Proteomics market projected to reach US$24.8bn by 2024, says new report
Introduction of technology-enabled proteomics products will be a major driver for market growth
The global proteomics market is expected to exceed US$24.8bn by 2024, according to 'Proteomics Market Analysis by Product (Instruments, Reagents, Services), by Technology (Microarray, X-Ray Crystallography, Spectroscopy, Chromatography, Protein Fractionation Systems, Electrophoresis, Surface Plasma Resonance Systems), by Application (Drug Discovery, Clinical Diagnosis), and Segment Forecasts to 2024', a new report by Grand View Research.
The introduction of technology-enabled proteomics products is one of the high-impact rendering drivers for the market growth. These products find extensive applications in drug discovery, diagnostic services and many other research areas. The increasing market penetration of these technologies, such as ESI-LC-MS (electrospray ionisation liquid chromatography mass spectrometry), is expected to serve as a driver of this market.
Proteomics has become a powerful tool for treating various diseases such as diabetes, fatty liver, obesity and cancers. These diseases are difficult to cure as body responses vary from person to person. To overcome this problem, researchers from the Ecole Polytechnique Fédérale de Lausanne and ETH Zurich in Switzerland developed method to define metabolic differences between individuals. This is expected to drive the demand for proteomics over the forecast period.
The presence of organisations such as the Human Proteome Organization promotes the development of new techniques, technologies and training pertaining to the field of proteomics. This is also expected to boost market growth.
The study suggests that the reagents segment dominated the product segment in 2015 and is expected to witness a lucrative growth with a CAGR of more than 8.5%. Extensive usage of reagents for R&D activities and the introduction of novel biomarker-specific kits, such as Pro2PSA biomarker for prostate cancer and CA27.29 biomarkers for breast cancer, are the factors responsible for its large market share.
The instruments segment is expected to show significant growth over the forecast period, largely due to rising demand for user-friendly, cost-effective, rapid, and accurate devices.
In 2014, the protein microarray segment represented a share of more than 45% of the proteomics market, owing to the high usage rates of this technology. Microarray technology has the ability to track the protein interactions and performs chromatography and 2-Delectrophoresis in a comparatively shorter time.
The spectroscopy segment is one of the fastest growing segments of proteomics market. The introduction of novel technologies such as Orbitrap Mass spectroscopy and the increasing demand for rapid and accurate devices for complete analysis of proteins are responsible for its rapid growth.
North America accounted for more than 40% of the market in 2015, thanks to the presence of favorable government initiatives and the growing adoption of personalised medicines. Asia Pacific, which had a share of more than 12% in 2015, is expected to be the fastest growing geographical market due to the growing prevalence of chronic diseases in the developing countries.