North America was the largest regional market for recombinant proteins market in 2020.
Northbrook, IL 60062 -- (SBWIRE) -- 05/11/2022 -- MarketsandMarkets™ Research Report's View on Revenue Impact?
The Global Recombinant Proteins Market is projected to reach USD 1.7 billion by 2026, at a CAGR of 9.8% during the forecast period.
Factors Responsible for Growth and In-Depth Analysis?
The Growth in the recombinant proteins market is primarily driven by factors such as increasing government investments and R&D expenditure in pharmaceutical & biotechnology companies, growing industry academia collaborations, and the patent expiry of biologic products.
The R&D sector has conventionally remained capital-intensive due to long development periods and approval cycles. R&D investments occupy a prime position in global expenditure. Governments recognize R&D as a crucial aspect of a nation's progress, international competitiveness, and public benefit. Due to this, R&D expenditure and funding have witnessed a steady increase over the years. According to the 2019 Global R&D Funding Forecast, the global life science R&D spending is estimated to grow by 3.6% to reach USD 2.3 trillion by 2019. While the industry majorly funds R&D expenditure, academia is also central to funding, since research papers originate from academic authors.
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Leading Key Players and Analysis:
The prominent players operating in this market include Thermo Fisher Scientific, Inc. (US), R&D Systems (US), Abcam plc (UK), Merck KGaA (Germany), and Proteintech Group, Inc. (US)
Merck KGaA (Germany) is a leading science and technology company having a strong global presence in more than 120 countries. The company has a portfolio of more than 300,000 life science products that support a broad customer base. Merck majorly focuses on expansions in key geographies to increase its customer base. The company specifically focuses on the high-growth Asia Pacific region to increase its market share and revenue. In the last three years, the company opened life science centers in China, India, South Korea, and Singapore to facilitate the supply of its products in the region.
Geographical Analysis in Detailed?
The recombinant proteins is segmented into North America, Europe, the Asia Pacific, and the Rest of the World. In 2019, North America was the largest regional segment of the overall market, followed by Europe. The large share of North America in the global market is attributed to the rising incidences of chronic & infectious diseases, increasing R&D spending, increasing research activities, favorable government funding, and the presence of key players in this region.
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Growth factors and chemokines segment dominated the recombinant proteins market in 2020.
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. Growth factors and chemokines commanded the largest share of the recombinant proteins market in 2020. 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 biologics segment to witness the highest CAGR during the forecast period.
Based on type, the drug discovery & development market is segmented into biologics, vaccines, and cell & gene therapy. Biologics accounted for the largest share of the drug discovery & development application for the recombinant proteins market and is also extecpted to witness the highest CAGR during the forecast period. This is attributed to the factors such as the increasing prevalence & incidence of target diseases, increasing research & development, and the strong development pipeline for recombinant protein-based biologics.
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