by The global Proteomics Market is estimated to be valued at US$ 36.8 Billion in 2023 and is expected to exhibit a CAGR Of 14% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Proteomics refers to the large-scale study of proteins. It involves the identification and quantification of proteins. Proteomics helps understand protein structures, functions, and pathways as well as interactions between proteins. Technologies used in proteomics such as mass spectrometry and 2-D electrophoresis help acquire both qualitative and quantitative information of thousands of proteins simultaneously. Due to its ability to analyze large number of proteins, proteomics plays a crucial role in biomedical research, drug discovery and development, disease diagnosis and biomarker identification.
Market key trends:
Mass spectrometry has emerged as a preeminent proteomics tool due to its accuracy, sensitivity and robustness. Recent advancements in the field of mass spectrometry such as miniaturization, automation, ultra-high resolution and ability to analyze complex protein mixtures is driving the adoption of mass spectrometry based proteomics. Additionally, integration of mass-spectrometry with other omics technologies including genomics and metabolomics is improving the ability to identify disease specific protein signatures and biomarkers. These developments are expected to contribute to the growth of the proteomics market during the forecast period.
Porter’s Analysis
Threat of New Entrants: The threat of new entrants is moderate owing to large investment requirements for R&D. However, government support and partnerships are lowering the barriers for new players.
Bargaining Power of Buyers: The bargaining power of buyers is moderate due to the availability of alternatives. However, specialized requirements give an advantage to global players.
Bargaining Power of Suppliers: The bargaining power of suppliers is low due to the availability of substitute raw materials and buyers having multiple options. However, suppliers may charge high costs for critical technology components.
Threat of New Substitutes: The threat of new substitutes is moderate with the emergence of new omics technologies like metabolomics and epigenomics. However, proteomics enables analysis of proteins specific to organs and tissues.
Competitive Rivalry: The rivalry is high among global players to gain market share through new product launches and acquisitions.
Key Takeaways
The Global Proteomics Market Demand is expected to witness high growth, exhibiting CAGR of 14% over the forecast period 2023 to 2030, due to rising demand for personalized medicines and drug development. The market size for 2023 is US$ 36.8 Bn.
North America dominates the proteomics market currently owing to presence of global players, rising R&D investments by pharmaceutical companies, and increasing government support for scientific research. Europe and Asia Pacific regions are also expected to grow significantly during the forecast period due to genomics research and growing biotechnology industry.
Key players operating in the proteomics market are Thermo Fisher Scientific, Inc. (US), Danaher Corporation (US), Merck KGaA (Germany), Agilent Technologies, Inc. (US), and Waters Corporation (US). The companies are focusing on new product innovations and expansions to gain competitive advantage in the market. For instance, in 2021 Thermo Fisher launched new mass spectrometry for clinical research in proteomics.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
