North America Proteomics Market - Segmented by Technology, Services, Application and by Geography - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

North America Proteomics Market - Segmented by Technology, Services, Application and by Geography - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The North America Proteomics Market is expected to register a CAGR of 12.5% during the forecast period. The major factors driving the growth of the market include rising demand for personalized medicine, increasing R&D expenditure and government funding for proteomics and technological advancements in proteomics.

Personalized medicine has become a core area of research in the healthcare industry and entered mainstream clinical practice and is changing the way many diseases are identified and treated. Furthermore, increasing investments in the development of structure-based drug designs, rising demand for high-quality research tools for data reproducibility, and increasing focus on developing personalized therapeutics.

According to the Pharmaceutical Research and Manufacturers of America (PhRMA), in 2018, the United States pharmaceutical industry invested around USD 79.6 billion on research and development which was increased from USD 71.4 billion in 2017. In addition, presence of key market players in North America region is another key factor contributing to the large share of this market segment.

Key Market TrendsDrug Discovery is Expected to Witness Healthy CAGR in Future

The identification of potential new drugs for the treatment of disease has been considered one of the most promising developments in the study of human genes and proteins. This depends on genome and proteome information for the identification of proteins, associated with a disease, which can then be used as targets for new drugs by computer software.

Furthermore, preclinical stages in the process of drug discovery need a multitude of genetic and biochemical assays in order to characterize the effects of drug candidates on cellular systems as well as model organisms.

Growing investment on research and development is also expected to drive market growth. For instance, according to the Organisation for Economic Co-operation and Development (OECD), in 2017, biotechnology companies in United States spent approximately USD 44,793 million annually in research and development.

This indicates the increasing investment in healthcare research and development which is expected to boost the market over the forecast period. Thus, owing to above mentioned factors it is expected to show significant growth over the forecast period.

Competitive Landscape

The North America Proteomics Market is highly competitive. Companies like Agilent Technologies, Inc., Bio-Rad Laboratories, Inc., Bruker Corporation, Danaher Corporation, GE Healthcare, Merck KGaA, Promega Corporation, Thermo Fisher Scientific, Inc., and Waters Corporation, among others, hold the substantial share in the proteomics market.

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