Objectives of the Study:
# To define, describe, and forecast the protein binding assay market on the basis of technology, end user, and regions
# To provide detailed information about factors influencing market growth (drivers, restraints, opportunities, and industry-specific challenges)
# To strategically analyze the micromarkets with respect to individual growth trends, prospects, and contributions to the overall market
# To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players
# To forecast the size of the market segments with respect to four major regional segments, namely, North America, Europe, Asia Pacific, and the Rest of the World (RoW)
# To profile the key players in the market and comprehensively analyze their market positions and core competencies
# To track and analyze competitive developments such as partnerships, agreements, and joint ventures; mergers and acquisitions; product development; and research and development activities in the protein binding assay market
Major Industry Growth Drivers:
Rise in drug discovery activities
The global shortage of novel drugs and the demand for advanced drug therapies have both increased the focus on drug discovery. Most pharmaceutical and biotechnology companies are striving to cater to the demand for new drugs, leading to an increase in drug discovery activities. According to Statista, around 7,493 drugs entered the preclinical stage in 2017; this number is expected to reach 8,040 in 2018. This is translating into an increase in the total number of drug candidates being screened every year. Protein binding studies, carried out during the early stage of drug development, are a major part of the preclinical process.
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Growing pressure to reduce drug discovery and development costs
The discovery and development of a drug is a very cost-intensive process as it requires major investments in terms of capital, human resources, and technological expertise. It also requires strict adherence to regulations on testing and manufacturing standards before a new drug can be prescribed to the general population. Moreover, if the drug fails in the later stages of development, the entire investment is lost. Thus, to avoid such late-stage attritions in drug development, pharmaceutical companies are investing extensively in early stage, preclinical testing methods.
Projected Growth in Revenue Generation:
The protein binding assay market is projected to reach USD 425.7 million in 2023 from USD 231.3 million in 2017, at CAGR of 10.7% during the forecast period. The base year considered for the study is 2017, and the forecast for the market size is provided for the period between 2018 and 2023.
Target Audience:
# Government and academic institutes
# Protein binding assay providers
# R&D departments
# Contract research organizations
# Pharmaceutical & biotechnology companies
# Consulting firms
# Government associations
Geographical Growth Dynamics:
In 2018, North America is expected to account for the largest share of the global protein binding assay market, while Asia Pacific is expected to grow at the highest rate during the forecast period. The dominant share of the North American market is primarily due to its well-established pharmaceutical industry, the presence of leading pharmaceutical and biotechnology companies, and high R&D investments in this region.
Global Leaders & Growth Strategies Adopted by Them:
The key players operating in the protein binding assay market are Thermo Fisher Scientific (US), GE Healthcare (US), Danaher (US), and Merck (Germany). A majority of leading players in the protein binding assay market focus on both organic and inorganic growth strategies such as collaborations, partnerships, acquisitions, and agreements to maintain and enhance their market share in the protein binding assay market.
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