Market Overview:
Western blotting is an analytical technique used to detect specific proteins in a sample of tissue homogenate or extract. It uses gel electrophoresis to separate native or denatured proteins by the length of the polypeptide. The separated proteins are then transferred to a membrane where they are stained with antibodies specific to the target protein. It has wide applications in biomedical research including protein identification, post-translational modification studies, protein-protein interaction studies and disease diagnostics research.
The Western Blotting Market is estimated to be valued at US$ 759.5 Mn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Surge in pharmaceutical and biotechnology R&D: Western blotting technique finds widespread application in drug development and research activities undertaken by pharmaceutical and biotechnology companies. Increasing investments in R&D by these companies is propelling the adoption of western blotting technique, thereby driving market growth. As per analysis, global R&D spending by pharmaceutical and biotechnology industries is estimated to grow at a CAGR of around 6% during 2022-2027 period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low as Western blotting instruments require high capital investment and R&D costs. Bargaining power of buyers: The bargaining power of buyers is moderate as there are many established players providing similar western blotting products and services. Bargaining power of suppliers: Suppliers have low bargaining power as raw materials required for western blotting are commodity chemicals and readily available. Threat of new substitutes: Threat of new substitutes is low as there are no close substitutes that can replicate the functionality of western blotting. Competitive rivalry: High as key players compete on the basis of product innovation, quality and price.
SWOT Analysis
Strengths: Established global distribution networks and reputation for quality products. Weaknesses: High dependence on few application areas like biomedical research. Opportunities: Increasing biomedical R&D spending and growth in proteomics market. Threats: Price erosion due to competition and stringent regulations.
Key Takeaways
The global Western blotting market size is expected to reach US$ 1,273.21 Mn by 2030, exhibiting a CAGR of 6.8% over the forecast period. Growth in the market is attributed to increasing investments in proteomics research and rising prevalence of chronic and infectious diseases globally.
On a regional basis, North America dominated the western blotting market in 2023 and is expected to continue its dominance over the forecast period. This is attributed to rising R&D expenditure by government and private organizations in the region. Asia Pacific is expected to witness fastest growth during the forecast period owing to increasing proteomics research and rising healthcare expenditure in countries like China and India.
Key players operating in the western blotting market are Thermo Fisher Scientific, Inc., GE HealthCare, F. Hoffmann-La Roche Ltd, Lumigen, Inc., Merck KGaA, Bio-Rad Laboratories, Inc., LI-COR, Inc., Bio-Techne, SBH Sciences, Advansta Inc., Azure Biosystems Inc., HiMedia Laboratories., Elabscience Biotechnology Inc., GenScript, Cell Signaling Technology, Inc., ICL, Inc., Takara Bio Inc., and Leinco Technologies. Players are focusing on new product launches, acquisitions and partnerships to increase their market share.
In the coming years, the market is expected to witness the highest growth in the Asia-Pacific region.
This can be attributed to increasing government interest in biomedical & biotechnology industry in China, government initiatives supported by funding in Japan, growing funding for agriculture research in India, increasing diagnosis and related funding in Australia, and growing prevalence of herpes simplex virus (HSV) in southeast Asia.Major Growth Drivers:The growth of the overall market can be attributed to the increasing number of research activities and R spending by pharmaceutical and biotechnology companies, rising prevalence of HIV/AIDS, and growing proteomics market are key factors driving the demand for western blotting instruments and consumables, increasing demand for personalized medicine, and new product launches are some of the other factors driving the growth of this market.Expected Revenue Growth:The western blotting market is projected to reach USD 730.7 Million by 2021 from USD 574.8 Million in 2016, at a CAGR of 4.9% in the next five years (2016 to 2021).Accessories to Fuel the Growth of Western Blotting Market :The western blotting market, by product is segmented into instruments and consumables.
Consumables segment is expected to account for the largest share of the market, by product in 2016.
This segment is also expected to grow at the highest CAGR during the forecast period.
The western blotting instruments are further classified into gel electrophoresis instruments, blotting systems, and imagers.
The blotting systems segment is expected to account for the largest share of western blotting instruments market, by type in 2016.
