The increasing investments in synthetic biology and the growing focus on protein-based drug development by pharmaceutical and biotechnology companies. However, factors such as the high cost of instruments and laboratory documentation systems are expected to restrain the growth of this market during the forecast period.

Based on product & service, the market is segmented into instruments, consumables, and software & services. Instruments formed the largest product segment in this market owing to technological advancements and the high price of mass spectroscopy and crystallography instruments (as compared to consumables).

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The rational protein design segment accounted for the largest share of the market in 2019. The large share of this segment can be attributed to the increasing use and continuous upgrades of bioinformatics platforms and software for protein analysis.

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Based on end user, the market is segmented into biopharmaceutical companies, contract research organizations, and academic research institutes. The biopharmaceutical companies segment accounted for the largest share of the market in 2019.

This is because protein engineering products are widely used for drug discovery and development by biopharmaceutical companies, as they help in designing models to develop a broad range of protein-based drugs.

Factors such as the presence of well-established CROs, rising R&D expenditure, and the availability of the latest techniques and instruments for drug discovery research are responsible for the large share of the North American market. However, the Asia Pacific market is estimated to grow at the highest CAGR during the forecast period.

The major companies operating in the protein engineering market include Thermo Fisher Scientific (US), Danaher Corporation (US), Agilent Technologies (US), and Bio-Rad Laboratories (US).