The global proteomics market is expected to reach over USD 24.8 billion by 2024 according to a new report by Grand View Research, Inc. The introduction of technology-enabled proteomics products is one of the high-impact rendering drivers for the proteomics 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 ionization 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 deadly cancers. It is difficult to cure these diseases as body responses vary from person to person; to overcome this problem, researcher from 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 organizations such as the Human Proteome Organization promotes the development of new techniques, technologies, and training pertaining to the field of proteomics. This is expected to propel the market growth over the forecast period.
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Further Key Findings From the Study Suggest:
- The reagents segment dominated the product segment in 2015 and is expected to witness a lucrative growth with a CAGR of over 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 CA27.29biomarkers for breast cancer, are the factors responsible for its large market share.
- The instruments segment is anticipated to show a significant growth over the forecast period. The major factor responsible for the growth is the rising demand for user-friendly, cost-effective, rapid, and accurate devices
- In 2014, the protein microarray segment occupied over45% of the market share 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 lesser 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 the factors responsible for its fastest growth.
- North America held the largest share of over 40% in 2015. The presence of favorable government initiatives and the growing adoption of personalized medicines are the key factors that can be attributed to the major revenue share in the market.
- Asia Pacific is expected to be the fastest growing with a share of over 12% in 2015.The growing prevalence of chronic diseases in the developing countries is a key factor responsible for the fastest growth in Asia Pacific.
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Grand View Research has segmented the proteomics market on the basis of product, technology, application, and region: