Northbrook, IL 60062 -- (SBWIRE) -- 05/16/2022 -- MarketsandMarkets™ Research Report's View on Revenue Impact?

The Protein Characterization and Identification Market is projected to reach USD 23.9 billion by 2026 from USD 12.6 billion in 2021, at a CAGR of 13.7% during the forecast period.

Factors Responsible for Growth and In-Depth Analysis?

The Growth in protein characterization market can mainly be attributed to factors such as rising acceptance of personalized medicine, technological advancement and increased drug discovery & development activities.

The growing emphasis on drug discovery and development has favored the market for protein characterization and identification. Protein analysis is an important stage of pharma and biologic product development to identify potential candidates. Thus, the drive to discover new and advanced drugs has received a significant boost with the acceptance of novel drug therapies. The consequent increase in R&D and expenditure will therefore favor the protein identification and characterization market. According to the EvaluatePharma report, worldwide pharmaceutical R&D spending was valued at USD 136 billion in 2012; this increased to USD 186 billion in 2019.

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Leading Key Players and Analysis:

Thermo Fisher Scientific (US), Danaher Corporation (US), Merck KGaA (Germany), Agilent Technologies, Inc. (US), and Waters Corporation (US) are the prominent players operating in the protein characterization and identification market.

Thermo Fisher Scientific (US) is another major player in the market, owing to its extensive portfolio of analytical instruments. Thermo Fisher focuses on expanding its product portfolio by introducing new and advanced instruments for customers in various fields, such as biotechnology, pharmaceuticals, toxicology, and forensics. In 2020, the company launched new triple quadrupole LC-MS systems, Orbitrap 240 and Orbitrap 120 LC-MS systems. Thermo Fisher also engages in collaborations and agreements. For instance, in 2019, it collaborated with NX Prenatal Inc. (US) to develop clinical mass spectrometry-based proteomics assays to monitor fetal health during pregnancy and assess the risk of adverse outcomes.

Geographical Analysis in Detailed?

In 2020, North America accounted for the largest share of the protein characterization and identification market, followed by Europe. The large share of the North American regional segment can be attributed to availability of funds for innovative technologies from government organizations and the growing number of agreements and collaborations among large companies.

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Industry Segmentation:

The consumables segment accounted for the largest share of the protein characterization and identification market in 2020.

On the basis of product & service, the protein characterization and identification market is segmented into consumables, instruments, and services. The consumables segment is further divided into immunoassay consumables, mass spectrometry consumables, chromatography consumables, electrophoresis consumables, and other consumables. The instruments segment is further divided mass spectrometry instrument, chromatography instrument, electrophoresis instrument, label-free detection instrument, spectroscopy instrument, and other instruments. The services segment is further divided based on the applications such as drug discovery & development, clinical diagnosis, and other applications. The consumables segment dominated the market in 2020. The large share of this segment can be attributed to rapid availability of a wide range of reagents and the need for reliable, specific, and rapid detection of diseases at the early stages.

The drug discovery & development segment accounted for the largest share of the protein characterization and identification market in 2020.

Based on application, the global protein characterization and identification market is broadly categorized into drug discovery & development, clinical diagnosis, and other applications. The drug discovery & development segment accounted for the largest share in 2020 owing to rising R&D expenditure and increasing number of clinical trials for developing advanced therapeutics.

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