Shrinking research costs and faster development times will push the protein engineering market to reach US$3.09 billion in eight years, according to recent market report.
The growing number of government-led initiatives concerning protein engineering is anticipated to create high growth potential. The report noted that Protein Engineering Network of Centres of Excellence (PENCE) contributed approximately $1.0 million for proteomics projects and hosted conferences on proteomics in Canada as an effort to broaden research associated with this technology.
“The market is driven by presence of regulatory authorities consistently striving to reduce time and cost involved in the drug discovery process,” according to the latest protein market analysis by Grand View Research Inc., “One such example is the launch of critical path initiative by U.S. FDA, for incorporation of advanced technologies, such as protein engineering, in drug discovery processes.”
This, the research firm said, facilitates prediction of probable adverse reactions and toxicity and improves the efficacy of target molecules early on, resulting in lowered drug attrition rates in the later stages.
“This is anticipated to help control overall expenditure,” according to Grand View Research. “Rise in R&D expenditure by countries indicates the urgent need for adoption of these tools in all drug discovery and development processes. “
The rising number of government initiatives aimed at enhancing protein engineering capabilities is anticipated to present the market with high growth potential. This has resulted in a significant rise in a number of research activities & programs and fund allotment for R&D.
Valued at $ 823.0 million in 2016 the market is expected to grow 15.9 per cent throughout the forecast period – predominantly driven by increasing preference for protein therapeutics over nonprotein drugs.
The high preference is presumed to be a consequence of positive clinical outcomes associated with these drugs, according to Grand View.
“Protein engineering is broadly used to circumvent weaknesses associated with drugs, and it possesses the potential to enhance affinity and efficacy of molecules for wide range applications, such as cardiac repair,” the research firm said. This has led to an unprecedented demand and, consequentially, a significant increase in adoption of these tools for development of advanced therapeutics, thereby resulting in rapid market progression.”
For instance, the popularity of recombinant Monoclonal Antibodies (mAbs) is a result of extensive use of protein engineering tools.
The humanization and chimerization of mAbs and additional approaches to improve them in vivo activity led to an increase in a number of alternatives for treatment of various cancers, transplant rejections, autoimmune diseases, and other conditions, the firm said.
The engineered molecules exhibit enhanced efficacy, reduced immunogenicity, greater safety, and improved delivery. Humulin (human insulin), the first protein therapeutic developed through recombinant DNA technology, was approved by U.S.FDA in 1982.
The ability to significantly modify the functioning of a particular drug molecule through protein engineering, such as modification of substrate-specificity of human butyrylcholinesterase, exemplifies the high potential of protein engineering on drug metabolism and medicine, the Grand View Research report said.
Other key findings suggest:
- A hybrid approach is predicted to observe exponential growth as a consequence of technological superiority and ability to overcome the shortcomings associated with the aforementioned technologies
- Instrument accounted for the largest share in the product segment in 2016. The largest share captured by this segment is believed to be a consequence of high preference for automated technology by the researchers in order to facilitate faster molecule development process
- Software and services are expected to emerge as the fastest growing segment owing to high inclination of companies to outsourcing of services to achieve overall cost-efficiency
- Monoclonal antibodies held the largest share in the protein-type segment due to the development of these antibodies on a large scale through an extensive adoption of these engineering tools.
- North America held a substantial share, which can be attributed to extensive research activities that are likely to provide high-potential growth platform through consistent usage in this region
The research also projected that the market in Asia-Pacific will exhibit exponential growth over the coming years owing to rising awareness pertaining to benefits of protein engineering and increasing disposable income.
“The competition is marked by players employing strategies such as mergers & acquisitions and distribution agreements resulting in significant growth in their market share,” the report said.