by The protein sequencing market is estimated to be valued at US$ 1.9 billion in 2023 and is expected to exhibit a CAGR of 11.2% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Protein sequencing involves the process of determining the amino acid sequence or order in proteins. It plays a vital role in proteomics research as it helps to identify novel bio-markers, drug targets, and better understand disease mechanisms. The major technologies used for protein sequencing include Mass spectrometry, Edman degradation, and others. Such techniques are widely adopted in academic institutes, CROs, pharma companies and biotech firms to conduct proteomics research.
Market key trends:
The protein sequencing market is driven by increasing private and public investments in proteomic research activities globally. As per analysis, investments in proteomics increased from $253 million in 2009 to nearly $560 million in 2019. The growing interest and funding has accelerated the development of advanced techniques like mass spectrometry and enabled high throughput sequencing. Moreover, rising initiatives like the Human Proteome Project are focusing on mapping the entire human proteome which is further augmenting the adoption of protein sequencing technologies.
Porter’s Analysis
Threat of new entrants: Low capital requirements for new entrants pose a moderate threat. However, existing key players enjoy economies of scale and have well established supply chains.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and price sensitivity. However, specialized equipment and reagents limit their choices.
Bargaining power of suppliers: Suppliers of specialized reagents and equipment have significant bargaining power owing to few global players and differentiated products.
Threat of new substitutes: Threat from new substitutes is low as proteomics is an emerging field with no close substitutes currently available.
Competitive rivalry: Fierce competition exists between established global players to gain market share.
SWOT Analysis
Strengths: Established global distribution networks, technical expertise, brand recognition and economies of scale of key players.
Weaknesses: High dependency on few global suppliers of reagents and equipment restricts customization, technological limitations hinder high throughput processing and quantitation.
Opportunities: Increasing R&D investments in life sciences, growing focus on precision medicine and untapped markets in developing regions provide lucrative growth opportunities.
Threats: Stringent regulatory approvals and compliance, increasing pressure on prices due to commoditization of services pose major threats.
Key Takeaways
Global Protein Sequencing Market Size is expected to witness high growth, exhibiting CAGR of 11.2% over the forecast period, due to increasing focus on precision medicine.
North America dominated the market and accounted for over 35% of global revenue in 2023 owing to presence of major life science companies and growing adoption of proteomic tools by biotech and pharma industries in the region.
Key players operating in the protein sequencing market include Agilent Technologies, Thermo Fisher Scientific, SGS S.A., Shimadzu Corp, Waters Corp., Bio-Rad Laboratories, Bruker Corporation, Charles River Laboratories, Selvita, Rapid Novor Inc. Rapid Novor Inc. is focusing on expansion in Asia Pacific to tap the growing life science research in countries such as China and India. The company aims to achieve 25% of its total revenues from Asia by 2025 through collaborations with regional academia and contract research organizations.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
