Protein Expression Market to Hit USD 4.82 Billion by 2029 with 7.1% CAGR
The global protein expression market growth forecasted to transform from USD 3.41 billion in 2024 to USD 4.82 billion by 2029, driven by a CAGR of 7.1%. Factors such as the rise in R&D within the pharmaceutical and biopharmaceutical industries owing to the increasing demand for biologics and the growing use of artificial intelligence and machine learning to enhance protein expression workflow, drive the growth of the protein expression market. Other factors such as the growing clinical activities outsourcing trend and an increasing shift toward personalized medicines support the growth of the protein expression market. Furthermore, advancements in synthetic protein production technologies and the growing use of recombinant proteins provide growth opportunities for companies operating in the protein expression market. However, the high cost of protein expression offerings and the dominance of small molecules in drug development are expected to restrain the growth of this market to a certain extent.
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Based on system type, the protein expression market is segmented into mammalian cell expression systems, prokaryotic expression systems, cell-free expression systems, yeast expression systems, insect cell expression systems, and algal-based expression systems. In 2023, the mammalian cell expression systems segment held the largest share of the global protein expression market, owing to the preference given to these systems to produce complex proteins such as monoclonal antibodies (mAbs), antibody-drug conjugates (ADCs), and vaccines. Among these systems, Chinese hamster ovary (CHO) cells are the most used due to their rapid growth and high protein expression capabilities.
The protein expression market has been segmented based on application into three segments, including industrial application, research application, and therapeutic applications. In 2023, the therapeutic application segment had the highest market share across the protein expression market. This segment of the application is growing because of the increasing cases of chronic diseases like diabetes, cardiovascular diseases, and neurological disorders that are supporting the demand for protein-based therapies such as mAb and vaccines. Moreover, the segmental growth is further supported by the increased focus on the production of personalized medicine through grants and funding support.
Based on offerings, the protein expression market is segmented into products and services. The products are segmented further into expression vectors, competent cells, reagents & kits, instruments, and software. In 2023, the protein expression market was dominated by the products segment. This large share can be attributed to the growing research alongside the rising approvals and commercialization of biologics, for example, antibodies. The reagents & kits sub-segment held the majority share under the products segment since the demand for reagents & kits persists in the sphere of research. This is because they need to be refilled periodically throughout the process of protein expression. Moreover, companies are launching innovative products for advanced protein expression workflows further supporting the growth prospects for the products segment.
Based on end users of protein expression products, the protein expression market is segmented into contract research organizations & contract development and manufacturing organizations (CROS and CDMOs), pharmaceutical and biotechnology companies, and academic & research institutes, and other end users. In 2023, the pharmaceutical and biotechnology companies held the largest share of the global protein expression product market, and this growth trend is expected to continue during the forecast period. The large share of this end-user segment is supported by the increase in the demand for therapeutic proteins and the rising approvals for recombinant therapeutic proteins for disease treatment.
The protein expression market is segmented into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa based on region. In 2023, North America held the largest share of the protein expression market, followed by Europe. The presence of major suppliers and key end users for the protein expression offerings in the region supports the large share of the North American protein expression market. Other drivers include growth in the biotechnology and pharmaceuticals industries, the growing prevalence of chronic disorders, and investments in the research and development of protein-based therapeutics research that contribute to furthering this large share of this market. North America is expected to dominate this space during the forecast period.
The protein expression market is highly consolidated. The top players in this market hold a significant share of the total market. Prominent market players include Thermo Fisher Scientific Inc. (US), Merck KGaA (Germany), Danaher Corporation (US), Sartorius AG (Germany), Agilent Technologies, Inc. (US), Bio-Rad Laboratories, Inc. (US), Takara Bio Inc. (Japan), GenScript (US), and Eurofins Scientific (Luxembourg). These companies have adopted various strategies such as the development of advanced products, partnerships, contracts, expansions, and acquisitions to strengthen their position in the protein expression market. The organic and inorganic strategies have helped the market players expand globally by providing advanced authentication and brand protection solutions. However, the high market consolidation acts as a barrier for new entrants in the market.
