Proteomics Market Size Expected to Reach Worth $49.97 Billion at a 12.2% CAGR by 2021 to 2027
Pune, Maharashtra, India, February 11 2021 (Wiredrelease) Allied Analytics –:Growth of the global proteomics market is driven by increased utility of proteomics in the diagnosis of diseases and identification of potential new drugs for the treatment of various diseases. Factors such as rise in focus of key players toward product development, surge in R&D expenditure on proteomics, increase in popularity for personalized medicines, and technological advancements in proteomics are expected to drive the proteomics market.
“Proteomics Market by Component and Application: Opportunity Analysis and Industry Forecast, 2019-2027,” the global proteomics market was valued at $21.12 billion in 2019, and is projected to reach $49.97 billion by 2027 at a CAGR of 12.2% from 2020 to 2027. Proteomics has the capacity to explain questions that were unsolved by genomics, as proteins are the functional unit of cells. Advancements in technologies such as mass spectrometry and chromatography and development of computer algorithms for database searching facilitate proteomics research. The analysis of target proteins for disease diagnosis is the largest application of proteomics.
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Rise in prominence of personalized medicine, surge in R&D expenditure, and technological advancements related to proteomics components facilitate the growth in the market. However, scarcity of skilled professionals and high costs related to proteomics components hinder the growth in the market. On the other hand, opportunities related to biomarker identification and advancements in mass spectrometry-based proteomics create new opportunities in the industry.
The key drivers of the market include increased R&D funding by leading players and government agencies, such as National Institutes of Health (NIH) and National Science Foundation (NSF), and technological advancements, such as development of dual mass analyzers (for instance LC/MS, GC/MS, FT-MS, and MALDI-TOF/TOF) and improvements in the liquid chromatography & gel electrophoresis procedures. Also, the increase in popularity of personalized medicines is set to propel the market. However, high cost of the instruments and dearth of skilled researchers hamper the market growth.
Protein microarray generated the highest revenue in 2019, owing to the high usage rates of this technology as it tracks protein interactions in lesser time as compared to other technologies. In the reagents segment, immunoassays generated the highest revenue in 2019 as these are extensively utilized in primary screening in drug discovery and microarray technologies. On the basis of applications, drug discovery accounted for the major share of the overall market in 2019.
The protein microarray segment generated the highest revenue in 2019 in the proteomics instruments market, owing to high usage of this technology to track protein interactions in lesser time as compared to other technologies. Moreover, this method is labor-intensive and cost-effective. With the help of protein array, the comprehensive information about the DNA/RNA binding proteins can be made available.
By reagents segment, immunoassays held the highest proteomics market share in the total market, as they are extensively utilized in primary screening in drug discovery and microarray technologies. On the basis of application, the drug discovery segment accounted for the majority market share in 2019, owing to increase in awareness of personalized medicines in both emerging and developed markets, thereby boosting the proteomics market growth in coming years.
North America held the largest proteomics market share of nearly 39.0% of the total market in 2019, due to increase in popularity and adoption of personalized medicines and favorable government funding & initiatives to develop novel therapeutics. However, Asia-Pacific is expected to grow at a CAGR of 15.6% from 2019 to 2027, owing to rise in prevalence of chronic diseases and increase in interest of researchers to utilize proteomics in disease diagnosis & treatment.
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Some of the key players operating in the proteomics market 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.
Frequently Asked Questions By Clients:
Question 1 :- Which are the top companies hold the market share in Proteomics Market?
Answer :- The top companies that hold the market share in Proteomics Market are Thermo Fisher Scientific, Bruker Corporation Inc., Agilent Technologies Inc., Waters Corporation, and PerkinElmer, Inc.
Question 2 :- What is the market value of Proteomics Market in 2020?
Answer :- The market value of Proteomics Market in 2020 was $22,303.06 Million
Question 3 :- What are the key trends in the Proteomics Market report?
Answer :- The key trends in the Proteomics Market are increase in popularity of personalized medicines and advances in proteomic technologies.
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