Protein Engineering Market: Global Forecasts to 2017 - a new market research report on companiesandmarkets.com
PR-Inside.com: 2014-04-04 15:58:04
The global protein engineering market is suggested to have reached a value of around $100.1 billion by the end of 2012, and is expected to hit a total of $168 billion by 2017. This growth suggests a CAGR growth rate of 10.94% between 2012 and 2017. The therapeutic segment accounts for the major portion of the protein engineering market. Under the therapeutic segment, 50% products are dominated by monoclonal antibodies with the top 10 fetching more than $1 billion in annual sales. Insulin analogs, modified version of EPO, Aranesp from Amgen and PEGylated interferons growth factors accounts for the rest.The U.S. and Europe have been major markets for engineered protein products; however, Asia is set to grow at a faster pace with Indias growth in the field of biotechnology and Chinas interest in the research of monoclonal antibodies. Indonesia is the fourth-largest diabetic population nation, and South Koreas growing cancer incidence rate is expected to propel the market for protein therapeutics in the region.Proteins exhibit high specificity and less immunogenicity and are widely used as therapeutic agents in the treatment of various disorders and diseases. There are more than 200 protein-based products currently being marketed; 90% of them are used as therapeutics. In order to improve their clinical potential, second generation recombinants are being developed, each exhibiting improved efficiency and potency depending on their applications.The protein engineering market is driven by the need for drugs with improved efficiency and specificity, technological capabilities, rise of antibody based drugs, and steady growth in the therapeutic market. With growing incidences of cancer, autoimmune disorders, and infectious disease, spurt of new opportunities for growth of the market is expected by the end of this decade. However, development costs, stringent regulatory issues, and risk of failure of the drug in the testing phase restraints the growth of the market. Further, the availability of generics and patent infringements is posing a threat to the market.The global protein engineering market is expected to grow at a CAGR of 10.9%; this growth is majorly fuelled by monoclonal antibodies, which is the fastest growing segment in therapeutics. The use of monoclonal antibodies in therapeutics such as oncology, auto immune and inflammatory diseases are expected to increase during the forecast period. Chinas growing interest in research of monoclonal antibodies is expected to increase market share further. The market is likely to face competition from the entry of generics; however, with many therapeutic proteins in the pipeline, the market is expected to grow exponentially. Insulin analogs, which are more efficient than the recombinant insulin, are also a contributing factor for growth of the market. Diagnostics is another segment in focus; monoclonal antibodies are being used extensively in diagnostics and in assays for research.
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