Recombinant Protein Market is estimated to Witness High Growth owing to Wide Applications Across Industries
The recombinant protein market is estimated to be valued at US$ 3131.37 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Recombinant proteins find applications across various industries such as pharmaceutical, diagnostics, research, and biotechnology sectors. Recombinant therapeutic proteins are used to develop biologics to treat various diseases such as cancer, cardiovascular diseases, and hemophilia. Recombinant proteins are also used in molecular diagnostics and disease diagnosis.
Market Dynamics:
The growth of the recombinant protein market is majorly driven by the wide applications of recombinant proteins across industries such as pharmaceutical, diagnostics, and research sectors. Recombinant proteins are used in development of biologics, biosimilars, vaccines, and molecular diagnostics. Growing prevalence of chronic diseases and increasing adoption of biologics and biosimilars for their treatment is expected to propel the market growth over the forecast period. Furthermore, advancements in recombinant protein expression technologies such as mammalian, insect, bacterial, and yeast expression systems is also expected to boost the production of recombinant proteins and fuel the market growth.
SWOT Analysis
Strength: Recombinant protein market is growing at a fast pace due to increasing demand of protein drugs and research activities. The recombinant protein techniques allow mass production of therapeutic proteins in a highly pure form which help meet the growing demand. It has reduced production cost compared to traditional extraction methods.
Weakness: Producing recombinant proteins require high capital investment for establishing production facilities and costly development process. Variations in cell culture conditions can affect protein structure during production.
Opportunity: Increasing prevalence of chronic diseases and growing biomarkers have opened scope for development of new recombinant protein based drugs. Advancements in gene expression and protein engineering technologies help improve production yields.
Threats: Stringent regulatory approvals and safety issues delays marketing of new recombinant protein products. Alternative protein production methods can emerge as threat.
Key Takeaways
The global Recombinant Protein Market Share size is expected to witness high growth, exhibiting CAGR of 11.% over the forecast period, due to increasing demand for protein therapeutics and research activities. The market size for recombinant protein was valued at US$ 3131.37 Mn in 2023.
Regional analysis
North America dominated the global market in 2023 and is expected to continue its dominance over the forecast period. This is attributed to presence of major players, higher healthcare spending, and growing development of biologics in the region. Asia Pacific recombinant protein market is anticipated to grow at fastest pace owing to increasing investments in life science research and growing biosimilars market in countries like China and India.
Key players analysis
Key players operating in the recombinant protein market includes Merck KGaA, Thermo Fisher Scientific Inc., Feldan Therapeutics, ORF Genetics, and GenScript. These players are focusing on expanding their product portfolios through acquisitions and new product launches. Merck KGaA offers wide range of recombinant proteins for research, process development and bioanalytical applications. Thermo Fisher Scientific provides recombinant proteins, antibodies and molecular biology tools.
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