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Global Proteomics Market Analysis June 2016 Growth opportunities in a market in transition Growing demand for personalized medicine, and strong R&D investments in proteomics-based drug discovery projects has fueled the growth. Executive Summary The global proteomics market has shown strong growth, and is expected to exceed $15 billion by 2020 • • • • • Global market for Proteomics is forecast to exceed $15 billion by 2020, buoyed by growing demand for personalized medicine, and strong R&D investments in proteomics-based drug discovery projects. Fueled by the importance of accurate and sensitive diagnosis offered by proteomics in the area of personalized medicine, the market for proteomics is expected to register strong growth in the coming years. Detailed analysis of proteins provides better opportunities for the development of drugs that can target disease pathways more efficiently. The discovery of new protein biomarkers in disease development, and the corresponding development of novel drugs for cancer, cardiovascular, and neurodegenerative diseases have strengthened the market in recent years. Identification and characterization of proteins provides a deeper understanding of disease mechanisms when compared to genetic profiling. Funding support offered by government and private organizations for proteomics research, developments in mass spectrometry-based proteomic and chemoproteomic strategies, and increased focus of biotechnology and pharmaceutical companies on novel drug discovery methods, bode well for the global proteomics market. Despite the opportunities for growth, the market will continue to face challenges such as tough regulatory approvals, dearth of qualified and skilled research manpower, and high cost of proteomics instruments and equipment. The United States represents the largest market worldwide, followed by Europe. Emerging economies of Asia and Latin America are poised to fuel future growth in the market supported by socioeconomic growth, increased focus on biotechnological research, strong government support, and increased outsourcing of proteomics services to Asian countries. www.merkleandsears.com Global proteomics market growth ($ Billion) 2014 2015 2016 2017 2018 2019 2020 APAC proteomics market by Country (2015-2020) China Japan South Korea Taiwan India Australia Others 2 Executive Summary Strong growth curves ahead for many market segments • • • • • The US proteomics market benefits from the vast diversity and scale of operations of the academic sector. Further, ability of academics to reposition themselves into new groups in order to meet the scientific challenges in proteomics industry also proves beneficial for the industry. Proteomics research, being complementary to genomic approaches, has been witnessing increased integration with drug discovery market. Rising interest in integrated technologies is driving rapid expansion of bio-informatics and protein biochip technologies in Europe. The shift towards proteomics from genomics facilitates technological advancements, which are aimed at providing assistance to drug discovery researchers by offering enhanced throughput, resolution, and sensitivity, compared to conventional protein research tools. Over the next decade, better understanding of proteome will lead to the development of advanced sequencing methods and superior technologies that help expand application possibilities. Discovery of new biomarkers is expected to enable successful development of newer drugs. Technological improvements in instruments and workflow and miniaturization of biochip devices will create new milestones in diagnosis and drug development applications. Biomarker-based research will be a strong area of focus given the increasing importance of proteomics in novel drug discovery, design, and development. Major players covered in the report include Bio-Rad Laboratories Inc., ThermoFisher Scientific, Waters Corporation, Sigma-Aldrich Corporation, PerkinElmer Inc., Bruker Daltonics Inc., Caprion Proteomics Inc., GE Healthcare, and Shimadzu Biotech, among others. North American proteomics market by application Demand growth %, CAGR Aggregate 2020 demand U.S. xx xx xx Canada xx xx xx Mexico xx xx xx Rest of North America xx xx xx Market share breakdown, 2015 xx% xx% xx% 3 www.merkleandsears.com Market Analysis Two-dimensional electrophoresis continues to hog the limelight • • • • www.merkleandsears.com Steep growth curve ahead for the market C a p a c i t y • Two-dimensional electrophoresis (2DE) is one of the most cost-effective protein profiling technologies. Using this technology, the constituents of a protein sample can be entirely visualized in a single gel. The global economic recession affected the government research spending across the globe. However, it was a blessing in disguise for the 2DE industry as researchers were on the prowl for cheaper technologies in that cash-crunched climate. Participants in the market capitalized on the then prevailing situation to improve their revenues. The 2DE market is projected to grow at very high rate in the near term, as academic researchers – the main consumers of these products – are increasingly investing more in cheaper alternatives for protein expression studies, such as 2DE. End users are more likely to automate their existing 2DGE-MS process than invest in new technologies since the others have not been as successful on a wide range of samples. Sample preparation solutions can vary dramatically from each other. Companies therefore find it very difficult to come out with sample preparation kits that will effectively address the varied needs of the market. A large number of products are required to address this market, but each of these products will enjoy only a limited response due to the differing needs of customers. Sample preparation is a major challenge that the industry needs to overcome. It affects both the reproducibility and the resolution of the 2DE experiment which, in turn, influences