Recombinant Proteins Market worth $1.7 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Feb. 16, 2021 /PRNewswire/ -- According to the new market research report "Recombinant Proteins Market by Product (Growth Factors, Chemokines, Structural Proteins, Membrane Proteins), Application (Drug Discovery & Development, Academic Research), End User (Biotechnology Companies, CROs) - Global Forecast to 2026", published by MarketsandMarkets™, the global Recombinant Proteins Market is projected to reach USD 1.7 billion by 2026 from USD 1.0 billion in 2021, at a CAGR of 9.8% during the forecast period.
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The Increasing government investments and R&D expenditure in pharmaceutical & biotechnology companies, growing industry-academia collaborations, and the patent expiry of biologics are the major factors driving the growth of the market.
In 2020, the growth factors & chemokines segment accounted for the largest share of the market and is also expected to grow at the highest CAGR during the forecast period.
Based on product, the recombinant proteins market is classified into growth factors and chemokines, structural proteins, kinase proteins, regulatory proteins, membrane proteins, recombinant metabolic enzymes, adhesion molecules and receptors, immune response proteins, and other recombinant proteins. The large share of the growth factors and chemokines segment can be attributed to its use in various research areas such as chemotaxis, neurobiology, wound healing, immunology, transplantation, apoptosis, cancer, HIV/AIDS, COVID-19, cell culture, and stem cell research.
The drug discovery & development segment is expected to grow at the highest CAGR during the forecast period
Based on application, the recombinant proteins market is segmented into drug discovery & development, biopharmaceutical production, biotechnology research, academic research studies, and other applications. Drug discovery & development accounted for the largest share of the application segment in 2020 and is also expected to grow at the highest CAGR during the forecast period. As recombinant proteins are indispensable research tools in many areas of biology, they are essential and the most critical component of small molecule drug discovery programs. Recombinant proteins help to discover and develop new compounds that influence the function of disease-associated proteins. Increasing research & development in this segment is expected to have a positive impact on the overall growth of the market in the coming years.
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North America was the largest regional market for the recombinant proteins in 2019
The recombinant proteins market is segmented into four major regions, namely, North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America was the largest regional market for market in 2020. The large share of the North American market can be attributed to the presence of the majority of major players operating in the market located in this region. Additionally, the rising incidences of chronic & infectious diseases, increasing R&D spending, increasing research activities in the fields of proteomics & genomics, and favorable government funding opportunities are other factors expected to boost the market for recombinant proteins in this region.
However, the Asia Pacific recombinant proteins market is estimated to grow at the highest CAGR during the forecast period. The presence of emerging economies such as China, India, and South Korea; large population base and rising prevalence of chronic diseases in these countries; improving standards of living and the growing demand for quality medical care; increasing healthcare spending and government initiatives; growth in the demand for diagnostics; increasing research activities; and the rising number of collaborations for life science research studies are some of the major factors driving the growth of this regional market.
The global recombinant proteins market is fragmented. The prominent players operating in this market include Thermo Fisher Scientific, Inc. (US), Miltenyi Biotech (Germany), Sino Biological Inc. (China), Merck KGaA (Germany), Abcam plc (UK), Biolegend (US), Bio-Rad Laboratories, Inc. (US), GenScript Biotech Corporation (China), Enzo Life Sciences, Inc. (US), BPS Bioscience, Inc. (US), PeproTech, Inc. (US), Proteintech Group, Inc. (US), Abnova Corporation (Taiwan), R&D Systems (US), STEMCELL Technologies Inc (Canada), Other players operating in the market include RayBiotech Inc (US), CellGenix GmbH (Germany), ACROBiosystems (US), ProSpec-TechnoGene Ltd. (Israel), Neuromics (US), RICHCORE LIFESCIENCES PVT LTD (India), Icosagen AS (US), ProteoGenix (France), United States Biological (US), StressMarq Biosciences Inc (Canada), and Aviva Systems Biology Corporation (US).
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