Proteomics Market Size to Reach $49.97 Bn, Globally, by 2027 at 12.2% CAGR

Allied Market Research

Rise in popularity of personalized medicines, growth in R&D expenditure, and technological advancements related to proteomics components drive the growth of the global proteomics market

PORTLAND, Ore., March 17, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Proteomics Market by Component (Instruments, Reagents, and Services) and Application (Drug Discovery, Disease Diagnosis, and Others): Global Opportunity Analysis and Industry Forecast, 2019-2027." The report offers a comprehensive analysis of top winning strategies, recent developments, market dynamics, key segments, and market players. According to the report, the global Proteomics Market Size garnered $21.12 billion in 2019 and is expected to reach $49.97 billion by 2027, registering a CAGR of 12.2% from 2020 to 2027.

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Key determinants in the market-

Rise in popularity of personalized medicines, growth in R&D expenditure, and technological advancements related to proteomics components drive the growth of the global proteomics market. However, lack of skilled professionals and high costs related to proteomics components restrain the growth. On the other hand, biomarker identification and advancements in mass spectrometry-based proteomics are expected to usher a plethora of opportunities in the near future.

Covid-19 Scenarios-

• Proteomics have significantly contributed to understand the profile of viral proteins that affect respiratory pathways. Processes such as MS-based detection and RT-PCR were used to detect SARS-CoV-2 in the patients.
• Moreover, during COVID-19 outbreak, proteomics has helped to reveal novel biomarkers and define point-of-care procedures.

The reagents segment to dominate throughout the forecast period-

Based on type, the reagents segment has accounted for more than three-fourths of the global proteomics market share in 2019 and will continue to lead by 2027. This is due to increased adoption of proteomics in diagnostic and medical industry. However, the instruments segment is expected to grow at the highest CAGR of 14.1% from 2020 to 2027, owing to unprecedented increase in R&D activities for the development of novel instruments that can be used for studying structure and functional roles of encoded proteins.