The Protein Assays Market is estimated to be valued at US$ 2,364.77 Mn or Million 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.
Protein assays help in detection and quantification of proteins in biological samples like tissues, serum, plasma etc. Protein plays a vital role in various biological and disease processes, thus protein assay finds applications in biomedical research, drug discovery and clinical diagnostics. Common techniques used for protein assay include colorimetric assays, spectrophotometric assays and fluorescence-based assays.
The major drivers for the growth of protein assays market include increasing R&D funding and investments in life science research and drug development. Growing prevalence of chronic and infectious diseases is also boosting the demand for protein biomarkers and molecular diagnostics globally. Further, technological advancements in protein assays like microfluidic techniques and mass spectrometry are making the process more rapid, sensitive and cost-effective, thereby increasing their adoption rate. However, high costs associated with protein assays and requirement of skilled professionals may hamper the market growth.
Protein assays market is dominated by immunoassays segment. Immunoassays accounted for the largest share of the global protein assays market in 2022. Immunoassays are widely used in protein research activities due to their high sensitivity, selectivity and specificity. Advancements in immunoassays have further increased their adoption in the market. Development of novel immunoassay technologies such as enzyme-linked immunosorbent assay (ELISA) allows quick and precise detection of proteins which has driven their demand significantly over other assay types.
Political: The rules and regulations framed by regulatory bodies such as FDA for drug development and protein assay procedures in the research and development phases have positively impacted market growth.
Economic: The increasing expenditure on research and development by pharmaceutical and biotechnology companies to develop novel biologics and personalized medicines is driving the demand for protein assays from an economic perspective.
Social: Growing prevalence of chronic and lifestyle diseases worldwide has increased focus on development of accurate diagnostics and new drug entities, thus propelling the adoption of protein assays in research activities.
Technological: Technological advancements in assay procedures such as microfluidics-based immunoassays and mass spectrometry-based assays have enhanced speed, sensitivity and throughput of protein detection, expediting research procedures.
The global protein assays market size is expected to reach $xx.xx billion by 2030, expanding at a CAGR of 8.8% during the forecast period. Growing R&D investment made by pharmaceutical and biotech companies and increasing popularity of customized medicine are anticipated to boost the market growth.
North America captured over 35% share of the global protein assays industry in 2022 and is expected to witness significant growth over the next eight years. Presence of major market players along with advanced research infrastructure makes North America a dominant 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. Leading players are focusing on new product launches and acquisitions to strengthen their market position.