Market Trends of Global Protein Assays Industry
This section covers the major market trends shaping the Protein Assays Market according to our research experts:
Drug Discovery and Development Segment is Expected to Hold a Significant Share in the Protein Assay Market during the Forecast Period of the Study
Proteins are the primary target in any drug discovery and development activity; hence protein analysis is crucial in this process. Target identification and evaluation, identification of efficacy and toxicity biomarkers from readily accessible biological fluids, and investigations into mechanisms of drug action or toxicity are some of the common applications of protein analysis in drug discovery, which is expected to grow significantly due to a large number of ongoing drug discovery and development activities initiated by pharmaceutical companies around the world and boost growth in the drug discovery and development segment of the protein assays market.
Proteomics combines aspects of biology, chemistry, engineering, and information science and applies them to all areas of drug discovery, allowing scientists to screen large numbers of proteins within clinically distinct samples, allowing them to discover disease biomarkers, identify and validate drug targets, design more effective drugs, and assess drug efficacy and patient response in a very short period of time, which not only speeds up the procedure but also saves cost which is why protein assays are used widely in the drug discovery and development process. In addition, product launches and strategic activities by market participants, such as new investments, the establishment of new companies, collaborations, and others, are further expected to contribute to the segment's growth. For instance, in December 2021, Canopy Biosciences, a Bruker Company, launched assay kits for ChipCytometry. The Canopy assay kits will be used to quantitatively image dozens of targeted protein biomarkers simultaneously on a single tissue section at a single-cell spatial resolution which will streamline the user experience with ChipCytometry for a shorter pathway to meaningful biological advances. Therefore, due to the above mentioned factors, the drug discover and development segment is expected to hold a significant share in the protein assays market.
North America Region is Expected to Hold a Significant Share in the Protein Assay Market during the Forecast Period of the Study
By geography, the North American region (including the United States, Canada, and Mexico) is expected to hold a significant share in the protein assay market during the forecast period of the study owing to the presence of a large pharmaceutical market and high investment in the drug development and discovery initiative by some of the largest pharmaceutical companies that are located in the region coupled with the high prevalence of chronic diseases and presence of robust healthcare infrastructure in the region. For instance, according to the European Federation of Pharmaceutical Industries and Associations report of 2021, the North American market which includes the United States and Canada held the largest share in the global pharmaceutical market with 49%, ahead of Europe, China, and Japan. Thus, due to the high demand for pharmaceuticals in the region, the investment in drug discovery and development is significantly higher than in the other areas and this is expected to increase the demand for protein assays in the region which will drive growth in the studied market in North America over the forecast period of the study.
For instance, the research and development expenditure of Pfizer, Inc. which is headquartered in the United States, increased from USD 9,393 million in 2020 to USD 13,829 million as per the company's annual report. Similarly, as per the annual report of the Eli Lily and Company, their research and development expenditure increased to USD 7,025.9 million in 2021 from USD 6,085.7 million in 2020. These given data shows a increasing investment in the drug discovery and development initiatives as these are pharmaceutical companies that are engaged in various drug discovery and development processes and as protein assays are used extensively used in drug discovery and development procedures and thus, the protein assay market is expected to grow significantly in the United States. Further, the product launches, partnerships, and mergers and acquisitions will help the companies in expanding their product offering and footprints, thereby contributing to the lucrative growth of the market in the country. For instance, in March 2022, Sengenics launched an autoantibody profiling service - the 'Pan-Autoimmune Protein Array 1.0' for efficient identification and quantitation of autoantibody disease biomarker signatures. It is a protein microarray-based, multiplexed immunoassay which utilizes Sengenics' KREX protein folding technology and optimized computational analysis. Therefore, due to the aforementioned factors, the United States is expected to hold a significant market share in the protein assay market during the forecast period of the study.
