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Proteomics Market to Grow $38.74 billion by 2024 at a CAGR of 14.7%

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Proteomics Market to Grow $38.74 billion by 2024 at a CAGR of 14.7%

March 17
18:04 2020
Proteomics Market to Grow $38.74 billion by 2024 at a CAGR of 14.7%

Thermo Fisher Scientific, Inc. (US), Agilent Technologies, Inc. (US), GE Healthcare (US), Bio-Rad Laboratories, Inc. (US), Danaher Corporation (US) are some of major players.
The proteomics market is projected to reach $38.7 billion by 2024. Proteomics services market report provides market size, share, growth dynamics and crucial industry insights that will help your business grow.

An increase in the research activity, especially in the area of personalized medicine and drug discovery is the primary growth driver for this market. In addition, the increasing R&D expenditure by pharmaceutical and biotechnology companies, increasing government funding, and technological advancements are also propelling the growth of the proteomics market.

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MarketsandMarkets forecasts the Proteomics market to grow from USD 19.49 billion in 2019 to USD 38.74 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 14.7% during the forecast period.

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Among the instrumentation technologies used in proteomics, the protein fractionation segment is expected to grow at the highest CAGR during the forecast period. This growth is attributed to the benefits of effectively separating thousands of proteins in a complex structure and high resolution. The need for the analysis of complex mixtures comprising proteins is increasing in proteomics research; this serves to drive the market demand for protein fractionation systems.

The spectroscopy and protein microarrays segments are also expected to grow at high CAGRs during the forecast period. The spectroscopy segment is categorized into mass spectroscopy, NMR spectroscopy, and CD spectroscopy. The NMR spectroscopy market is expected to propel in the coming years with its use in structural proteomics. On the other hand, the protein microarrays segment is further segmented into biochips and microarray instruments. The protein chips market is expected to show growth with its increasing use in studying protein interactions with other ligands.

The clinical diagnostics segment accounted for the largest share of the proteomics market. This can be attributed to the increased understanding of the relevance of investigating and understanding patterns of protein expression for disease diagnostics and drug development. Moreover, proteomic technologies such as tandem MS and LC have proved to be efficient for the identification of proteins, even in highly complex biological fluids such as urine.

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North America to account for the largest market size during the forecast period.

North America is expected to hold the largest market size in the proteomics market during the forecast period, followed by the European region. The highest market share of North America can be attributed to the increasing investments in the development of structure-based drug designs, growing research in the fields of omics, rising demand for high-quality research tools for data reproducibility, and increasing focus on developing personalized therapeutics.

The presence of a large number of global players in this region is another key factor contributing to the large share of this market segment. On the other hand, the Asia Pacific market is expected to witness the highest growth during the forecast period, primarily due to the increasing investments by governments and industries, growing biotechnology research, and rising awareness on personalized therapeutics.

Leading Companies

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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