Market Trends of Protein Binding Assays Industry
The Drug Discovery Segment is Expected to Have a Significant Share in the Market During the Forecast Period
The drug discovery application segment in the protein binding assay market is witnessing robust growth and is poised to maintain this momentum during the forecast period. This growth is fueled by several factors, including increasing R&D expenditure, demand for high-throughput screening, and the growing biopharmaceutical industry.
Pharmaceutical and biotechnology companies invest heavily in research and development, particularly drug discovery. Protein binding assays play a crucial role in this process by enabling researchers to assess how drugs interact with target proteins. This is essential for identifying lead compounds, optimizing drug candidates, and boosting segment growth.
For instance, according to the data published by the International Federation of Pharmaceutical Manufacturers and Associations report published in January 2023, pharmaceutical research and development spending is estimated to be USD 213 billion by 2026 from USD 189 billion in 2022. This growing R&D spending is expected to increase drug developments and the need for protein-binding assays, which will likely propel market growth during the forecast period.
Also, establishing new development facilities is expected to increase the need for protein-binding assay products. For instance, in June 2024, Aurigene Pharmaceutical Services Limited unveiled its new 70,000 sq. ft. biologics facility in Genome Valley, Hyderabad, India. The facility is situated within this biocluster and is designed to meet clients' needs, providing process and analytical development services. It specializes in small-scale manufacturing of antibodies and other recombinant proteins, primarily targeting preclinical and early-phase clinical demands. These new facilities will raise the market for more protein-binding assay products, boosting segment growth during the forecast period.
Therefore, with growing R&D investments and spending and the establishment of new drug development facilities, the drug discovery segment is expected to grow significantly in the market during the forecast period.
North America is Expected to Have Significant Growth in the Market During the Forecast Period
North America has been experiencing significant growth in the market owing to factors such as robust healthcare infrastructure, substantial investments in research and development, and a supporting regulatory environment. In addition, the market of protein binding assays in North America is expected to continue expanding as new technologies emerge and the need for accurate drug development and testing intensifies.
The growing funding for research and development in biotechnology is expected to develop new products in the region. For instance, according to data published by the National Institutes of Health (NIH) in May 2024, the research funding for the biotechnology industry was reported to be USD 8,851 million in 2023, which is estimated to be USD 9,344 million by 2025 in the United States. This shows the growing research funding for biotechnology, which is expected to increase the development of new protein-binding assay products, thereby boosting the market growth during the forecast period in the region.
In addition, in October 2023, the Government of Canada declared its commitment to revitalizing the domestic biomanufacturing industry. Its goal is to enhance the production of safe and effective treatments for the nation's citizens. Hence, protein binding assays are necessary for safe and effective products, which is expected to increase the demand for protein binding assay products and boost the market growth in the region.
Also, the company's strategic activities in offering proteomics in which protein binding assays are widely used are expected to boost the market growth in the region. For instance, in November 2023, Momentum Biotechnologies rolled out a suite of new services, honing in on proteomics. Their expanded offerings encompass targeted and global proteomics, chemoproteomics, and comparative proteomics, all leveraging TMT-labelling protocols. Momentum has channeled substantial investments into hardware and automation.
Therefore, owing to the factors mentioned above, such as research funding and new proteomics service offerings, the growth of the market is anticipated in North America.
