According to a report published by Grand View Research, Inc.; the flow cytometry market is expected to reach a valuation of around USD 8.0 billion by 2025.
High prevalence of several infectious diseases and cancer can propel the market over the forecast period (2014 to 2025). In addition, increasing awareness among the healthcare professionals and patients and rise in expenditure for healthcare are major driving factors for the market.
Increasing demand for point-of-care testing in chronic diseases management is expected to boost the demand for this technique in the coming years. Growing employment of microfluidic miniature flow cytometry in point-of-care diagnostics is expected to create more opportunities in market. Technological advances such as improved accuracy, portability, and cost-effectiveness is likely to provide lucrative gains in the market. In addition, growing R&D efforts for development of multicolor assays and advanced reagents for analysis is expected to fuel the market growth in the coming years.
However, increasing inclination of physicians toward the utilization of autologous and allogenic stem cell therapy owing to side effects caused by chemotherapy and radiation therapy during the cancer treatment is likely to support the market growth.
Worldwide flow cytometry market can be segmented on the basis of technology, application, product and services, application, end-use, and region.
Full Research Report On Flow Cytometry Market Analysis: https://www.grandviewresearch.com/industry-analysis/flow-cytometry-market
U.S. flow cytometry market, by application, 2014-2025 (USD Million)
Based on technology, the market can be categorized into cell-based and bead based. The cell-based segment is expected to remain dominant due to high demand for early diagnosis and rise in awareness about the advantages associated with cell-based assays. The bead-based segment is likely to grow at lucrative gains due to growing advancements in molecular engineering and monoclonal antibody manufacture.
As per product and services, the market can be classified into instruments, software, reagent and consumables, accessories, and services.
In 2016, the instrument segment held major share due to its higher adoption and offered benefits such as cost-effective nature, accurate result, and user-friendliness. The introduction of innovative technologies like multicolor flow cytometers with the ability to detect upto 18 cell parameters simultaneously is one of the major driving factors for the market. The reagents and consumables are likely to show fastest growth in the coming years due to increasing use in molecular diagnostics.
On the basis of application, the market can be split into research, clinical, industrial.
In 2016, the research segment reported on the top position due to rise in R&D related to cancer and other infectious diseases. Flow cytometry also has applications in various industries such as food microbiology and plant tissue culture. The clinical segment is anticipated to show fastest growth by 2025 due to growing demand for affordable disease diagnostic tools and related benefits of these assays in disease detection.
As per, end-use, the market can be bifurcated into academic institutes, commercial organizations, hospitals, and clinical testing labs.
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Global flow cytometry market share, by end-use, 2016 (%)
The hospitals segment is expected to exhibit lucrative CAGR due to growing demand for diagnostic test due to prevalence of chronic and infectious diseases, supportive reimbursement policies, and growing awareness amongst patients.
Geographically, the market can be divided into North America, Europe, Asia Pacific, Latin America, Middle East and Africa (MEA).
In 2016, North America estimated for the largest market share due to the presence of supportive government policies for the development of innovative technologies for molecular diagnostics. Additionally, high awareness level and skilled professionals are the major factors driving growth in this region.
Asia Pacific is expected to display lucrative gains in the coming years due to rise in government backing for the development of biotech industry. In addition, factors such as increasing awareness, continuously improving healthcare infrastructure, improving economic conditions, and existence of untapped potential are expected to boost the regional market.
Prominent companies operating in the market include Merck & Co., Inc.; Beckman Coulter, Inc.; Bio-Rad Laboratories, Inc.; Stratedigm, Inc.; and Miltenyi Biotec.
The market looks extremely competitive. Major players in the market are involved in strategic partnerships to gain traction in the market. Increasing number of outsourcing services are expected to increase the competition in the market. Players are also looking forward for setting their manufacturing facilities in untapped emerging countries.
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