Growth in this market is driven by an increase in research activity (especially in the areas of personalized medicine and drug discovery). Other market drivers include increasing pharmaceutical and biotechnology R&D expenditure, government funding for proteomics, and technological advancements.
What the Market Looks Like?
The proteomics market is projected to reach USD 38.7 billion by 2024 from USD 19.5 billion in 2019, at a CAGR of 14.7%. The proteomics market in the Asia Pacific is expected to grow at the highest CAGR during the forecast period.
By product, the proteomics market is segmented by instrumentation technology, reagent, and services & software. The reagents segment is expected to account for the largest share of the market in 2018.
Based on the technology, the digital X-ray market is segmented into direct radiography and computed radiography. The direct radiography segment is projected to register the highest CAGR during the forecast period
Based on application, the proteomics market is segmented into drug discovery, clinical diagnostics, and other applications. The drug discovery segment is estimated to account for the largest market share in 2018. Proteomics technologies minimize the cost, time, and resource requirements of chemical synthesis and the biological testing of drugs.
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What Drives the Market?
The growth of the global market for Proteomics is primarily influenced by the following factors:
· Increasing Demand for Personalized Medicine
· Proteomics Bridges the Gap Between Genomics and Biochemistry
· Increasing Pharmaceutical and Biotechnology R&D Expenditure and Government Funding for Proteomics
· Technological Advancements
Geographical growth scenario of Proteomics Market
The proteomics market in the Asia Pacific is expected to grow at the highest CAGR during the forecast period. Growth in the Latin American life sciences research industry is primarily driven by growing proteomics research in the neurobiology, cancer, and infectious disease areas, and the rising use of advanced techniques in various areas, such as disease pathway determination, drug designing, and protein analysis.
Leading market players and strategies adopted
Prominent players in global the proteomics industry are Thermo Fisher Scientific, Inc. (US), Agilent Technologies, Inc. (US), GE Healthcare (US), Bio-Rad Laboratories, Inc. (US), Danaher Corporation (US), Luminex Corporation (US), Bruker Corporation (US), Merck KGaA (Germany), Waters Corporation (US), PerkinElmer, Inc. (US), Creative Proteomics (US), and Promega Corporation (US).
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