The Protein Assays Market is estimated to be valued at US$ 2,364.77 Mn in 2023 and is expected to exhibit a CAGR of 8.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Protein assays are techniques used to detect and quantify protein concentrations in biological samples. They help in studying the concentration, function, and activity of proteins involved in various cellular pathways. Protein assays play a key role in drug discovery and development, disease diagnostics, and personalized medicine by identifying molecular targets for disease treatment.
Market key trends:
One of the major trends propelling the growth of the protein assays market is increasing adoption of personalized medicine. Personalized medicine involves tailoring medical treatment to an individual patient based on their genetic profile and expected response to medications. It aims to provide right treatment at right time to the right patient. Protein assays help in developing personalized treatment regimens by analyzing the genetic makeup and protein expression patterns in patients. This is crucial for advancing precision medicine approaches andushering in an era of customized healthcare.Growing focus on developing targeted therapies and companion diagnostics is fueling the demand for protein assays across the world.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the protein assays market is moderate. High capital requirements for R&D and compliance with regulations pose a barrier.
Bargaining power of buyers: The bargaining power of buyers is high due to the availability of substitutes. Buyers can choose alternate protein detection methods according to their needs and budget.
Competitive rivalry: The competitive rivalry in the protein assays market is intense due to the presence of major global players. Companies compete on the basis of product innovation, quality, and pricing.
Threat of new substitutes: The threat of new substitutes is moderate. Alternative methods like ELISA, fluorescence, and chromatography are used for protein detection.
Bargaining power of suppliers: The bargaining power of suppliers is low due to the availability of numerous component suppliers in the market.
SWOT Analysis
Strengths: Presence of major global players, continuous innovations in product offerings, wide application in research and drug development.
Weaknesses: High capital investments in R&D, dependence on reagents and consumables businesses.
Opportunities: Emerging economies offer high market potential, surge in proteomics research, increasing healthcare expenditure.
Threats: Presence of alternative techniques, stringent regulations, pricing pressure.
Key Takeaways
The global Protein Assays Market is expected to witness high growth, exhibiting CAGR of 8.8% over the forecast period, due to increasing investments in proteomics research globally.
The Asia Pacific region is estimated to be the fastest growing market for protein assays during the forecast period owing to rising research activity, increasing healthcare expenditure, and growing biotechnology industry in China and India. North America dominated the global market in 2023 with the highest market share due to major players, technological advancements and funding for research in the region.
Key players operating in the protein assays market are Thermo Fisher Scientific Inc., GE Healthcare, Merck KGaA, Bio-Rad Laboratories, Inc., Lonza, Abcam plc, PerkinElmer Inc., Bio-Techne, BioVision Inc., Cell Signaling Technology, Inc., and Geno Technology Inc. Thermo Fisher Scientific Inc. and Merck KGaA together accounted for over 30% of the global market share in 2023. The key players have adopted strategies such as product launches, collaborations, and acquisitions to expand their market presence globally.
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