The Global Protein Engineering Market is estimated to be valued at US$ 1,936.7 Mn in 2023 and is expected to exhibit a CAGR of 15.6% over the forecast period 2022-2028, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Protein engineering involves the modification of protein structures to improve their functionality for various applications, such as drug development, biocatalysis, and diagnostics. The market for protein engineering is witnessing significant growth due to the rising demand for therapeutic proteins and the increasing investments in research and development activities. The ability of protein engineering to enhance the bioactivity and stability of proteins is driving its adoption across various industries.
Market Dynamics:
The protein engineering market is driven by two main factors. First, the rising demand for therapeutic proteins for the treatment of various diseases, such as cancer, diabetes, and cardiovascular disorders, is fueling market growth. Protein engineering allows the development of novel therapeutic proteins with improved efficacy and reduced side effects, thereby driving its adoption in the pharmaceutical industry.
Second, increasing investments in research and development activities by biotechnology and pharmaceutical companies are stimulating market growth. The advancements in protein engineering technologies, such as directed evolution and rational design, are facilitating the development of novel protein-based therapeutics and biocatalysts, further propelling market growth.
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