Proteomics Market by Product & Services (Instrument, Reagent, and Software & Services), Application (Clinical Diagnostics and Drug Discovery), End Users (Hospitals, Clinical Laboratories, and Pharmaceutical Companies) – Global Outlook & Forecast 2021-2031
According to the deep-dive market assessment study conducted by Growth+ Reports, the global proteomics market was pegged at ~US$ 21.7 billion in 2020. The market is expected to witness a CAGR of ~16.2% from 2021 to 2031.
Major factors attributing to the growth of proteomics market include the increasing fundings for research activities and growing application of proteomics in drug development as well diagnosis of diseases and monitoring. Moreover, the rising incidence of various diseases, the growing demand for personalized medicines, and the increasing proteomics research activities are some of the other factors playing a pivotal role in driving the proteomics market growth. However, high cost of instruments and reagents is hindering the growth proteomics market to a certain extent.
The growing incidence of various infectious diseases and cancer has also played an important role in driving the growth of the global proteomics market. The incidence of cancer is growing across the globe. According to the World Health Organization (WHO), cancer is the second leading cause of death across the globe. According to the American Institute of Cancer Research, about 25 million new cancer cases will be diagnosed each year by 2030. These statistics highlight the rising need for early diagnosis of cancer which can effectively be achieved by applying proteomics. Thus, the rising prevalence of cancer is anticipated to drive the growth of the proteomics market.
Among the different application areas of proteomics, drug discovery shall be presenting a rapid progress during the forecast period. With drying up pipeline for several disease conditions, there has been a never before need for identification of potential new molecules, which is also the most promising development in genomic and proteomic studies. Proteomics act as a important tool for understanding the nature of pathogens and therefore identification of targets for new drugs. Preclinical phases of drug trials require several assays to understand drug
viability which is also easily facilitated by genomics and proteomics. Considering this aspect several large pharmaceutical companies are now having proteomics-associated partners or in-house divisions. Common applications of proteomics in pharmaceuticals are toxicity testing, efficacy testing, identification and validation of targets and investigation of mechanism of action.
Growing funding for research and development activities in the field of proteomics is likely to propel the market growth. For instance, in February 2021, Nautilus Biotechnology entered into a definitive merger agreement with Arya Sciences Acquisition Corp III and they are expected to receive US$ 350 million to ramp up their work related to protein analysis technology for drug discovery and diagnostic applications. Such fundings are likely to boost the proteomics market growth during the forecast period.
Companies in the proteomics market are adopting various growth strategies such as entering collaborations or forming partnerships that enable them in supporting the development of new proteomics platforms. For instance, in May 2021, SomaLogic launched a SomaSignal Proteomics for Precision Medicine Initiative, the clinically focused partnership effort which aimed at equipping healthcare providers with the power of proteomic technology that help in making informed decisions at the point of care.
The instruments required for investigating the structure of the proteins or for studying protein interactions and modifications are quite complex and expensive. The development of these instruments and systems is costly. Thus, high cost of instruments is one of the factors hindering the growth of global proteomics market.
Regionally, the global proteomics market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). However, Asia Pacific region is expected to grow at a higher CAGR during the forecast period. Various factors driving the growth of the market in this region include the rising R&D activities for developing drugs, increasing private as well as government funding for proteomics research, and high prevalence of infectious diseases and cancer and growing application of proteomics in diagnosis of these diseases.
Some of the prominent players operating in the global proteomics market include Thermo Fisher Scientific Inc., Merck KGaA, Agilent Technologies, Inc., Bio-Rad Laboratories, Inc., General Electric Company, PerkinElmer Inc., Danaher, Illumina, Inc., QIAGEN, and Eurofins Scientific, among others.