The size of the Protein Labelling Market in North America is valued at USD 0.74 billion in 2023. It is expected to grow at a CAGR of 13.56% to reach USD 1.41 billion by 2028. North America is the most lucrative region accounting for over 38% of the global revenue in 2022. The market is increasing at a CAGR of 13.56%. The most prominent players in the region are working on enhancing their portfolios on offer. The rise in the adoption of protein labeling in tandem with the development of genomic sequencing and personalized medicine are the major factors accounting for the region’s dominant position.
The North American market is witnessing several new product launches and improvements in existing technologies to accelerate demand growth. Growing adoption of bioengineering technologies, increasing health care awareness, and growing investments in R&D. Moreover, growing proteomics research is boosting the market growth.
Rising healthcare spending, coupled with increasing expenditure on research and development, is driving the market growth. The companies are focused on reducing the complexity of the protein labeling process by improving existing technologies. The industry sees an increase in new product launches and increasing adoption of bioengineering technologies to accelerate market growth. The evolution of the technology to produce advanced dyes that are quickly conjugated to particular peptides or nucleotides to detect their presence and the other purification process with greater precision is estimated to make the process more organized and positively impact the market. For example, the American Cancer Society, Inc. has estimated that approximately 1,865,420 new cancer cases and 709,830 cancer deaths will be diagnosed in the United States in 2020. However, reagents and kits used for antibody labelling or functional groups of proteins are expensive. Thus, its use is limited in some areas due to this barrier, and alternatives are used to diagnose chronic diseases, such as cancer. These procedures are performed only by qualified professionals.
However, irregularity in the procedure for protein labelling and strict government regulations are significant challenges in the North American protein labelling market. In addition, due to the lack of skilled professionals, the protein labelling market's growth is limited, which is a significant obstacle.
This research report on the North American protein labelling market has been segmented and sub-segmented into the following categories:
Geographically, North America is estimated to dominate the global protein labelling market, with a share of 38% in revenue in 2020. The presence of key players and the increase in genomics and proteomics research spending related to innovations in bioengineering technologies are the main drivers of the market in this region. In addition, the increasing adoption of personalized medicine and genomic sequencing is expected to contribute to its revenue growth during the forecast period. The North American countries of the United States (USA) and Canada have developed and well-structured healthcare systems. These systems also encourage research and development. Labelling of proteins as an area of research is also growing in this region due to its increasing variety of applications. These countries also have policies that promote this research. These policies uplift global players to launch into the United States and Canada. Therefore, these countries benefit from the presence of many players in the worldwide market. Besides, the increasing adoption of personalized medicine and genome sequencing is expected to contribute to the region's revenue growth during the forecast period.
KEY MARKET PLAYERS:
A few of the leading companies in the North American protein labelling market profiled in this report are Thermo Fisher Scientific, Inc., General Electric Company, Merck KGaA, Eurogentec S.A., PerkinElmer, Inc., F. Hoffmann-La Roche AG, New England Biolabs, Kaneka Corporation, Kirkegaard & Perry Laboratories, Promega Corporation, LI-COR, Inc. and SeraCare Life Sciences, Inc.
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