According to MarketsandMarkets™, Proteomics Market is projected to reach USD 55.9 billion by 2026 at a CAGR of 16.6%
Chicago, May 25, 2022 (GLOBE NEWSWIRE) -- Growth in the Proteomics Market is driven by the increase in research activity, especially in the area of personalized medicine and drug discovery. In addition, the increasing R&D expenditure by pharmaceutical and biotechnology companies, increasing government funding, and technological advancements are also propelling the market growth. However, the drawbacks related to data management and storage, the high cost of instruments, and the disconnect between biomarker discovery and their subsequent approval are some of the major market challenges of Proteomics Market.
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Rising prevalence of cancer and associated genetic disorders
In the past decade, several significant discoveries were made in the field of life sciences, completion of the sequencing of the human genome being one of them. The next significant biomedicine milestone was the characterization of human protein, which is a relatively new and extremely dynamic branch of science focused on the evaluation of gene expression at the proteome level. With limited research performed in proteomics to date, current proteomics is limited to deal with several issues such as protein identification, quantification, characterization of post-translational modification, structure and function elucidation, and description of possible interactions. However, with increasing research efforts, both monetary and technical, the field of proteomics is expected to incorporate technologies that can be applied to serum and tissue samples in order to extract important biological information in the form of biomarkers to aid clinicians and scientists in understanding the dynamic biology of their system of interest, such as patients with cancer.
The core proteomics services segment accounted for the largest share of the proteomics market, by product segment, in 2020
Based on service and software, the market is segmented into core proteomics services and bioinformatics software & services. In 2020, the core proteomics services segment accounted for the largest share in the global proteomics market. Core proteomics services form the basis of proteomics and are highly adopted at every stage of proteome analysis.
Clinical Diagnostics segment to register the largest share during the forecast period
Based on applications, the market is segmented into drug discovery, clinical diagnostics, and other applications. In 2020, the clinical diagnostics segment accounted for the largest share in the proteomics market. This can be attributed to the increased understanding of the relevance of investigating and understanding patterns of protein expression for disease diagnostics and drug development.
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North America is the largest regional market for proteomics market
The global market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. In 2020, North America accounted for the largest market share. This can be attributed to the increasing investments in the development of structure-based drug design, growing research in the field of omics, rising demand for high-quality research tools for data reproducibility, and increasing focus on developing personalized therapeutics. The presence of a large number of global players in this region is also supporting the growth of this market.
The major players operating in proteomics market are:
Thermo Fisher Scientific Inc. (US)
Bio-Rad Laboratories, Inc. (US)
Merck KGaA (Germany)
Agilent Technologies, Inc. (US)
Bruker Corporation (US)
Danaher Corporation (US)
GE Healthcare (US)
Merck KGaA (US) is a leading player across all the regions in proteomics market. Merck offers a wide range of proteomics solutions and services, such as assays, reagents, protein sample preparation services, detection and quantification kits, and other instruments through its Life Sciences business segment. The company operates in the US, Europe, the Asia Pacific, the Middle East, and Africa. Some of its major subsidiaries are Merck Millipore (US), EMD Pharmaceuticals Inc. (US), and Sigma-Aldrich Corporation (US). The company adopted expansion as a key strategy to strengthen its position globally and expand its product portfolio. For instance, in 2018, the company opened a new 3,800-square-meter laboratory in Singapore. This SGD bio-testing lab is the first of its kind outside of the US and the UK.
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