Proteomics Market Growth & Key Business Strategies
According to a new report published by Allied Market Research, the global proteomics market was valued at $21.12 Bn in 2019 and is projected to reach $49.97 Bn by 2027 at a CAGR of 12.2% from 2020 to 2027.
North America accounted for the largest share of the proteomics market in 2019 with nearly 39.0% of the total market due to the growing popularity and adoption of personalized medicine and favorable government funding and initiatives to develop new therapies. However, Asia-Pacific is expected to grow at a CAGR of 15.6% during the period 2019 to 2027, as the prevalence of chronic diseases increases and researchers' interest in using proteomics in disease diagnosis and treatment increases.
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Major drivers of the proteomics market include rise in popularity of personalized medicine, increase in research and development expenditure and technological advancements related to proteomics components. Furthermore, high costs associated with proteomics components and lack of skilled professionals hamper the market growth.
Proteomics has the potential to clarify questions not addressed by genomics, because proteins are the functional units of cells. Advances in technologies such as mass spectrometry and chromatography and the development of computer algorithms for database searching facilitate proteomics research. One of the biggest applications of proteomics is the analysis of target proteins for disease diagnosis.
The protein microarray segment in the proteomics instruments market accounted for the highest revenue in 2019 owing to the high adoption of this technology to track protein interactions in a shorter period of time compared to other technologies. Moreover, this method is labor-intensive and cost-effective. With the help of protein arrays, comprehensive information on DNA/RNA binding proteins can be provided.
Key Findings:
· Reagents segment generated the highest revenue in 2019 and is projected to grow at a CAGR of 11.7% during the forecast period.
· The instruments segment is forecast to grow at the highest CAGR throughout the period.
· Drug discovery dominated the global proteomics applications market in 2019, accounting for nearly 60.0% of the proteomics market size in 2019.
· In 2019, the US was the leading country, occupying the largest proteomics market share in North America.
The key companies profiled in the proteomics market report include Agilent Technologies Inc., Danaher Corporation, LI-COR, Inc., PerkinElmer, Inc., Thermo Fisher Scientific, Inc., HORIBA, Ltd., Bio-Rad Laboratories, Inc., Bruker Corporation, General Electric (GE), and Waters Corporation. The other players included in the value chain analysis (but not included in the report) are Becton, Dickinson and Company, Caprion Biosciences, and others.
