Market Trends of Asia-Pacific Proteomics Industry
This section covers the major market trends shaping the APAC Proteomics Market according to our research experts:
Drug Discovery Segment is Expected to Register a High Growth During the Forecast Period
In any drug discovery and development activity, proteins are the principal target; thus, protein analysis plays a very important role in drug discovery and development. The common application of protein analysis in drug discovery involves target identification and evaluation, identification of efficacy and toxicity biomarkers from readily accessible biological fluids, and investigations into drug action or toxicity mechanisms, among others. The segment is expected to grow significantly due to numerous ongoing drug discovery projects initiated by pharmaceutical companies around the world. For instance, in May 2022, Pfizer set up its first drug development center in India to encourage innovations at the global level.
Proteomics combines the aspects of biology, chemistry, engineering, and information science and applies them to all areas of drug discovery and enables scientists to screen large numbers of proteins within clinically distinct samples that help to discover disease biomarkers, identify and validate drug targets, design more effective drugs, assess drug efficacy and patient response in a very short period which not only accelerates the process but is also cost-saving which is necessary in the development of affordable drugs in present times.
Besides, company involvement in the market is propelling the segment's growth. For instance, in June 2022, Olink Holding AB announced that Pharma Foods International in Japan has initiated a partnership to use Olink technology to accelerate protein analysis services targeting Japanese customers. With such partnerships, the drug discovery process is taking a step ahead thus contributing to the segment's growth.
India is Expected to Hold Significant Share of the Proteomics Market
The proteomics market is expected to grow in India due to increased investment in R&D by biotechnology and pharmaceutical companies and increased government funding. Moreover, technological advancements in protein assay techniques and the rising prevalence of chronic and infectious diseases are expected to boost the market.
The healthcare industry in India has grown by about 10% in recent years due to factors such as changing demographics, which has led to increasing government investments in R&D, according to the India Brand Equity Foundation, 2021.
The country's rising prevalence of chronic and infectious diseases is expected to boost the market over the forecast period. According to the Global Cancer Observatory estimates, in 2020, there were an estimated 1,324,413 new cancer cases diagnosed and 851,678 cancer deaths in India, with 178,361 new breast cancer cases and almost 90,408 fatalities associated with breast cancer. The growing burden of cancer increases the demand for novel diagnoses based on protein technology, propelling the adoption of protein assays and thus driving the market.
Additionally, according to data from the Longitudinal Ageing Study in India (LASI) released by the Union Ministry of Family and Health Welfare on January 6, 2020, there is an increase in the incidence of cardiovascular diseases in elderly people. The report further stated that Goa is one of the states with higher incidence of around 60% which is further expected to boost the growth of the studied market in India.
