (US), PerkinElmer, Inc. (US), and Bruker Corporation (US) are some of the key players operating in the protein engineering market. These firms adopted inorganic strategies, such as collaborations, agreements, partnerships, and mergers, to gain a competitive edge in the protein engineering market.

Instruments segment to account for the largest share of the protein engineering market, by product & service, in 2019

Based on product & service, the protein engineering market is segmented into instruments, consumables, and software & services. Instruments formed the largest product segment in this market in 2019 due to technological advancements in mass spectrometry and X-ray crystallography systems and their ability to integrate with other technologies.

Monoclonal antibodies segment to grow at the highest CAGR in the protein engineering market, by protein type, in 2019

Based on protein type, the protein engineering market is segmented into monoclonal antibodies, insulin, erythropoietin, interferons, vaccines, colony-stimulating factors, growth hormones, coagulation factors, and other proteins. The monoclonal antibodies segment is estimated to grow at the highest CAGR in this market owing to the increasing demand for monoclonal antibodies for the treatment of cancer, neurological diseases, and infectious diseases.

Rational protein design segment to grow at the highest CAGR in the protein engineering market, by technology, in 2019

Based on technology, the protein engineering market is segmented into rational and irrational protein design. The rational protein design segment is estimated to grow at the highest CAGR in this market during …

Full story available on Benzinga.com

Source Benzinga

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