Thermo Fisher Scientific Inc. (US) is the largest player in the protein expression market offering a wide range of protein expression products and services, including expression systems and kits, expression vectors, competent cells, and instruments such as electroporators and MS systems. The company has a significant global footprint due to its robust sales and distribution network. Additionally, multiple production sites at various geographic locations give the company an edge over other players in the protein expression market. With the reduced demand for COVID-19 products, the company has shifted its focus toward strengthening its core business. The company acquired PPD in 2021 to enhance its clinical research capabilities, allowing it to maintain its leadership in vaccine and therapy development supporting its leadership in the protein expression market. Moreover, in June 2021, Thermo partnered with Advanced Electrophoresis Solutions Ltd. (AES) (Canada) to enhance therapeutic protein development by utilizing protein separation techniques. The company aims to expand its market presence by investing in R&D, which enhances its expertise in protein expression solutions and services, allowing it to offer innovative products and services to the market.
Merck KGaA (Germany) is a key player in the protein expression market. The company offers a wide range of protein expression solutions and services, such as assays, reagents, devices, software, protein sample preparation services, and detection & quantification kits, through its science & lab solutions subsegment under its life science business unit. With a strong geographic presence in over 120 countries, Merck KGaA focuses on expanding its customer base, particularly in the fast-growing Asia Pacific region, where it established life science centers in China, India, South Korea, and Singapore from 2021 to 2023. To maintain its market leadership, the company has made significant investments in research and development. For instance, in 2023, the company allocated USD 2.6 billion toward R&D to enhance its product offerings. Additionally, between 2022 and 2024, it expanded its manufacturing and research facilities in Germany, China, France, and Ireland. By prioritizing digitalization, automation, and process improvements, along with these strategic investments, the company seeks to further strengthen its global market presence and ensure sustainable growth.
Danaher Corporation (US) is a key player in the protein expression market owing to its strong product portfolio including reagents, kits, and instruments used throughout the protein expression process. The company leverages its strong geographic presence and advanced technological capabilities to maintain its position in the protein expression market. The company focuses on acquisitions, collaborations, and expansions, such as the 2022 acquisition of CEVEC Pharmaceuticals to support and improve its protein expression portfolio. In the same year, Danaher's subsidiary, Cytiva, collaborated with Nucleus Biologics to improve custom cell media development for cell and gene therapies. Moreover, in 2022, the company established its chromatography resins manufacturing facility in the US, supporting protein purification and analysis. In 2023, the company's Life Sciences segment saw a 1.5% sales increase, driven by a 4.0% price rise, higher core sales in life science research, and contributions from acquisitions. These strategic moves have helped Danaher become a dominant player in the protein expression market.
Agilent Technologies, Inc. (US) is a life science company offering various instruments, software, services, and consumables to support laboratory operations. Their extensive portfolio includes protein expression products such as competent cells, expression vectors, protein purification kits, and transfection tools. Agilent Technologies, Inc. has its primary R&D and manufacturing sites in the US, Australia, China, Denmark, Germany, India, Italy, Malaysia, Poland, Singapore, and the UK. The company utilizes direct sales channels as well as distributors, resellers, and electronic commerce to distribute its offerings. The company increased its R&D investments in the Life Sciences and Applied Markets segment by 1% from the previous year (2022), totalling USD 297 million in 2023. This funding helps develop new and innovative products and solutions to meet the changing needs of clients.
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Participants may access the call by dialing +1-800-717-1738 Conference ID: 28135 or via For those unable to participate on the live call, a podcast and copy of the slides will be archived for download at Interested parties may also access a replay of the call by dialing +1-888-660-6264 Passcode: 28135, until August 30, 2025. About CGI Founded in 1976, CGI is among the largest independent IT and business consulting services firms in the world. With 93,000 consultants and professionals across the globe, CGI delivers an end-to-end portfolio of capabilities, from strategic IT and business consulting to systems integration, managed IT and business process services and intellectual property solutions. CGI works with clients through a local relationship model complemented by a global delivery network that helps clients digitally transform their organizations and accelerate results. CGI Fiscal 2024 reported revenue is $14.68 billion and CGI shares are listed on the TSX (GIB.A) and the NYSE (GIB). Learn more at Forward-looking