WELLESLEY, Mass, Oct. 01, 2018 (GLOBE NEWSWIRE) -- Rising demand and US Food and Drug Administration approvals of personalized medicines are major factors driving growth of the protein analysis market. Healthcare R&D spending also plays a significant role. A new BCC Research study projects that this market will reach $19.0 billion in 2023 and examines it by end use, instrumentation and reagents, services and industry type.
Analysis of the entire protein complement of a cell or organism under a given set of conditions is widely used in drug discovery and clinical diagnostics. Additionally, a growing aging population and significant uptick in lifestyle diseases are factors motivating the market. Protein analysis can act as a bridge for drug discovery, customized medicines and biomarkers. From $11.6 billion in 2018, a five-year compound annual growth rate of 10.4% is projected, according to BCC Research’s report Protein Analysis: Subfocus on Oncoproteomics.
Strict regulatory processes for approvals of protein analysis instruments have been one of the major market restraints. In addition, the high costs of these instruments affect their adoption in the industry. Both of these factors could have a negative effect on growth of the protein analysis market.
Research Highlights
- By end use, drug discovery and research accounts for the largest market share. Protein analysis has numerous applications in personalized medicine and the development of cancer biomarkers.
- Mass spectrometry dominates the instruments and reagents segment due to its popularity for handling complexities associated with the proteome. The market is divided into quantitative and laboratory services.
- Based on industry, pharmaceuticals account for the biggest market share. The adoption of protein analysis technology enables the validation and design of more effective drugs.
“National governments have been revising healthcare expenditures to account for increasing R&D. As a result, research institutes will be able to obtain more government funding,” said BCC Research analyst Anuj Pathak. “BGI (China), and the Institute of Bioinformatics and Lab Surgpath (both in India), are major research institutes promoting market growth in the Asia-Pacific region.”
Asia-Pacific Will Exhibit the Fastest Growth
On the basis of geography, the protein analysis market is segmented into North America, Asia-Pacific, Europe, and Rest of the World. During the forecast period, Asia-Pacific will be the fastest-growing region due to its increased protein analysis research activities. North America is still predicted to dominate the global protein analysis market due to high healthcare R&D spending and the growing demand for personalized medicines.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.