The 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%.

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.

On the other hand, budget constraints for research in developing nations are expected to restrain market growth during the forecast period.

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On the basis of products & services, 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 analysis products/software segment is expected to register the highest growth rate in the protein sequencing products market during the forecast period. Advancements in sequencing technologies; the introduction of advanced instruments, software, and services for protein sequencing; growing sequencing procedures; and the development of bioinformatics solutions for improving computational capabilities for protein analysis are among the key factors driving the growth of the products market.

Based on applications, the protein sequencing market is segmented into biotherapeutics, genetic engineering, and other applications. The biotherapeutics segment is expected to account for the largest share of the protein sequencing market in 2018 owing to the advantages of the protein sequencing-based approach for preliminary drug development processes, technological advancements, and the rising demand for targeted drug therapy across the globe.

On the basis of region, 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). The Asia

Pacific market is estimated to grow at the highest CAGR during the forecast period. Asian countries, particularly China, India, and Japan, are expected to offer growth opportunities for players operating in the protein sequencing market owing to the growing proteomics research and increasing scale of life science projects funded by government and private bodies in these countries. Owing to the high-growth potential in the region, leading product manufacturers are undertaking strategic initiatives such as product launches, partnerships, agreements, collaborations, geographical expansions, and acquisitions to increase their presence in the protein sequencing market in this region.