The global 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.
Recombinant proteins are genetically engineered protein molecules that are derived using molecular cloning techniques. They find applications in various end use industries such as healthcare, research, biotechnology and others. Recombinant proteins are widely used in pharmaceuticals for production of vaccines, therapeutic enzymes and others. They offer advantages such as high yield production, customized properties, increased safety and stability. With growing biopharmaceutical industry and rising demand for biologics, the market for recombinant proteins is expected to witness significant growth over the forecast period.
Market key trends:
One of the key trends gaining traction in the recombinant protein market is the growing demand for therapeutic proteins. Diseases such as cancer and chronic illnesses are on the rise worldwide. Recombinant therapeutic proteins are increasingly being adopted for treatment of such diseases owing to advantages such as high efficacy and target specificity. Furthermore, continuous technological advancements in recombinant DNA technology have enabled large scale production of recombinant therapeutic proteins such as monoclonal antibodies, hormones, cytokines etc. This has increased their commercial viability and boosted their adoption in healthcare sector.
Companies in the market are also focusing on research and development of novel recombinant proteins for various applications including disease diagnostics, research reagents and others which is expected to support market growth over the coming years.
Threat of new entrants: The threat of new entrants is moderate due to the requirement of high capital investments and expertise to construct complex manufacturing units and establish R&D facilities.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the presence of several generic manufacturers. However, specialized products offer differentiation.
Bargaining power of suppliers: The bargaining power of suppliers is low due to the availability of substitute raw materials and products.
Threat of new substitutes: The threat of new substitutes is moderate as recombinant proteins can be replaced by chemically synthesized proteins and cell lines.
Competitive rivalry: is high due to the presence of global and regional players.
The global Recombinant Protein Market growth is expected to witness high exhibiting CAGR of 11% over the forecast period, due to increasing R&D investment in pharmaceutical sector and advancement in biotechnology.
Regional analysis: North America dominates the global recombinant protein market and is expected to continue its dominance over the forecast period. This is attributed to the robust healthcare infrastructure, presence of key players, availability of latest technologies and high R&D investment. Asia Pacific is projected to be the fastest-growing regional market over the forecast period owing to rising life science research, increasing biopharmaceutical industry and improving healthcare infrastructure.
Key players: Key players operating in the Recombinant Protein market are Merck KGaA, OriGene Technologies, Inc., Thermo Fisher Scientific Inc., Feldan Therapeutics, ACROBiosystems, Abcam plc., Randox Laboratories Ltd., SOL GROUP, Proteintech Group, Inc, Planet Biotechnology, Inc., INFINITE ENZYMES, INC., ORF Genetics, GenScript, BTL Biotechno Labs Pvt Ltd., Prospec-Tany Technogene Ltd., BPS Bioscience, Inc., Sino Biological, Cape Bio Pharms, Abnova Corporation, GeNext Genomics
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it