Global Custom Recombinant Protein Production Services Market, by Expression System (Mammalian, Bacteria, Insect, Yeast, and Others), by End User (Research Institutes, Biotechnology and Pharmaceutical Companies, Contract Research Organizations, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 3,575.3 million in 2020 and is projected to exhibit a CAGR of 11.2% over the forecast period (2020 – 2027), as highlighted in a new report published by Coherent Market Insights.
Global Custom Recombinant Protein Production Services Market - Impact of Coronavirus (COVID-19) Pandemic
Following the COVID-19 outbreak in December 2019, the virus has spread to more than 100 countries across the globe and the World Health Organization has declared it a public health emergency. According to the World Health Organization’s report, the manifestation of coronavirus disease (COVID-19) has resulted in more than 29.6 million infected individuals worldwide as of September 2020. The COVID-19 pandemic has affected the global economy in three main ways; by directly affecting production and demand, by negatively impacting the supply chain and market disruption, and through its financial impact on firms and financial markets. Nationwide lockdowns in various countries such as Italy, Spain, U.K., the U.S., Australia, India, and others have disrupted daily life and activities.
Moreover, severe economic crisis and broken supply chain (due to Covid 19 lockdown) of bioprocessing industry is a major issue faced by bioprocessing companies in every country across the globe. The pandemic has negatively impacted the bioprocessing industry in terms of supply and demand of biologics. As a result, the global recombinant protein production services market growth is also expected to witness a slowdown.
The slowdown of pharma, biopharma, and biotech companies’ manufacturing processes have also impacted demand for recombinant protein production services.
Browse 37 Market Data Tables and 29 Figures spread through 190 Pages and in-depth TOC on ‘Custom Recombinant Protein Production Services Market’- Global Forecast to 2027, by Expression System (Mammalian, Bacteria, Insect, Yeast, and Others), by End User (Research Institutes, Biotechnology and Pharmaceutical Companies, Contract Research Organizations, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in the global custom recombinant protein production services market, click the link below:
The market players are focused on launching facilities to increase production capacity and expand their offerings and services, which is expected to boost the market growth. For instance, in February 2018, Lakepharma, Inc. established a new facility in Massachusetts to offer fully integrated contract development and manufacturing organization (CDMO) services, thereby providing end-to-end services to partners and clients. Similarly, in February 2018, Lakepharma, Inc. launched LakePharma MicroBiomanufacturing Center in Hopkinton, Massachusetts to enhance its ability to offer product development and manufacturing.
Moreover, increasing expenditure on research and development is expected to boost the market growth. For instance, according to the National Bureau of Statistics, February 2018, China’s expenditure on research and development increased by 11.6% in 2017 from 10.6% in 2016 reaching to US$ 280 Bn in 2017.
Furthermore, key players in the market are focused on adopting strategies such as collaborations and acquisitions to enhance their service offerings. For instance, in 2017, Eurofins acquired Villapharma Research SL based in Spain to expand its portfolio of services into comprehensive offering and further strengthen its service proposition for the pharmaceutical and biotech industries.
Key Takeaways of the Custom Recombinant Protein Production Services Market: