Number of pages: 100 | Report Format: PDF | Published date: July 18, 2022
Historical Years – 2018 & 2019 | Base Year – 2020 | Forecasted Years – 2021-2031
According to the deep-dive market assessment study conducted by Growth Plus Reports, the global proteomics market was pegged at US$ 21.7 billion in 2020 and is expected to register a revenue CAGR of 16.2% to reach US$ 116.24 billion by 2031.
Proteomics is a field of molecular biology that deals with the study of proteomes. It consists of the study of protein interaction, protein modification, analysis of metabolic pathways, rates of protein production, degradation, and steady-state abundance. Proteomics plays a critical role in early disease prognosis, diagnosis, and monitoring the disease development. Further, in drug discovery, proteomics helps in target identification and validation and in investigating the mechanisms of drug action or toxicity.
Growing applications of proteomics in the diagnosis of diseases, the rising demand for personalized medicines, and increasing proteomics research activities are some of the major factors expected to fuel market revenue growth. Moreover, technological advancements and increasing funding for research activities are some other factors propelling the global proteomics market revenue growth. However, the high cost of instruments and reagents is hindering the revenue growth of the proteomics market to a certain extent. Collaborations, partnerships, alliances, and agreements have become a priority in this area as it is a major challenge for companies to capture and develop all the required expertise encompassing all the aspects of proteomics. Realizing this companies with mass spectrometry expertise are increasing their collaborations with biochip companies. Furthermore, another key market driver is increasing demand for and research activities in personalized medicine.
The global proteomics market is analyzed from four perspectives: product & services, application, end user, and region.
Proteomics Market by Product & Services
Based on products & services, the proteomics market is segmented into instruments, reagents, and software & services. Instruments are further sub-segmented into spectroscopy, chromatography, protein microarrays, electrophoresis, X-ray crystallography, and other instruments.
The instruments segment accounts for the largest revenue share of the market. Instruments are used for determining the structure of proteins. Development and launches of technologically advanced instruments and increasing research studies on proteins during the drug development process have led to increasing adoption of the instruments.
Proteomics Market by Application
Based on application, the proteomics market is segmented into clinical diagnostics, drug discovery, and other applications.
The clinical diagnostics segment accounts for the largest revenue share of the proteomics market. Proteomics is being used by clinical researchers for identifying various disease biomarkers. These biomarkers help in disease prognosis, diagnosis, staging, and monitoring. It helps in identifying diagnostic or prognostic markers for a range of diseases such as cancer, and infectious diseases such as malaria and tuberculosis.
Proteomics Market by End User
Based on end-user, the proteomics market is segmented into hospitals, clinical laboratories, pharmaceutical companies, and other end users.
The pharmaceutical companies segment accounts for the largest revenue share of the proteomics market. Increasing research activities and the rising funding for the development of new drug molecules are some of the factors fueling the revenue growth of pharmaceutical companies.
Proteomics Market by Region
Based on region, the global proteomics market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW).
North America dominates the market for proteomics holding the largest revenue share. The major factors contributing to the revenue growth of the proteomics market in this region include the increasing number of R&D activities for developing new drug molecules, the rising funding for proteomics research, and the growing awareness for early diagnosis of diseases. Moreover, developed healthcare infrastructure and high healthcare expenditure are some of the other factors boosting the proteomics market revenue growth in this region.
The prominent players operating in the global proteomics market include:
The global proteomics market was valued at US$ 21.7 billion in 2020.
The global proteomics market is expected to reach US$ 116.24 billion by 2031.
The global proteomics market revenue growth is driven by the rising demand for personalized medicines and increasing proteomics research activities.
Thermo Fisher Scientific Inc., Merck KGaA, Agilent Technologies, Inc., Bio-Rad Laboratories, Inc., and General Electric Company are among the prominent players operating in the global proteomics market.
The expected revenue CAGR of the global proteomics market is 16.2% during the forecast period.
North America accounts for the largest revenue share of the global proteomics market.
*Insights on financial performance is subject to availability of information in public domain