July 19, 2024
Recombinant Protein Market

Recombinant Protein Production Using Genome Editing Technology Is Anticipated to Open Up New Avenues for the Recombinant Protein Market

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 in pharmaceuticals, diagnostics, research & development, and biotechnology industry. They are used in production of therapeutic proteins such as insulin, growth hormones, monoclonal antibodies and other fusion proteins. Advances in genome editing tools such as CRISPR-Cas9 have enabled rapid and cost-effective production of recombinant proteins.

Market Dynamics:
The growth of the market is driven by increasing R&D investments by biopharmaceutical companies and growing demand for biological drugs. According to the Pharmaceutical Research and Manufacturers of America (PhRMA), the R&D expenditure of biopharmaceutical companies in the United States increased from US$ 49.6 billion in 2012 to US$ 79.6 billion in 2018. Growing prevalence of diseases such as cancer and diabetes is also propelling the demand for recombinant protein-based drugs and vaccines. However, high production costs and stringent regulatory framework are some of the factors inhibiting the market growth. Advancements in genome editing tools are allowing more efficient and scalable production of recombinant proteins which is anticipated to create new opportunities for market players over the forecast period.
Segment Analysis
The recombinant protein market is dominated by therapeutic recombinant proteins segment. Therapeutic recombinant proteins are widely used in healthcare sector for treatment of various diseases like cancer, infectious diseases, and genetic disorders. Their effectiveness, target specificity, and lower side effects have increased their demand over conventional medicines.

PEST Analysis
Political: Government regulations around the world support the growth of biologics and biosimilars market which drives the demand for recombinant proteins in research and development of these drugs.
Economic: Rising healthcare spending on treatment of chronic diseases and growing biotechnology industry supplement the market growth. However, high R&D costs related to recombinant proteins limit their use.
Social: Increasing public awareness about effective protein therapeutics and rising disease prevalence are the key social factors contributing to the market growth.
Technological: Advancements in gene expression and cell culture technologies have improved production yields of recombinant proteins thereby reducing production costs. CRISPR and other gene editing tools also aid in market growth.

Key Takeaways
The global Recombinant Protein Market Share is expected to witness high growth, exhibiting a CAGR of 11.% over the forecast period, due to increasing prevalence of chronic diseases. The market size for recombinant protein is estimated to reach US$ 6512.56 Mn by 2030 from US$ 3131.37 Mn in 2023.

Regional analysis
North America dominated the global market in 2023 and is expected to maintain its lead over the forecast period. This can be attributed to presence of major players and growing biopharmaceutical industry in the region. However, Asia Pacific recombinant protein market is projected to grow at fastest pace owing to increasing R&D expenditure, improving healthcare infrastructure, and expanding patient pool.

Key players operating in the recombinant protein market includes 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. These players are focusing on new product launches and research collaborations to strengthen their market share.