the end results. As a result, many market players are increasingly focusing on determining the kinds of samples that are the most widely studied in the market. Following this, a feasibility analysis to check the financial viability of developing a sample preparation kit for such samples is conducted. This has helped these companies to more effectively fulfil varied sample requirements. Current market position Predicted strategic inflection point Time 2016 Market share breakdown, 2015 xx% xx% xx% 4 Market Analysis Growing adoption of integrated Liquid Chromatography systems • • • • • • • Increasing need to extract greater amounts of proteomic information is driving the adoption of Liquid Chromatography (LC). Interest and level of activity in the field of proteomics has remained high and will continue to increase because crucial information is mostly gathered from proteins. Researchers are still on the lookout for the product that will enable them to draw information accurately and efficiently. As the study of proteins gains importance in other industries and research markets, the demand for protein LC technologies is expected to continue growing. The superior capabilities of LC to analyze complex samples when coupled with mass spectrometry (MS) are propelling deployment of integrated LC systems. Manufacturers, recognizing the needs of researchers working on advanced analysis, are striving to offer technologies such as fully integrated LC-MS systems. These integrated solution systems are likely to provide researchers with sophisticated analysis tools offering higher ease of use. Sustained innovation is anticipated to further increase LC adoption. However, limited volume of protein samples has restricted the number of LC experiments conducted so far. In many proteomics research programs, protein sample availability restricts liquid chromatography (LC) experiments. Researchers are often unable to conduct the entire range of experiments desired since only small amounts of valuable protein samples are available. Answering numerous questions with limited sample is difficult. Moreover, with researchers often having to prioritize experiments, researchers are unable to conduct thorough studies. Global liquid chromatography market for protein studies $ Million 2014 2015 2016 2017 2018 2019 2020 Market share breakdown, 2015 xx% xx% xx% 5 www.merkleandsears.com Market Analysis Growing need for automated crystallization shaping the protein crystallography market • • • www.merkleandsears.com Steep growth curve ahead for the market C a p a c i t y • Increasing demand for high throughput protein crystallography has resulted increase in adoption of automated crystallization. The need to understand exactly how small molecules bind to their protein target is driving the demand for protein crystallography in drug discovery. A higher throughput protein crystallography process requires protein crystallization to also become high throughput and this is best achieved through automated crystallization. A number of large proteomic initiatives are being launched, increasing market opportunities for automated crystallization. Drug discovery initiatives have driven numerous technological advancements in structural proteomics. Pharmaceutical companies today acknowledge that structure discovery helps lead optimization. With rapid technology advances, structure-based design is set to become a preferred method for discovering new drugs. As an increasing number of companies discover the importance and significance of protein structure studies for drug discovery, more efforts are being made toward improving structural determination technologies. Market consolidation and industrialization along with the introduction of powerful integrated systems is changing research approaches. Besides automation, miniaturization of protein crystals and processes including purification is another big trend. Lack of experienced researchers has further fueled the demand for automated crystallization. Protein crystallization is a process that requires training, skill, and time. The number of trained researchers and people willing to commit to such a process has been decreasing. The surge in automation has addressed the worrisome dearth of protein-structure researchers. However, automation allows researchers with less experience and training to be involved in crystallization. This frees researchers, allowing them to focus on increasing productivity, reproducibility, and throughput. Current market position Predicted strategic inflection point Time 2016 Market share breakdown, 2015 xx% xx% xx% 6 Industry Analysis Global Industry Overview • • • Proteomic research inherently requires huge capital investments and historically, it has yielded poor revenues. Pharmaceutical companies have hesitated in adopting the proteomics technologies in their drug development pipeline as they have been wary of premium pricing. However, today public funding institutions are giving importance to this growing biological discipline next to comparative genomics. The proteomics market is considered an emerging area with immense potential. In fact, Governments and federal ministries in three major European countries, namely the United Kingdom, France and Germany, have allocated thematic priorities to nurture the growth of this market. This has resulted in greater industrialization of this field, which in turn, has boosted the confidence of companies to invest in this fast-paced and dynamic arena. Low return on investment that can dissuade potential entrants in proteomics technology markets has thus been offset by increasing public funding. The increasing relevance of protein-protein interactions and protein analytics in drug discovery as well as clinical diagnostics has highlighted the importance of proteome research. Technological advancements in protein separation technologies and two-dimensional gel electrophoresis are likely to usher in a ubiquitous approach to assess differential protein expressions. Maximum utility of