Over the years, the proteomics market has created new opportunities in life science industries due to increasing usage of the technology in cancer drug development and personalised medicine. As per findings of Persistence Market Research (PMR), the global market for proteomics will witness stupendous expansion at a CAGR of 17% over the forecast period (2019-2029).
With growth projected to showcase over 5X expansion in revenues, the global proteomics market remains buoyed by advancements in high-throughput technologies that are constantly being used to investigate proteomes. As proteomics are widely used in diagnostics, prognostics, and various other healthcare applications, there has been increasing demand for proteomic techniques in disease diagnostics and drug development.
Key Takeaways of Proteomics Market Study
- The reagents and kits segment under component is expected to contribute more than 30% of revenue share in the proteomics market.
- In terms of technology, the protein fractionation systems segment is expected to grow twice its size by the end of 2029.
- Leading proteomics service provider companies are collaborating with local proteomics service providers as well as research institutes to strengthen their market position.
- North America is dominating the global proteomics market, while East Asia is expected to offer lucrative opportunities, owing to rapid increasing healthcare programs and industrialization in the region.
“Technological advancements in proteomic techniques and growing demand for proteomics research for drug development focussing on large-scale manufacturing of personalized medicine are bringing in new avenues for market development,” says a PMR analyst.
Potential Impact of COVID-19 on the Proteomics Market
The global outbreak of COVID-19 is indirectly affecting the proteomics market, as applications in pharmaceutical companies witness a downtrend. This is mainly due to hampered drug production and the preference of pharmaceutical companies toward the production of vital drugs that are needed now. On the other hand, the proteomics market will gain traction, as numerous proteomic labs across the U.S. and Europe are taking up the research of therapeutic methods for fighting the coronavirus, thus providing insights about the inclusion of proteomics in the vaccine for COVID-19. This factor is expected to partially subdue the shortcomings that the market will face in the foreseeable future, due to the pandemic.
Acquisitions and Partnerships - Key Strategies of Market Players
Key players in the proteomics market are focussed on improving their product portfolios though the launch of new products. For instance, in June 2019, Thermo Fisher Scientific, Inc launched New-Generation Benchtop Mass Spectrometer Advances Quantitative Proteomics and Translational Research. Manufacturers are also working toward getting new products approved by regulatory bodies and launching them at the earliest. Various players in the proteomics market are focusing on growth strategies such as acquisitions and partnerships. For example, in June 2019, Thermo Fisher Scientific, Inc announced a collaboration with Biognosys for Advance Plasma Quantitation Methods in Proteomics.
What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the proteomics market in its latest study, presenting historical demand assessment of 2014–2018 and projections for 2019–2029, on the basis of component (instruments, reagents and kits, core proteomics services, bioinformatics services, and quantitation services), technology (microarrays, X-Ray crystallography, spectroscopy, chromatography, protein fractionation systems, electrophoresis, and surface plasma resonance systems), application (drug discovery, clinical diagnosis, and cancer research), and end user (contract research organizations (CROs), research & academic institutions, and pharma & biotech companies), across seven key regions.
For additional insights on how the growth of the proteomics market will unfold over the next decade, write to the analyst at email@example.com
PMR’s Expertise in Life Sciences and Transformational Health
Our expert team of industry analysts comprising management graduates, medical professionals, engineers, and project managers provides insights on emerging therapy areas, diagnostic tools, medical devices and components, reimbursement and market access, biotechnology, and life science research products and services, to equip decision-makers with sound inputs and strategic recommendations. Click here to learn more about how we zero in on the critical aspects of this industry.