information and statements This press release contains "forward-looking information" within the meaning of Canadian securities laws and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and other applicable United States safe harbours. All such forward-looking information and statements are made and disclosed in reliance upon the safe harbour provisions of applicable Canadian and United States securities laws. Forward-looking information and statements include all information and statements regarding CGI's intentions, plans, expectations, beliefs, objectives, future performance, and strategy, as well as any other information or statements that relate to future events or circumstances and which do not directly and exclusively relate to historical facts. Forward-looking information and statements often but not always use words such as "believe", "estimate", "expect", "intend", "anticipate", "foresee", "plan", "predict", "project", "aim", "seek", "strive", "potential", "continue", "target", "may", "might", "could", "should", and similar expressions and variations thereof. These information and statements are based on our perception of historic trends, current conditions and expected future developments, as well as other assumptions, both general and specific, that we believe are appropriate in the circumstances. Such information and statements are, however, by their very nature, subject to inherent risks and uncertainties, of which many are beyond the control of CGI, and which give rise to the possibility that actual results could differ materially from our expectations expressed in, or implied by, such forward-looking information or forward-looking statements. These risks and uncertainties include but are not restricted to: risks related to the market such as the level of business activity of our clients, which is affected by economic and political conditions, additional external risks (such as pandemics, armed conflict, climate-related issues, inflation, tariffs and/or trade wars) and our ability to negotiate new contracts; risks related to our industry such as competition and our ability to develop and expand our services to address emerging business demands and technology trends (such as artificial intelligence), to penetrate new markets, and to protect our intellectual property rights; risks related to our business such as risks associated with our growth strategy, including the integration of new operations, financial and operational risks inherent in worldwide operations, legal and operational risks inherent in contracting with government clients, foreign exchange risks, income tax laws and other tax programs, the termination, modification, delay or suspension of our contractual agreements, our expectations regarding future revenue resulting from bookings and backlog, our ability to attract and retain qualified employees, to negotiate favourable contractual terms, to deliver our services and to collect receivables, to disclose, manage and implement environmental, social and governance (ESG) initiatives and standards, and to achieve ESG commitments and targets, including without limitation, our commitment to net-zero carbon emissions, as well as the reputational and financial risks attendant to cybersecurity breaches and other incidents, including through the use of artificial intelligence, and financial risks such as liquidity needs and requirements, maintenance of financial ratios, our ability to declare and pay dividends, interest rate fluctuations and changes in creditworthiness and credit ratings; as well as other risks identified or incorporated by reference in this press release, in CGI's annual and quarterly MD&A and in other documents that we make public, including our filings with the Canadian Securities Administrators (on SEDAR+ at and the U.S. Securities and Exchange Commission (on EDGAR at Unless otherwise stated, the forward-looking information and statements contained in this press release are made as of the date hereof and CGI disclaims any intention or obligation to publicly update or revise any forward-looking information or forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. While we believe that our assumptions on which these forward-looking information and forward-looking statements are based were reasonable as at the date of this press release, readers are cautioned not to place undue reliance on these forward-looking information or statements. Furthermore, readers are reminded that forward-looking information and statements are presented for the sole purpose of assisting investors and others in understanding our objectives, strategic priorities and business outlook as well as our anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes. Further information on the risks that could cause our actual results to differ significantly from our current expectations may be found in the section titled Risk Environment of CGI's annual and quarterly MD&A, which is incorporated by reference in this cautionary statement. We also caution readers that the above-mentioned risks and the risks disclosed in CGI's annual and quarterly MD&A and other documents and filings are not the only ones that could affect us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial could also have a material adverse effect on our financial position, financial performance, cash flows, business or reputation. Non-GAAP and other key performance measures Non-GAAP financial measures and ratios used in this press release: Constant currency revenue