Flow Cytometry Industry Overview
The global flow cytometry market size was valued at USD 6.3 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 8.9% from 2021 to 2027. Factors such as the high prevalence of targeted diseases and increasing R&D investments in biotechnology, clinical, and life science research are expected to significantly fuel market growth over the forecast period.
Flow cytometry helps in analyzing the expression of cell surface and intracellular molecules. It is used to characterize and define different types of cells in a heterogeneous cell population and facilitates assessing the purity of isolated subpopulations. Rising R&D initiatives by various key players for the development of multicolor assays and advanced reagents for analysis are driving the market. Also, the increasing prevalence of chronic and infectious diseases, including the outbreak of COVID-19, has led to the high growth of the market for flow cytometry. Following the outbreak, numerous research institutes and pharma companies are involved in extensive R&D activities for the development of new vaccines and therapies. This has created a huge demand for flow cytometry solutions for research applications.
Gather more insights about the market drivers, restraints, and growth of the Global Flow Cytometry market
Flow cytometry is commonly used for the diagnosis of cancer and immunodeficiency. The increasing prevalence of these diseases is one of the factors expected to drive the market for flow cytometry over the forecast period. In addition, adverse effects of chemotherapy and radiation therapy in cancer treatment have increased preference for autologous and allogeneic stem cell therapies by physicians, thereby positively impacting the growth of this market. According to World Cancer Research Fund International (WCRF) data, around 18 million cancer cases were recorded in 2018 globally. Out of these, around 17,036,901 new cases were diagnosed in that year. The same source reported around 437,033 newly diagnosed leukemia cases in the year 2018. Flow cytometry is useful in the diagnosis and classification of leukemia and facilitates distinguishing between lymphoid and myeloid leukemia.
The biotechnology industry is expected to exhibit significant growth over the forecast period due to increasing healthcare expenditure in developed countries and improving healthcare facilities. An increase in government funding to conduct clinical studies pertaining to in vitro molecular diagnostics is expected to drive the market, as it plays a vital role in the development of new products. Increasing investments in prominent biotech and biopharma companies have led to significant market growth. Chinese investors are increasingly focusing on investing in the European biotech companies as compared to that in the U.S. For instance, in 2019, they invested over USD 400 million in European companies, which is greater in comparison to 2017, where less than USD 100 million was invested. In 2019, out of USD 14.92 billion invested in various life science companies, approximately 64.6% of it has been used by the biotechnology sector.
Flow cytometry instruments are expensive, and, as a result, many developing economies are unable to afford technologically advanced flow cytometers. These instruments cost nearly USD 75,000 to USD 100,000 for a four- to six-color and two-laser instrument, which pose a huge burden on small- and medium-sized hospitals and diagnostic laboratories in developing economies. Thermo Fisher Scientific’s Attune with a two-laser and six-color instrument is available for USD 99,000 in the U.S. Thus, the high cost of equipment is expected to limit the demand for advanced flow cytometers.
Browse through Grand View Research's Biotechnology Industry Research Reports
Long Read Sequencing Market - The global long read sequencing market size was valued at USD 1,324.9 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 14.74% from 2022 to 2030.
Cell Reprogramming Market - The global cell reprogramming market size was valued at USD 311.66 million in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 8.1% from 2022 to 2030.
Key Companies profiled:
Some prominent players in the global Flow Cytometry market include
- Danaher Corporation
- Becton, Dickinson and Company
- Luminex Corporation
- Agilent Technologies, Inc.
- Bio-Rad Laboratories, Inc.
- Miltenyi Biotec
- Sysmex Corporation
- Stratedigm, Inc.
- Apogee Flow Systems Ltd.
- Sony Biotechnology, Inc.
- Thermo Fisher Scientific, Inc.
Order a free sample PDF of the Flow Cytometry Market Intelligence Study, published by Grand View Research.
No comments:
Post a Comment