PORTLAND, Ore., Dec. 15, 2023 /PRNewswire/ -- Rise in prevalence of chronic disease such as cancer, diabetes, and cardiovascular disease, technological advancement in proteomics research, and increase in the number of key market players and the strategies they adopt drive the growth of the global protein assays market.
Allied Market Research published a report, titled, "Protein Assays Market by Product Type (Kits & Reagents and Instruments & Accessories), Technology (Absorbance Based Protein Assay, Colorimetric Based Protein Assay and Fluorometric Based Protein Assay) Application (Drug Discovery and Development and Disease Diagnosis), and End User (Pharmaceutical & Biotechnology Companies, Clinical Laboratories and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global protein assays market was valued at $2,377.93 million in 2022 and is estimated to reach $4,449.02 million by 2032, exhibiting a CAGR of 6.5% from 2023 to 2032.
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Prime determinants of growth
The increase in incidence of chronic disease is escalating demand for advance diagnostic measures and rise in the number of R&D activities in the field of proteomics acts as a key driving factor for the growth of the global protein assays market. However, the high cost associated with protein assays kits and lack of standardized protocols for protein assay are expected to hamper the growth of protein assays market. On the contrary, increase in demand for personalized medicine and technological advancement with ongoing R&D activities are expected to create immense opportunities for the expansion of the global market in the future.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2023-2032 |
Base Year | 2022 |
Market Size in 2022 | $2,377.93 million |
Market Size in 2032 | $4,449.02 million |
CAGR | 6.5 % |
No. of Pages in Report | 425 |
Segments covered | Product type, technology, application, end user and region. |
Drivers | Rise in prevalence of chronic disease Increase in funding for R&D activities |
Opportunities | Expansion of applications of protein assays |
Restraints | High cost associated with protein assays |
Economic Downturn Analysis: Impact of Recession in 2023 on the Protein Assays Market
- The healthcare industry, including pharmaceutical and biotechnology companies, typically demonstrates some level of delay in technological advancement, as the technological progress often relies on sustained research investments, which can be disrupted during recessions.
- In addition, the development of modern technologies or the improvement of existing protein assays platforms might have experienced delays. This delay could hinder the ability of the market to introduce more efficient, accurate, and user-friendly diagnostic tools, which could have otherwise contributed to market growth.
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The kits & reagents segment to maintain its leadership status throughout the forecast period
Based on product type, the kits & reagents segment held the highest market share in 2022, accounting for more than half of the global protein assays market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to increasing need for comprehensive drug discovery and disease diagnostic activities, technological advancements, and the expanding applications of protein assays in healthcare, research, and pharmaceutical industries. However, the instruments & accessories segment is projected to attain significant growth with a CAGR of 6.1% from 2023 to 2032, owing to technological advancements, increased demand for comprehensive diagnostic solutions, cost-efficiency, and the expanding applications in both clinical and research settings.
The absorbance-based protein assays segment to maintain its leadership status throughout the forecast period
Based on technology, the absorbance-based protein assays segment held the highest market share in 2022, accounting for more than two-fifths of the global protein assays market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to the advantages offered by absorbance-based protein assay technology such as it has a dynamic range, to detect a wide range of protein concentrations and are often cost-effective compared to other protein quantification methods, such as fluorescence-based assays. However, the colorimetric based protein assays segment is projected to attain a fastest CAGR of 6.2% from 202 to 2032, owing to availability of a large number of key market players that provide colorimetric based protein assay solutions.
The drug discovery and development segment to maintain its leadership status throughout the forecast period
Based on application, the drug discovery and development segment held the highest market share in 2022, accounting for more than three-fifths of the global protein assays market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to the growing focus on research fields such as drug discovery, genomics, and proteomics. However, the disease diagnosis segment is projected to attain a fastest CAGR of 6.1% from 202 to 2032, owing to rise in prevalence of cancer, diabetes, and neurodegenerative disorders, and an increase in utilization of protein assays for the early-stage detection of cancer.
The pharmaceutical and biotechnology companies' segment to maintain its leadership status throughout the forecast period
Based on end user, the pharmaceutical and biotechnology companies segment held the highest market share in 2022, accounting for more than two-fifths of the global protein assays market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to the fact that several pharmaceutical and biotechnology companies are actively involved in developing and marketing protein assays and the surge in demand for personalized medicine and easy availability of protein assay kits & reagents. However, the others segment is projected to attain a fastest CAGR of 6.3% from 2023 to 2032, owing to increase in the number of R&D activities in the field of protein assays, rapid adoption of protein assays to enhance disease modeling process and to understand biological processes.
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North America to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for less than half of the global protein assays market revenue. This is attributed to surge in prevalence of chronic disorders, rapid adoption of advanced diagnostic tools, well-defined regulatory framework and observation guidelines, sophisticated healthcare infrastructure, and strong presence of key players providing protein assays instruments and kits & reagents. However, the Asia-Pacific region is expected to witness the fastest CAGR of 7.4% from 2023 to 2032 and is likely to dominate the market during the forecast period, owing to high unmet needs, surge in geriatric population that increases the incidence rate of chronic disease and cancer, improving healthcare spending, lower cost of products and tests, and increase in the investment by the major companies in the developing countries.
Leading Market Players:
- Sartorius AG
- Agilent Technologies, Inc.
- Thermo Fisher Scientific Inc.
- Perkin Elmer Inc.
- Meril Life Sciences Pvt. Ltd.
- Abcam PLC
- Cell Signaling Technology
- Merck KGaA
- Bio-Rad Laboratories Inc
- Bio-Techne
The report provides a detailed analysis of these key players of the global protein assays market. These players have adopted different strategies such as product launch, acquisition, and partnership to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to highlight the competitive scenario.
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