The global Protein Engineering Market is expected to reach USD 3.09 billion by 2025,
according to a new report by Grand View Research, Inc. The market is driven by
presence of regulatory authorities consistently striving to reduce time and
cost involved in the drug discovery process. One such example is the launch of
critical path initiative by U.S. FDA, for incorporation of advanced
technologies, such as protein engineering, in drug discovery processes.
Moreover, this facilitates prediction of probable adverse reactions &
toxicity and improves efficacy of target molecules early on, resulting in
lowered drug attrition rates in the later stages. This is anticipated to help
control overall expenditure. Rise in R&D expenditure by countries indicates
the urgent need for adoption of these tools in all drug discovery and
development processes.
The rising number of government
initiatives aimed at enhancing protein engineering capabilities is anticipated
to present the market with high growth potential. This has resulted in a
significant rise in number of research activities & programs and fund
allotment for R&D. For instance, Protein Engineering Network of Centres of
Excellence (PENCE) contributed approximately USD 1.0 million for proteomics
projects and hosted conferences on proteomics in Canada as an effort to broaden
research associated with this technology.
Further Key Findings From the Report Suggest:
- Hybrid approach is predicted to observe
exponential growth as a consequence of technological superiority and
ability to overcome the shortcomings associated with the aforementioned
technologies
- Software & services is expected to emerge
as the fastest growing segment owing to high inclination of companies to
outsourcing of services to achieve overall cost-efficiency
- Monoclonal antibodies held the largest share in
protein-type segment due to development of these antibodies on a large
scale through extensive adoption of these engineering tools
- North America held a substantial share, which
can be attributed to extensive research activities that are likely to
provide high potential growth platform through consistent usage in this
region
- The market in Asia Pacific is projected to
exhibit exponential growth over the coming years owing to rising awareness
pertaining to benefits of protein engineering and increasing disposable
income
- The competition is marked by players employing
strategies such as mergers & acquisitions and distribution agreements
resulting in significant growth in their market share
Browse Details of Report @ http://www.grandviewresearch.com/industry-analysis/protein-engineering-market
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