Protein Diagnostics Market is projected to exhibit a CAGR of 5.4% over forecast period 2023 to 2033, at an estimated worth of US$ 8.3 Billion | Future Market Insights, Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
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Future Market Insights Global and Consulting Pvt. Ltd.
The USA dominated the global market in 2022 and is expected to register a CAGR of 6.8% during the forecast period.According to the Division of Laboratory Systems (DLS) of the Centers for Disease Control and Prevention, the importance of clinical laboratories in today's healthcare system is demonstrated by the fact that 70% of medical choices made today are based on the results of laboratory tests. There is an increase in the number of laboratories in the USA.
NEWARK, Del, May 11, 2023 (GLOBE NEWSWIRE) -- As per Future Market Insights’ latest industry analysis, the valuation for the global Protein Diagnostics market was around US$ 4.7 Billion in 2022 and is projected to exhibit a CAGR growth of close to 5.4% over the forecast period, with an estimated valuation of US$ 8.3 Billion in 2033.
According to European Union 2020, medical diagnostic tests, with the aim of diagnosing a disease or verifying its presence, provide the basis of over 75% of clinical decisions. Early diagnosis is the process of using new and developing technologies to identify diseases sooner than expected. Early diagnosis is receiving a greater degree of attention in the medical community. Enhancing care quality, expediting treatment, and reducing costs, are already changing healthcare, and future results are anticipated to be even better.
Rapid technological advancements enable the early identification and diagnosis of diseases, shifting the focus of diagnostics from the disease state to a healthy life. Artificial Intelligence (AI) systems can help with a variety of tasks, including diagnosis and treatment, and have the potential to lower human errors. Visual pattern recognition software, whose early findings indicate similar accuracy as medical professionals, is a significant use of AI.
Governments all throughout the world have implemented various screening programs for their populations in higher-risk groups, placing a stronger emphasis on prevention. Breast, colon, and cervical cancer screenings are a few examples. Although these screening initiatives can be quite successful at identifying diseases earlier on, it is important to consider their psychological and financial effects as well.
Overall, these factors are contributing to the growth of the Protein Diagnostics market, and are expected to continue to drive demand for effective and innovative treatment options in the coming years.
Key Takeaways:
Reagent Kits are the leading segment of products among end users and held about 62.3% market share in 2022, the growing number of infectious diseases has led to their high adoption of reagent kits.
By sample, serum is the most compatible because it is an abundant source of protein, accessibility, and stability than other samples. The segment contributes 35.4% value share to the global market in 2022.
Disease diagnosis held the dominant market share of 85.0% among other applications in 2022, due to the recent rise of infectious diseases and hospital-acquired infections.
Turbidimetry held a market share of 76.3% in 2022, owing to the factor that it shortens the assay time by enabling faster binding of the antibodies and antigen
Hospital segment by end user accounted for a revenue share of 36.9% in the global market at the end of 2022. Hospitals are built to provide coordinated care across departments and specializations, which can be useful when many diagnostic tests are required to reach a diagnosis.
By region, North America is leading in the global Protein Diagnostics market and is expected to continue to do so with a projected CAGR rate of 6.7% during the forecasted years.
“Increasing adoption of protein diagnostic testing for the identification of underlying diseases and early detection of chronic disease are the key drivers of the Protein Diagnostics market,” says an analyst at Future Market Insights (FMI).
Market Competition:
To expand their market share, major players in the Protein Diagnostics industry are adopting various growth strategies, including acquisitions, mergers, collaborations, and partnerships. These companies are also focused on enhancing their sales efforts and developing innovative products by leveraging new technologies.
In October 2022, StoCastic, LLC, a premier artificial intelligence startup that delivers evidence-based decision support for hospital emergency departments (ED), has been acquired by Beckman Coulter Diagnostics.
Biognosys, a prominent provider of next-generation proteomics technologies for drug discovery and development, reported in April 2021 that it has engaged in a strategic partnership with Siemens Healthineers, a multinational medical technology business, through its clinical laboratory in Berkeley, California. Biognosys' expertise in unbiased biomarker discovery methods and solutions is combined with Siemens Healthineers' skills in biomarker assay development, laboratory testing, and commercialization.
Future Market Insights offers a unique perspective and actionable insights on the Protein Diagnostics market in its latest study, presenting a historical demand assessment of 2017 to 2022 and projections for 2023 to 2033. The global Protein Diagnostics market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader.
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.
