Growth in this market is driven by increasing research activity in the area of personalized medicine and drug discovery, increasing R&D expenditure by the pharmaceutical and biotechnology sector, and rising government funding for proteomics. 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%.
By instrumentation technology, the spectroscopy segment is expected to account for the largest share of the proteomics market
The proteomics market, by instrumentation technology, is segmented into spectroscopy, chromatography, electrophoresis, protein microarrays, X-ray crystallography, surface plasmon resonance, and protein fractionation. The spectroscopy segment accounted for the largest market share in 2018. The ability of spectroscopy to quantify the complex structure of proteins on a large scale and its capability to integrate with other technologies for protein quantification make spectroscopy an indispensable tool in proteomics. This contributes to the large share of the segment.
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The use of immunoassay reagents is increasing with the rising need for precise protein identification
Based on reagent, the proteomics market is segmented into protein microarray reagents, spectroscopy reagents, X-ray crystallography reagents, chromatography reagents, electrophoresis reagents, immunoassay reagents, and protein fractionation reagents. The immunoassay reagents segment is estimated to account for the largest market share in 2018, mainly due to the ability to quickly and easily provide precise and accurate results for protein identification and separation, which form the initial steps for proteome analysis.
North America to dominate the proteomics market during the forecast period
In 2018, North America dominated the global proteomics market, followed by Europe. Increasing investments in the development of structure-based drug designs, growing academic and government investments in genomics and proteomics research, rising demand for high-quality research tools for data reproducibility, and rising focus of stakeholders on research projects involving proteins, associated biomolecules, and genes are the factors propelling the growth of the market in the region.
Prominent players in the proteomics market 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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