July 13, 2024

Rising Government Funding Is Anticipated To Openup The New Avenue For Proteomics Market

Market Overview:

Proteomics refers to the large-scale study of proteins, particularly their structures and functions. Proteomics includes identifying and quantifying all the proteins present in a cell or tissue sample at a given time under certain physiological conditions. This includes their structure, function, expression levels, modifications, interactions, and localization. Proteomics helps in discovering the roles and mechanisms of different proteins in health and disease. Some key instruments used in proteomics include mass spectrometers, chromatography, protein electrophoresis, and bioinformatics. The applications of proteomics include drug discovery, biomarker discovery, and clinical diagnostics.

Market Dynamics:

Rising R&D investments in life science and biopharma industries is a major driver for the proteomics market. Increased funding for proteomics research is enabling discovery of improved therapeutics and biomarkers. For instance, the National Institutes of Health (NIH) budget for proteomics research increased from US$ 200 million in 2012 to US$ 250 million in 2019. Growing demand for personalized medicine is also fueling the adoption of proteomics techniques for developing targeted therapies. In addition, ongoing technological advancements such as automation, microfluidics, next-generation mass spectrometry are further expanding the scope of proteomics applications. However, the high costs associated with proteomics instruments and reagents may restrain market growth.

Segment Analysis

The proteomics market is segmented into instrument, reagents and consumables, and services. The reagents and consumables segment dominated the global proteomics market in 2021 and is expected to remain the largest segment over the forecast period. This is because proteomics experiments involve extensive usage of antibodies, reagents and assay kits for protein identification and quantification processes.

PEST Analysis

Political: Governments across the globe are increasing funding for proteomics research as the applications of proteomics include disease diagnosis, drug discovery and development of personalized medicine. This will drive market growth.

Economic: The global GDP growth along with increasing healthcare spending will drive the economic growth of proteomics market. Further, rising R&D investments by pharmaceutical and biotechnology companies augurs well for the market.

Social: Increasing prevalence of chronic and complex diseases like cancer is creating demand for better diagnostic methods and personalized medicines. This is increasing focus on proteomics research.

Technological: Continuous advancements in mass spectrometry, microarray technologies, bioinformatics tools and laboratory automation have increased throughput and productivity of proteomics workflows. This is supporting the adoption of proteomics in clinical research.

Key Takeaways

The Global Proteomics Market Demand is expected to witness high growth, exhibiting CAGR of 14% over the forecast period, due to increasing investments in biomedical research by pharmaceutical and biotechnology companies. The market size for 2023 is estimated to be US$ 36.8 Bn.

Regional analysis: North America dominates the global proteomics market and is expected to continue its dominance over the forecast period. This is attributed to presence of major proteomics companies, rising proteomics applications in drug development and increasing government funding for omics research in the US.

Key players: Key players operating in the proteomics market are Thermo Fisher Scientific, Inc. (US), Danaher Corporation (US), Merck KGaA (Germany), Agilent Technologies, Inc. (US), and Waters Corporation (US). These players are focusing on new product launches, partnerships, acquisitions and expansions to increase their market share in the proteomics market.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it