Industry Outlook
The global proteomics market held US$ 19.81 Bn in 2020 and expected to grow at compound annual growth rate (CAGR) of 10.4% during the forecast period from 2021 to 2029. The market is fueled by the growing importance of sensitive and accurate diagnosis offered by proteomics in personalized medicine. Detailed study of proteins provides superior understanding and opportunities for the development of drugs that can target disease pathways more efficiently. With the advent of new protein biomarkers during the disease prognosis and corresponding development of novel drugs for various chronic diseases have further strengthened the global proteomics market. Many researches have proved that proteomics analysis provide a deeper understanding of disease progression and mechanism as compared to genetic studies; hence, proteomics has proven to be gold standard in developing novel drugs for diseases such as cancer, cardiovascular diseases and neurodegenerative diseases. Supportive government funding and initiatives from the private research organizations for proteomics research, development in novel technologies such as mass spectrometry, chemoproteomics and growing focus of biopharmaceutical companies on novel drug discoveries have further assisted the growth of global proteomics market. However, stringent regulatory scenario, lack of qualified and skilled research infrastructure and high cost associated with proteomics studies are the major hindrance faced by the proteomics market.
"Growing Applications of Proteomics in Drug Discovery Pave the Future of Proteomics Market"
Better understanding of the proteome have led to the development of advanced sequencing methods and improved technologies that have assisted in the expansion proteomics application. Discovery of protein biomarkers have enabled the development of novel drugs. Biomarker based drug discovery is the main area of focus due to its efficiency in treating chronic diseases. Technological advancements in instrumentation and development of biochip devices will further create milestones in drug discovery and clinical diagnosis. Clinical diagnostics held the largest market in proteomics market in terms of application. Moreover, it is further projected to foresee lucrative growth during the forecast period due to development of cancer biomarker and other biomarkers in various diseases. Personalized medicine will assist the growth of drug discovery market during the forecast period.
"North America Dominated the Global Proteomics Market"
In 2020, North America held the largest regional market for global proteomics market owing to the domicile of major biotechnology and pharmaceutical companies carrying out proteomics research. Moreover, North America has been the spearhead in the development of novel drugs for the treatment of various chronic diseases such as cancer, neurological and cardiovascular diseases. U.S. held the lion’s share in North America due to substantial funding from the government bodies to foster the growth of proteomics research in drug discovery and clinical diagnostics. Europe held the second largest share in global proteomics market attributed to the significant government funding in the region. Furthermore, the region has been an early acceptor of novel diagnostics and drugs owing to growing prevalence of chronic diseases in the region. Asia Pacific is projected to exhibit highest growth rate during the forecast period owing to rigorous growth in biopharmaceutical R&D in China, South Korea and India. Outsourcing and foreign investments in the region further makes the region lucrative for proteomics research.
Market is studied in order to understand the current dynamics and future trends in the global proteomics market. The study includes market size and forecast for all considered segments presented in the report for the period from 2019 to 2029, along with respective compound annual growth rate (CAGRs) for the forecast period from 2021 to 2029, considering 2020 as the base year. The key players currently engaged in proteomics market include Bio-Rad Laboratories Inc., ThermoFisher Scientific, Waters Corporation, Merck KgaA, PerkinElmer Inc., Bruker Corporation, Caprion Proteomics Inc., GE Healthcare, and Shimadzu Biotech, among others. The companies are engaged in development of various reagents and technologies that assist the efficacy of proteomics research. Mergers & acquisitions of smaller biotechnology companies by biopharmaceutical giants is the major trend observed in the proteomics market.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Proteomics market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
ATTRIBUTE | DETAILS |
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Research Period | 2022-2032 |
Base Year | 2023 |
Forecast Period | 2024-2032 |
Historical Year | 2022 |
Unit | USD Million |
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report