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.