Proteomics Market Size

Proteomics Market Size

Proteomics Market size was valued at USD 46.68 billion in 2022 and is expected to register around 10% CAGR between 2023 and 2032. The increasing research activity being conducted in the field of personalized medicine and in the pharmaceutical industry for drug discovery and development form the primary growth factors of the market expansion. Additionally, the increasing R&D expenditure by pharmaceutical and biotechnology companies, increasing government funding, and the technological advancement among analytical tools is propelling the market growth.

On the other hand, the high cost of the instruments may hinder the growth of the market to a certain extent. Proteomics involves the use of equipment such as X-ray crystallography, mass spectrometers, and high-throughput fields to conduct protein structure, expression, and crystallization studies. These processes lead to increase in the cost per sample testing. The rising cost of instruments may also impede the adoption in developing countries, thus limiting the growth of the market. Also, the drawbacks of data management and storage during bioinformatics analysis limits their adoption, inhibiting the market demand