by The global Protein Assays Market is estimated to be valued at US$ 2,364.77 Mn in 2023 and is expected to exhibit a CAGR of 8.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Protein assays are analytical procedures and techniques used to determine the concentration and purity of proteins in biological samples. These assays rely on reactions between proteins and detectable chemical reagents. Commonly used techniques include colorimetric protein assays, spectrophotometric protein assays, fluorescent protein assays, enzymatic assays, and others. Protein assays find wide applications in life science research, clinical diagnostics, drug development and quality control, and other areas to study protein function, regulation, and expression. The increasing focus on life science R&D activities and growing demand for customized protein assays are expected to drive the growth of the protein assays market over the forecast period.
Market key trends:
The rising prevalence of chronic diseases is propelling research related to biomarkers and drug development. This is increasing the demand for protein assays from pharmaceutical and biotechnology companies. Moreover, the growing proteomics market is fostering the need for protein quantification procedures, positively impacting the protein assays market. Technological advancements in protein assay tools allow high-throughput analysis, improved reproducibility, and sensitivity. This is encouraging end-users to adopt new generation protein assays.
Porter’s Analysis
Threat of new entrants: The protein assays market requires high R&D investment and resources to develop new products. The presence of stringent regulatory approvals also limits the threat of new entrants.
Bargaining power of buyers: The presence of numerous established players worldwide increases the bargaining power of buyers in this market.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to the availability of substitute products.
Threat of new substitutes: Innovation and technological advancements may lead to the development of new substitutes.
Competitive rivalry: The market is competitive in nature due to the presence of numerous global and regional players.
Key Takeaways
The global protein assays market size is expected to witness high growth, exhibiting CAGR of 8.8% over the forecast period 2023 to 2030, due to increasing research & development activities in proteomics and drug discovery.
North America is currently dominating the protein assays market. Growing biotechnology and pharmaceutical industries are driving the growth of the protein assays market in the region. Asia-Pacific is expected to be the fastest growing market during the forecast period attributed to rising R&D investments and healthcare expenditures in countries like China and India.
Key players operating in the protein assays market are Thermo Fisher Scientific Inc., GE Healthcare, Merck KGaA, Bio-Rad Laboratories, Inc., Lonza, Abcam plc, PerkinElmer Inc., Bio-Techne, BioVision Inc., Cell Signaling Technology, Inc., and Geno Technology Inc. Thermo Fisher Scientific Inc. and Merck KGaA hold majority market share owing to their diverse product portfolio and strong geographical presence worldwide.
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