Protein Engineering Market Expected to Reach $7.7 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Protein Engineering Market," The protein engineering market size was valued at $2.2 billion in 2022, and is estimated to reach $7.7 billion by 2032, growing at a CAGR of 13.2% from 2023 to 2032. Protein engineering is the process of creating artificial polypeptides by designing and synthesizing amino acid sequences that differ from those found in nature, with the goal of creating valuable or useful proteins.

The major protein engineering market trends driving the growth of the market, are advancements in technology, a rise in applications in various research fields, and a rise in the prevalence of chronic diseases. One key driver propelling this market is the growing attention given by the biotechnology and pharmaceutical industries to the study and creation of protein-based treatments due to the advantages of protein-based medication over non-protein medications, which include improved patient outcomes and more cost-effectiveness. The use of protein engineering is also being driven by the rise in the need for tailored medicines for the treatment of cancer.

Moreover, the overall growth of the biotechnology and pharmaceutical industries globally has positively impacted the protein engineering market size. As these industries continue to expand, the demand for innovative protein-based therapeutics and tools for drug discovery also increases. In addition, supportive regulatory frameworks that facilitate the development and commercialization of protein-based therapeutics have contributed to the growth during protein engineering market analysis.

Further, events such as pandemics and global health challenges highlight the need for rapid development of therapeutic solutions. Protein engineering can play a crucial role in responding to emerging infectious diseases and other health crises, which further drives growth during protein engineering market forecast.

Moreover, the trend toward personalized medicine, where treatments are tailored to individual patient characteristics, supports the adoption of protein engineering. Engineered proteins can be designed to target specific molecular pathways relevant to an individual's disease profile.

By product type, the market is segregated into instruments, accessories & consumables, and software. The consumables segment accounted for largest protein engineering market share in terms of revenue in 2022, owing to rise in demand for consumables for protein engineering processes such as reagents, kits, and others as well as wide availability of various consumables. 

However, the instruments segment is expected to register the fastest CAGR during the forecast period. This is attributed to continual advancements in protein engineering instruments, driving the demand for innovative instruments with improved resolution and functionality. In addition, the expansion of research activities across various scientific disciplines necessitates more sophisticated and specialized protein engineering instruments to cater to diverse experimental needs, thereby driving the segment growth.

By protein type, the market is classified into monoclonal antibodies, insulin, erythropoietin, interferon, and others. The others segment further includes interleukin, transforming growth factors, epidermal growth factors, tumor necrosis factor, stem cell factor, colony stimulating factors, and coagulation factors. The monoclonal antibodies segment accounted for largest share in terms of revenue in 2022, as targeted monoclonal antibodies are becoming more and more popular for treating cancer and other chronic illnesses, which drives the growth of the market during forecast period. In addition, increase in demand for personalized medicine and the target therapy of monoclonal antibodies is anticipated to increase the popularity of this market. 

However, the insulin segment is expected to register fastest CAGR during the forecast period, owing to increase in prevalence of type 1 and type 2 diabetes. Moreover, surge in adoption of sedentary lifestyle, physical inactivity, and rise in obesity along with other risk factors that lead to diabetes provide lucrative opportunities to insulin manufacturers using a protein engineering approach.

By technology type, the market is segregated into rational/ site directed mutagenesis, and irrational/ random mutagenesis. The rational/ site directed mutagenesis segment dominated the market in terms of revenue in 2022, owing to widespread use in enzyme engineering and antibody development. 

However, the irrational/ random mutagenesis is anticipated to register fastest CAGR during the forecast period, as it is a powerful tool for generating enzymes, proteins, entire metabolic pathways, or even entire genomes with desired or improved properties. This technology is used to evolve. Coupled with the development of powerful high-throughput screening or selection methods, this technique has been successfully used to solve problems in protein engineering.

By end user, the market is divided into pharmaceutical & biotechnological companies, academic & research institutes, and contract research organizations. The pharmaceutical & biotechnological companies segment accounted for largest share in 2022, owing to increase in adoption of protein engineering instruments and consumables in pharmaceutical and biotechnological companies for the development of novel therapeutics, diagnostics using protein engineering approaches.

However, the contract research organization segment is anticipated to register fastest CAGR during the forecast period as protein engineering is a valuable component of the services offered by CROs, contributing to various stages of drug discovery, development, and biotechnological applications. 

Region-wise, North America dominated the global protein engineering market share in terms of revenue in 2022, owing to advanced healthcare infrastructure, substantial investments in R&D, and the presence of leading biotechnology and pharmaceutical companies. Furthermore, significant investments in R&D, and an advanced healthcare infrastructure further drive the growth of the market. In addition, a robust pharmaceutical sector, high incidence of chronic illnesses, and growing focus on personalized medicine support the high demand for protein engineering products.

However, Asia-Pacific is expected to register the fastest CAGR during the forecast period, owing to increase in R&D activities, with a focus on life sciences and biotechnology. Growing investments in healthcare infrastructure, rise in awareness of protein engineering, and expanding biopharmaceutical sector are contributing to the adoption of protein engineering products across the Asia-Pacific region. In addition, the region's large population base provides a vast pool of patients for clinical trials and research studies, further driving the demand for protein engineering solutions in preclinical and clinical settings. Government initiatives supporting scientific research, coupled with collaborations between regional and international players, are fostering innovation in protein engineering technologies, positioning Asia-Pacific as a dynamic and high-potential market during the forecast period.

Key Findings of the Study

• By product type, the consumables segment dominated the protein engineering industry in terms of revenue in 2022.  However, the instrument segment is anticipated to register the fastest CAGR during the forecast period.
• By protein type, the monoclonal antibodies segment accounted for the largest share in terms of revenue in 2022. However, the insulin segment is anticipated to register the fastest CAGR during the forecast period. 
• By technology type, the rational/ site-directed mutagenesis segment dominated the protein engineering industry in terms of revenue in 2022. However, irrational/random mutagenesis segment is anticipated to register fastest CAGR during the forecast period. 
• By end user, the pharmaceutical & biotechnological companies segment dominated the market in terms of revenue in 2022. However, academic & research institutes segment is anticipated to register fastest CAGR during the forecast period.
• Region-wise, North America generated the largest revenue in 2022. However, Asia-Pacific is anticipated to grow at the fastest CAGR during the forecast period.