expression proteomics tools in the target discovery phase of drug development is likely to trigger reliable separation and identification of low abundant proteins with poor expression levels. Moreover, the development of matrix-assisted laser desorption/ionization (MALDI) and electrospray ionization (ESI) technologies has enlarged the scope of building versatile mass spectrometers, considered the cornerstone of proteomics. The improved mass spectrometers are likely to have enhanced functionalities of automation and compatibility with other proteomics equipment. www.merkleandsears.com Global proteomics market $ Million 2014 2015 2016 2017 2018 2019 2020 Market share breakdown, 2015 xx% xx% xx% 7 Regional Analysis European proteomics market overview • • • • The European Union (EU) has become a popular hub for advanced research into proteomics. This can be attributed to the significant government funding at both the national level and from individual EU agencies. Moreover, Europe houses some of the largest pharmaceutical companies that are extending their support to research programs related to proteomics, either in-house or in collaboration with smaller firms. The primary goal of most of these pharmaceutical companies is to go beyond the realms of human genome sequencing and expand the list of identified proteins and genes, which will ultimately aid in understanding disease mechanisms and developing corresponding therapeutics. The high impact of emerging technologies such as proteomics is causing radical changes in the fields of drug discovery as well as clinical research and diagnostics. As a result, end users in the European life sciences arena are looking for a complete, integrated solution. The current trend in the European market has been the formation of broad partnerships, as the European commercial sector realizes that this is one of the best ways of maximizing opportunities in this area since smaller companies can affiliate themselves with larger, more recognized suppliers. Increased funding for research and sustained pharmaceutical and biotechnology industry interest in drug discovery is a major growth factor for the European proteomics market. Though proteomics is a critical technology for mass screening and post-translational modification of proteins, the European proteomics industry's progress is restricted by complications faced by organizations in sourcing adequate funding for various research initiatives. The relative higher cost of equipment and software in the European market has enhanced the importance of funding to huge extent. European proteomics market $ Million 2014 2015 2016 2017 2018 2019 2020 Market share breakdown, 2015 xx% xx% xx% 8 www.merkleandsears.com Country Analysis Government support has fueled the growth in Australian market • • • • • Growing focus on research has driven the growth in proteomics market in Australia. Extensive research in proteomics is promising cures for previously untreatable diseases. With the Government assisting by providing additional tax concessions, the spending on research and development (R&D) is likely to increase by 58.0 percent in 2016. As a result, more than 300 biotechnology companies focusing on proteomics applications have set up operations in Australia to take advantage of this favorable environment. Drug discovery companies are also likely to have ample opportunities to slightly modify the lead compound in order to screen and exclude patients of a certain genotype who are more prone to developing certain side effects from clinical trials. Australian research companies are increasingly entering into collaborations with Venture Capitalists for funds. Compared to Western countries, most of the Australian biotech companies are start-up undertakings that are in need of capital to support their research. However, venture capitalists (VCs) have been hesitant to provide funds since these companies have few products in the final stages of drug discovery and have to wait for around ten years for their products to complete clinical trials before releasing them into the market. The long gestation period and the low market awareness on the potential of biotech products have led to insufficient funding of the biotech ventures in Australia as investors perceive them as being too risky. However, the Australian government and the top research companies have helped the VCs to understand the commercial viability of their projects and the time required to market them. Their efforts have begun to bore fruits as the market has witnessed growing entries from several major international VCs in the recent years. www.merkleandsears.com VC funding in Australian proteomics market $ Million 2014 2015 2016 2017 2018 2019 2020 Market share breakdown, 2015 xx% xx% xx% 9 Growing Diabetic Population – A Key Growth Driver Prevalence of Diabetes in Million (2005 – 2015) Growing base of diabetic population and the acute need for their quality care and treatment is boosting the adoption of proteomics technologies in the stem cell research activities Million Million Million 25 30 25 20 15 10 5 0 U.S. 25 20 20 15 15 10 10 5 5 0 0 Canada Brazil Mexico Argentina Russia Turkey Peru Venezuela Chile Czech Republic Hungary Million Million 25 140 New Zealand Netherlands 120 Hong Kong Sweden 100 Belgium 20 Switzerland 15 Portugal Austria 10 U.K Spain 5 France Italy 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Poland Germany Taiwan Thailand Philippines 80 Australia 60 Malaysia 40 Indonesia 20 South Korea Japan 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 China India 10 www.merkleandsears.com Competition Analysis Fourteen players identified as candidates for benchmarking as 'Large Competition' given industry spread Frequency across market segments 6 xxxx xxxx xxxx 4 xxxx xxxx xxxx xxxx xxxx xxxx 2 xxxx 0 xxxx xxxx xxxx xxxx Prominent players (2) Emerging players (4) 0 1 2 3 4 5 6 Frequency across Regions Fourteen players defining the industry benchmark in 2015 11 www.merkleandsears.com Thank you www.merkleandsears.com