Protein Sequencing Market worth $1,088 million by 2023

(IT-NEWSWIRE.COM, April 03, 2020 ) The global protein sequencing market is projected to reach USD 1,088 million by 2023 from USD 925 million in 2018, at a CAGR of 3.3% during the forecast period.

Growth in the protein sequencing market is mainly driven by the increasing focus on target-based drug development by pharmaceutical and biotechnology companies, advancements in clinical mass spectrometry and analytical techniques, and increasing public-private financial support for proteomic research.

Protein sequencing services to dominate the overall protein sequencing product & service market in 2018

On the basis of product & service, the protein sequencing market is segmented into sample preparation products & services, protein sequencing products, and protein sequencing services. The market for protein sequencing products is further segmented into reagents & consumables, instruments, and analysis products/software. The reagents & consumables segment is expected to account for the largest share of the protein sequencing products market in 2018. Advancements in protein sequencing technologies and the growing number of sequencing procedures are the key factors driving the growth of the reagents & consumables segment.

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The biotherapeutics segment is expected to be the fastest-growing application segment in the protein sequencing market during the forecast period

On the basis of application, the protein sequencing market is segmented into biotherapeutics, genetic engineering, and other applications. The biotherapeutics segment is expected to register the highest growth rate during the forecast period. Growth in this segment can be attributed to the advantages of protein sequencing-based approaches for preliminary drug development processes, technological advancements that provide accurate protein sequencing through mass spectrometry, the rising demand for targeted drug therapy, and increasing antibiotic resistance of microbes.

North America to dominate the protein sequencing market in 2018

Geographically, the protein sequencing market is segmented into North America (US and Canada), Europe (Germany, France, the UK, and the Rest of Europe), Asia Pacific (China, Japan, India, and the Rest of Asia Pacific), and the Rest of the World (RoW). North America is expected to account for the largest share of the protein sequencing market in 2018, followed by Europe. The large share of North America can be attributed to the increasing application of protein sequencing in proteomic research, the development of protein sequencing data analysis solutions, and availability of research funding in the region.

Some of the prominent players in the protein sequencing market include Shimadzu (Japan), Thermo Fisher Scientific Inc. (US), SGS S.A. (Switzerland), Waters Corporation (US), Rapid Novor (Canada), Agilent Technologies (US), Charles River Laboratories (US) and Selvita (Poland).

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Protein Sequencing Market worth $1,088 million by 2023