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For the drug development & discovery process, recombinant proteins are being widely used owing to its advantage of protein expression in useful protein products. Dueto the increased prevalence of COVID-19 pandemic, researchers are using the recombinant protein products in the detection of COVID-19 and related virus. This has increased the potentiality of the market. Moreover, products such as recombinant enzymes, growth factors, cell check points are utilized in the research activities pertaining to cancer types. The above mentioned factors are responsible for the growth of the market during the forecast period.
The major factor driving the global recombinant proteins market is growing demand for recombinant proteins products for the use in advanced research, drug development & discovery etc. Additionally, rising prevalence of chronic disease have ultimately led to the increased adoption of recombinant proteins to launch therapeutically effective drugs in the market. These factors are responsible for the rising market trend during the projected period.
On the flip side, biopharmaceutical companies are undergoing challenges in receiving regulatory approval. This is likely to hinder the market growth.
Key Market Driver -
Increased R&D Expenditure for the Launch of Novel Therapeutic Products
Key Market Restraint -
Challenges in Regulatory Approval
By type, the market is segmented into hormones, growth factor, antibody, enzyme, and others. Based on application, the market is segmented into therapeutic and research. Based on end user, the global recombinant proteins market is classified as biopharmaceutical companies, academic & research institutes, and others.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The major companies in the global recombinant proteins market report includes Sigma Aldrich Company Ltd., Novoprotein Scientific, Thermo Fisher Scientific, Merck KGaA, Abcam PLC, Lonza, GenScript Biotech Corporation, ProSpec Tany TechnoGene, Ltd., and others.
The global recombinant proteins market has been segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. North America followed by Europe dominated the global recombinant proteins market in 2019, owing to the rise in R&D of the pharmaceutical & biotechnology industries. Additionally, growing consolidation between small and medium sized companies operating in recombinant proteins development is likely to surge the market growth in Asia Pacific. Moreover, increased sales of products in the use of R&D experiments is fostering the market growth in the Asia Pacific countries. Latin America and Middle East & Africa are projected to register a comparatively lower CAGR by the end of the forecast period.
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