According to FutureWise analysis, the market for protein sequencing is projected to expand at a CAGR of 3.3% from 2023-2031.
The increasing focus from pharmaceutical biotechnology companies towards target-based drug development is expanding the market growth. Advancements in analytical techniques and clinical mass spectrometry are also stimulating market growth. Besides, increasing financial support from public and private organizations for proteomics coupled with technological evolution for the identification of isobaric remnants in protein sequences are positively influencing the market as well.
The protein sequencing market is bifurcated into product and service, technology, application, end-user, and region. In terms of product and service, protein sequencing services are expected to be the front runner of the market. An increasing number of sequencing procedures alongside technological advancements remains the key factor driving the demand for protein sequencing products. Reagents and consumables are also expected to show notable growth owing to the rise in the number of sequencing procedures and advancements in protein sequencing technology.
Based on technology, mass spectrometry is expected to witness high growth owing to its benefits such as identification of modified proteins and cost-efficiency. Prominent players aiming towards the launch of technologically advanced spectrometry instruments are expanding the protein sequencing market size significantly.
In terms of application, biotherapeutics is expected to control the market growth owing to rising antibiotic resistance of microbes and increasing demand for targeted drug therapy. Technological advancements alongside the benefits of protein sequencing-based methods for drug development processes are positively influencing the market as well.
Academic institutes and research centers segment are expected to control the growth of the market. Academic institutes and research centres receive hefty funding from public and private organizations for proteomic research. They provide various protein sequencing services such as Edman degradation and mass spectrometry. It also overcomes the problem of budget constraints and a lack of infrastructure. Owing to these features there has been a soaring growth of academic institutes and research centres thus propelling the market.
Based on the region, North America is the global leader of the market. Increasing expenditure and research of major biotechnology and pharmaceutical companies is driving the market growth in the region. The rising focus towards structure-based drug design alongside an increase in proteomic research is boosting the presence of the market in the region. The development of protein sequencing data analysis solutions is stimulating the growth of the market in the region.