Europe Proteomics Market Size

Europe Proteomics Market Analysis

In the base year, the Europe proteomics market was worth USD 5,356 million. By the end of the forecast period, it is expected to record a CAGR of 12.4% which is worth USD 10,793 million.

The COVID-19 pandemic turned the spotlight on proteomic studies, and thus, it is expected to drive the studied market growth during the present crisis. According to an article published in the International Journal of Molecular Sciences in March 2022, it has been observed that omics-based technologies were largely adopted during the COVID-19 pandemic. The omic technology could be applied at every level of application, from the detection of mutations, methods of diagnosis or monitoring, drug target discovery, and vaccine generation, to the basic definition of the pathophysiological processes and the biochemical mechanisms behind the infection and spread of SARS-CoV-2. Proteomics aids in the identification of novel biomarkers of the SARS-CoV-2 virus and thus provides effective opportunities for point-of-care clinical healthcare delivery in the most cost-effective manner. Thus, the wide application of proteomics in developing therapeutics for coronavirus has impacted market growth during a pandemic. Moreover, the rising adoption of proteomics technology by pharmaceutical companies and the increasing demand for personalized medicines also increased market growth and are expected to continue over the forecast period.

Factors such as the rising demand for personalized medicine, increasing research and expenditure, and government funding for proteomics, as well as technological advancements, are boosting the market's growth.

Proteomics has received great attention over the last decade, particularly in the fields of diagnosis, drug research, and drug development. It has various applications, ranging from the identification of proteins to the purification and separation of the proteins to study their nature and properties. It has numerous applications in identifying protein-related disorders or diseases in the body.Thus, it is evolving into an important tool in the field of life sciences.

Furthermore, increasing demand for personalized medicine in Europe, along with the presence of key market players such as Merck KGaA, is expected to boost regional growth. Also, positive support from the local authorities in Europe and initiatives by research organizations to advance proteomics technologies such as chemoproteomics and spectrometry are expected to further fuel market growth. For example, Biognosys, a Swiss company, will launch Spectronaut 16 and present major scientific and technological advances of its proprietary proteomics research services at the American Society for Mass Spectrometry (ASMS) Annual Conference in May 2022.

Similarly, in February 2021, the international metaproteomics community launched the Metaproteomics Initiative to promote the dissemination of metaproteomics fundamentals, advancements, and applications through collaborative networking in microbiome research.

Therefore, owing to the aforementioned factors, the studied market is expected to grow over the forecast period. The high cost of instruments, on the other hand, is likely to slow the growth of the proteomics market in Europe over the next few years.