Protein Engineering Market: By Product Type (Vaccines, Biologics) By Technology (Rational Protein Design, Directed Evolution, Hybrid Approach) By End User (Biopharmaceutical Companies, Academic Research Institutes, Contract Research Organizations (CROs)) and Geography

Protein Engineering Market was valued at USD 4,672.1 million in 2023 and is growing at a CAGR of 15.1% from 2024 to 2030. From past few years, protein-based therapeutics, including peptides, hormones, vaccines, monoclonal antibodies, blood factors and therapeutic enzymes, have gained a lot of attention from clinical researchers involved in the field of drug development. The achievement of these therapeutics can be credited to the numerous clinical benefits delivered by such products, such as high target specificity, low toxicity and favourable safety profiles. The driving factors for the growth of the protein engineering market include the increasing chronic diseases, increasing demand for targeted therapies, rising government funding for protein engineering studies, and increasing focus on biotechnology and pharmaceutical businesses on research & development of protein-based therapies owing to their advantages over non-protein drugs, including higher cost-effectiveness and better patient outcomes. For instance, according to the article published in October 2022 in PubMed, the main constituent of precision medicine for cancer treatment is molecular targeted therapy, which employs small molecule drugs or therapeutic monoclonal antibodies functioning as signal transduction inhibitors. Thus, the implementation of targeted therapies in cancer treatment is likely to boost market growth in the forecast period. Furthermore, the increase in the number of government initiatives to support protein engineering competencies, along with the increases in research and development activities, funding, and investments, are also contributing to the growth of the market. However, the high cost of protein engineering techniques and instruments, lack of expertise and trained professionals, and regulatory standards and technological restrictions are some of the restraints which impact the market growth.

Recent Market Developments:

• In January 2023, Neochromosome, Inc., a solely owned subsidiary of Opentrons Labworks, Inc., made a partnership with Sumitovant Biopharma Inc., a technology-driven biopharmaceutical company accelerating the expansion and commercialization of novel therapeutics. The aim of this collaboration is to discovery novel proteins which would benefit from non-canonical amino acid chemistries that are not present in nature by relating Neochromosome's neoYeast platform with Sumitovant's DrugOME computational ecosystem.
• In January 2023, Becton, Dickinson, and Company, a global medical technology company, inaugurated a new robotic track system for the BD Kiestra microbiology laboratory solution that automates lab specimen processing, which will probably help in reducing manual labour and wait time for results.