growth, adjusted earnings before interest and taxes, adjusted earnings before interest and taxes margin, adjusted net earnings, adjusted net earnings margin, adjusted diluted EPS, net debt, net debt to capitalization ratio, and return on invested capital (ROIC). CGI reports its financial results in accordance with IFRS Accounting Standards. However, management believes that these non-GAAP measures provide useful information to investors regarding the company's financial condition and results of operations as they provide additional measures of its performance. These measures do not have any standardized meaning prescribed by IFRS Accounting Standards and are therefore unlikely to be comparable to similar measures presented by other issuers and should be considered as supplemental in nature and not as a substitute for the related financial information prepared in accordance with IFRS Accounting Standards. Key performance measures used in this press release: cash provided by operating activities as a percentage of revenue, bookings, book-to-bill ratio, backlog, days sales outstanding (DSO), earnings before income taxes margin, and net earnings margin. Below are reconciliations to the most comparable IFRS Accounting Standards financial measures and ratios, as applicable. The descriptions of these non-GAAP measures and ratios and other key performance measures can be found on pages 3, 4, 5 and 6 of our Q3-F2025 MD&A which is posted on CGI's website, and filed with the Canadian Securities Administrators on SEDAR+ at and the U.S. Securities and Exchange Commission on EDGAR at Reconciliation between earnings before income taxes and adjusted earnings before interest and taxes. For the three months ended June 30, For the nine months ended June 30, 2025 % of revenue 2024 % of revenue 2025 % of revenue 2024 % of revenue In thousands of CAD except for percentage and shares data Earnings before income taxes 551,587 13.5 % 593,967 16.2 % 1,725,949 14.5 % 1,698,539 15.4 % Plus the following items: Restructuring, acquisition and related integration costs 83,695 2.0 % 100 — % 163,471 1.4 % 93,486 0.8 % Restructuring 45,547 1.1 % — — % 98,000 0.8 % — — % Cost Optimization Program — — % — — % — — % 91,063 0.8 % Acquisition and related integration costs 38,148 0.9 % 100 — % 65,471 0.6 % 2,423 — % Net finance costs 30,861 0.8 % 8,765 0.2 % 54,104 0.5 % 23,495 0.2 % Adjusted earnings before interest and taxes 666,143 16.3 % 602,832 16.4 % 1,943,524 16.3 % 1,815,520 16.5 % Adjusted Net Earnings and Earnings per Share For the three months ended June 30, For the nine months ended June 30, 2025 2024 Change 2025 2024 Change In thousands of CAD except for percentage and shares data Earnings before income taxes 551,587 593,967 (7.1 %) 1,725,949 1,698,539 1.6 % Add back: Restructuring, acquisition and related integration costs 83,695 100 163,471 93,486 Restructuring 45,547 — 98,000 — Cost Optimization Program — — — 91,063 Acquisition and related integration costs 38,148 100 65,471 2,423 Adjusted earnings before income taxes 635,282 594,067 6.9 % 1,889,420 1,792,025 5.4 % Income tax expense 142,975 153,843 (7.1 %) 449,019 441,747 1.6 % Effective tax rate 25.9 % 25.9 % 26.0 % 26.0 % Add back: Tax deduction on restructuring, acquisition and related integration costs 22,199 22 40,620 23,440 Impact on effective tax rate 0.1 % — % (0.1 %) — % Tax deduction on restructuring 12,397 — 26,741 — Impact on effective tax rate 0.1 % — % 0.1 % — % Tax deduction on Cost Optimization Program — — — 22,956 Impact on effective tax rate — % — % — % — % Tax deduction on acquisition and related integration costs 9,802 22 13,879 484 Impact on effective tax rate — % — % (0.2 %) — % Adjusted income tax expense 165,174 153,865 7.3 % 489,639 465,187 5.3 % Adjusted effective tax rate 26.0 % 25.9 % 25.9 % 26.0 % Adjusted net earnings 470,108 440,202 6.8 % 1,399,781 1,326,838 5.5 % Adjusted net earnings margin 11.5 % 12.0 % 11.8 % 12.0 % Weighted average number of shares outstanding Class A subordinate voting shares and Class B shares (multiple voting) (basic) 221,781,407 227,154,246 (2.4 %) 223,752,383 229,023,242 (2.3 %) Class A subordinate voting shares and Class B shares (multiple voting) (diluted) 224,356,551 230,540,966 (2.7 %) 226,568,058 232,607,988 (2.6 %) Adjusted earnings per share (in dollars) Basic 2.12 1.94 9.3 % 6.26 5.79 8.1 % Diluted 2.10 1.91 9.9 % 6.18 5.70 8.4 % Reconciliation between long-term debt and lease liabilities and net debt As at June 30, 2025 2024 In thousands of CAD except for percentages Reconciliation between long-term debt and lease liabilities 1 and net debt: Long-term debt and lease liabilities 1 4,244,106 3,045,603 Minus the following items: Cash and cash equivalents 1,130,220 1,155,400 Short-term investments 4,568 3,277 Long-term investments 27,676 23,840 Fair value of foreign currency derivative financial instruments related to debt (34,154) 9,125 Net debt 3,115,796 1,853,961 Net debt to capitalization ratio 23.4 % 17.2 % Return on invested capital 14.6 % 16.1 % Days sales outstanding 43 42 1 As at June 30, 2025, long-term debt and lease liabilities were $3,575.2 million ($2,437.5 million as at June 30, 2024) and $668.9 million ($608.1 million as at June 30, 2024), respectively, including their current portions. SOURCE CGI Inc. For more information: Investors: Kevin Linder, Senior Vice-President, Investor Relations [email protected], +1 905-973-8363; Media: Andrée-Anne Pelletier, APR, PRP, Manager, Global Media and Public Relations [email protected], +1 438-468-9118
