Protein Expression Market to Grow at a Stable rate during the Forecast Period
The protein expression market is expected to reach $3.0 billion by 2023, growing at a CAGR of 11.7% between 2017-2023. Key factors driving the growth of the market include increasing prevalence of chronic diseases, rise in the availability of funding for protein-based research, technological advancements, growing aging population and increasing growth in the life science sector.
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In terms of end user, the protein expression market is segmented into pharmaceutical and biotechnology companies, academic research institutes, contract research organizations and other users (primarily including; detergent manufacturers, leather industry, food processing industry, dairy industry, chemical industry, paper industry, bioplastic industry, breweries and cosmeceutical industry). Pharmaceutical and biotechnology companies were the largest end user of protein expression system and services, contributing 40.1% to the global market in 2016 due to the technological advancement in protein expression research and rising production of recombinant therapeutic proteins for disease treatment.
The major players in the protein expression market are entering into partnerships with other firms to gain a larger share in the market. For instance, in July 2017, LabCorp, a medical laboratory tests and services provider through a national network of primary clinical laboratories and specialty testing group laboratories, and Cancer Genetics, Inc. (CGI), DNA-based cancer diagnostics and services provider, signed agreements with Thermo Fisher Scientific to join the NGS Companion Dx Center of Excellence Program (COEP). As preferred partners, each laboratory will participate in oncology-focused clinical trials in collaboration with pharmaceutical companies and Thermo Fisher. The companies may also qualify for early access to Thermo Fisher's pipeline of novel platforms and assays to assist with development of Oncomine-branded solutions for clinical and biopharma applications.
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Some of the key players operating in the protein expression market include Thermo Fisher Scientific Inc., Merck KGaA, Genscript Biotech Corporation, Agilent Technologies, Inc., Promega Corporation, Bio-Rad Laboratories, Inc., Qiagen N.V., New England Biolabs Inc., and Lonza Group Ltd.
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