ALBANY, New York, September 20, 2018 /PRNewswire/ --
According to the analysts, the flow cytometry market is anticipated to expand at a robust CAGR of 11.0% during the assessed period from 2017 - 2025. The market was valued at US$3702mn in 2016, and with such a steady CAGR, the market is likely to touch US$8100 mn by the end of 2025. On the basis of technology, the market is dominated by bead-based segment and is expected to continue its dominance in years to come, owing to increase in preference of this technology by researchers particularly in developed countries. On the basis of geography, the market is spread across Asia Pacific, Middle East and Africa, Europe, Latin America, and North America. Amongst the pack, North America holds the major share attributing to the growing government initiatives in research studies for understanding the prevalence of various diseases. On the other hand, Asia Pacific is likely to attain a decent market share as well as become the key revenue generator in years to come.
Prevalence of Chronic Diseases Favors Market Growth
Increasing occurrence of diseases cases such as HIV/AIDS, hematological ailments, cancer, and others is major driver of the of the global flow cytometry market. This is happening due to reason that the flow cytometry is a crucial tool for diagnosis of these type of diseases. Change in lifestyle, rapid urbanization, poor eating habits accompanied with exposure to pollution have increased more cases of cancers. These has positively influenced the growth of the market in years to come. Rising awareness among people regarding the symptoms of such diseases have made them opt for treatment at an earlier stage, this has favored the growth of the market. Shifting preference from radiation and chemotherapies to allergenic and autologous stem cell therapies by health specialists is helping the market to grow exponentially.
Expensive Cytometry Apparatus and Lack in Expertise Deter Growth of Market
On the other hand it has been noticed that numerous health specialists and doctors are preferring image analyzers and other alternatives due to easy availability along with low costs. This is considered as one of the major roadblock still existing on the path of market growth. Apart from these, exorbitant costs of the equipment which are used during the process of cytometry is likely to create a barrier, as these might not be welcomed by the small healthcare centers, which are not able to afford these expensive devices. Another factor that is likely to deter the growth of the market is the lack of expertise as well as equipment required for carrying out cytometry process in the remote areas. Nonetheless, several companies are trying to bring down the cost of the cytometry apparatus, which is predicted to boost the market growth.
The global flow cytometry market is a highly consolidated in nature, attributing to the presence of few players who contributed half of market share in recent years, says Transparency Market Research on a report published by them. Beckman Coutler, Merck & Co., Inc., and Dickinson and Company contributed the most in revenue collected. These players focused mainly on the development of products, which helped them to establish in the global flow cytometry market. The players in the market are trying to stretch their supplies, thus are going in a strategic partnership. Players are erecting manufacturing plant in untapped region which is also helping them to hold the untapped market. However it is anticipated that with increasing players in the market the competition will be intense. Most of the companies are known to be investing heavily to improve the product quality by adding ultraviolet and infrared sensors. Uptake of the advanced technology still remains the primary strategy for the players present in the market.
The information presented in this review is based on a Transparency Market Research report, titled, "Flow Cytometry Market (Technology - Cell-based, Bead based; Products and Services - Reagents and Consumables, Flow Cytometry Instruments, Software and Services; Applications - Pharmaceutical and Drug discovery, Diagnostics; End Use - Hospitals and Diagnostic Labs, Academic and Research Institutions) - Global Industry Analysis, Size, Share, Volume, Growth, Trends, and Forecast 2017 - 2025."
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