Protein Assays Market size is projected to witness considerable growth during the forecast period of 2023-2032. They are one of the most widely used methods in life science research. It is essential to estimate the protein concentration in several application areas, such as protein purification, molecular & cell biology, and electrophoresis, among others, which might boost the usage of protein assays.
Protein research has received immense financial aid in the past few years to support researchers in different industry verticals to carry out protein testing. For example, in October 2022, a joint venture facility between Proteomics International and The University of Western Australia received a major funding boost of USD 1.3 million to help researchers conduct protein testing.
The joint venture carries out vital work in the environmental, medical, and agricultural testing of proteins. There is also a rising need to conduct a rapid diagnosis of multiple diseases, such as Alzheimer’s and cancer, which will subsequently drive the usage of protein assays in the future.
The growing incidence of cancer cases is predicted to boost protein assays market share during the forecast period. A wide range of protein assays are used to facilitate accurate diagnosis and treatment of different types of cancers. These assays include enzyme linked-immunosorbent assay (ELISA), flow cytometry, and immunohistochemistry (IHC), which will spur their adoption.
In March 2022, the U.S. FDA approved a promising therapy that can effectively treat prostate cancer in its advanced stages, called Lu-PSMA-617, which identifies the cancer cells and destroys them. Such approvals are expected to intensify research efforts in the development of protein assays.
Based on product, protein assays market size from the reagents segment is estimated to record a substantial CAGR up to 2032. The segmental expansion can be attributed to the product’s ability to facilitate fast and ready-to-use alterations and the growing repeat purchases of reagents.
Based on type, protein assays industry is divided into test strip-based assays, copper-ion based assays, dye-binding assays, and others. The market share from the dye-binding assays segment is anticipated to increase at a steady rate by 2032. One of the major benefits of using this type of assay is its ability to diagnose a wide variety of chronic diseases, including Alzheimer’s and cancer.
Based on application, global protein assays market value from the drug development segment will witness a strong increase by 2032. The segmental growth can be credited to the several uses of protein assays in different phases of pre-clinical & clinical trials, and the later stages of the drug development process.
Among them, biotechnology and pharmaceutical firms will spot lucrative growth opportunities in this industry over the coming years. The drug development process in the life science sector is witnessing several advancements, which may further accelerate the usage of protein assays.
North America protein assays industry value is projected to grow at a robust pace by 2032 as the region has a vast presence of well-known pharma companies. Also, factors, such as rising government efforts towards disease prevention, growing emphasis on research and development activities in the healthcare sector, and availability of advanced R&D centers will boost the regional market development.
Governments across the region are taking important steps to intensify the research and development efforts in creating new treatments and therapies for the healthcare sector. For instance, Canada’s Ministry of Health announced that it had received funds worth USD 7.3 million from the government to fortify the country’s public health research capacity. Such initiatives will improve the research efforts on the applications of protein assays.
Abcam plc, Bio-Rad Laboratories, BECTON, DICKINSON AND COMPANY, Cayman Chemical, BioVision, General Electric, Thermo Fisher Scientific Cell Signaling Technology, Merck KGaA, Oz Biosciences, Geno Technology, PROMEGA CORPORATION, and PerkinElmer, amongst others, are a few of the key companies operating in protein assays market.