Protein Chip Market Players, Drivers, Trends, Size, Share, Growth and Opportunities by 2032
Protein Chip Market Highlights
The global protein chip market is driven by several factors, such as rising incidences and prevalence of cancer, developments in protein chip assays, and the increasing application of protein chips in infectious disease. There is an increasing prevalence of infectious diseases such as coronavirus, chickenpox, dengue, and diphtheria across the globe. There are numerous methods used to diagnose and treat infectious diseases in patients. The protein chip technology enhances the efficiency in diagnosing various diseases. It plays an increasingly important role in the discovery of diagnostic markers, vaccines, and therapeutics for infectious diseases. For instance, a protein chip is being used for displaying peptides and proteins representing antigens from SARS-CoV-2 as well as other coronaviruses.
Protein Chip Market Overview, and Analysis by Type, by Application, by End User, by Region - Forecast till 2030. Protein Chip Market Size was valued at USD 1.1 Billion in 2022. The protein chip market industry is projected to grow from USD 1.17 Billion in 2023 to USD 1.973 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.71% during the forecast period (2023 - 2032).
The players in the global protein chip market are focusing on new product development, partnerships, and acquisitions. For instance, in March 2022, Sengenics launched the i-Ome Protein Array Kit with KREX technology that will help researchers identify autoantibody biomarkers.
the global protein chip market is expected to grow significantly over the next decade due to rising demand for personalized diagnosis technology and increasing adoption of advanced technology in diagnostics. The analytical microarrays segment held a significant share of the market in 2020; however, functional protein microarrays are expected to grow at a higher rate during the forecast period. The antibody characterization segment held a significant share in 2020; however, diagnostics are expected to grow at a higher rate during the forecast period. North America dominated the market in terms of revenue in 2020; however, Asia-Pacific is expected to portray the highest CAGR during the forecast period.
Regional Analysis
North America is likely to dominate the market of protein chip, owing to the rise in the number of cancer patients and the well-developed healthcare infrastructure in the region. For instance, according to the Centers for Disease Control and Prevention, in the year 2019, a large number of cancer cases were reported in the US. Additionally according to Canadian Cancer Statistics, 2 in 5 Canadians are predicted to receive a cancer diagnosis during their lifetime, and 1 in 4 will die from the disease. These factors are fueling the expansion of the region's protein chip market.
Europe is likely to account for a significant market share in the protein chip due to increasing government initiatives and funding in genomic and proteomic research. For instance, in April 2022, the Danish National Genome Center partnered with Lifebit to deliver nationwide personalised medicine.
Asia-Pacific is projected to be the fastest-growing regional market during the forecast period due to factors such as high demand for protein chips in various diagnostic applications and a rise in the awareness of personalized medicine in the region. Similarly, the COVID-19 pandemic augmented the demand for protein chip technology across research laboratories and academic institutes throughout the region.
Furthermore, the growth of the market in the rest of the world is slower compared to the other regions due to the lack of healthcare infrastructure and limited research activities. However, the cost effectiveness of the protein chip technology is expected to drive the regional protein chip market.
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