The global proteomics market is expected to reach a market size of USD 57.57 Billion by 2027 and register a high CAGR during the forecast period, according to a new report by Reports and Data.
The proteomics market is witnessing increased revenue growth due to the growing popularity of personalized medicines, advancements in technology, and rise in research & development expenditure and initiatives. A key driving factor is the rising trend of personalized medicine. Biotechnology and pharmaceutical companies have over the years doubled their investment in R&D of personalized medicine. Advancement in proteomics technologies contributed to the development of personalized medicines by enabling detection of proteomics molecular diagnostics, protein biomarkers, pharmacoproteomics, and protein biochips. Personalized medicine is commonly used in cancer treatment.
High cost of proteomics equipment and lack of skilled workforce is a factor hampering growth of the market. However, growth in biomarker identification and advancements in mass spectrometry-based proteomics are expected to provide growth opportunities in the proteomics market. Development of efficient and advanced technologies, rise in genetic and birth disorders, increasing healthcare expenditure, and availability of funds from both public and private sectors will contribute significantly to growth of the market.
The COVID-19 impact: The COVID-19 pandemic has spurred growth of the proteomics market. Biopharmaceutical companies are investing significantly in research for the development of SARS-COV-2 vaccine. Researchers are identifying drugs for treatments by using separation and identification techniques to examine both new and existing drugs, which is driving growth of the proteomics market.
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For the purpose of this report, Reports and Data has segmented the global proteomics market on the basis of product, technology, application, and region:
Product Outlook (Revenue, USD Billion; 2017-2027)
Technology Outlook (Revenue, USD Billion; 2017-2027)
Application Outlook (Revenue, USD Billion; 2017-2027)
Regional Outlook (Revenue, USD Billion; 2017-2027)
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