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Albany, NY, April 16, 2019 (GLOBE NEWSWIRE) -- As per TMR expert analysts, the global flow cytometry market is projected to expand at an impressive 11.0% CAGR from 2017 to 2025. The market was noted at a valuation of US$3,072 mn in 2016. The global flow cytometry market is anticipated to fetch a value of US$8100 mn by 2025.
From a geographical perspective, North America is expected to hold a major share in the flow cytometry market. This is mainly because of the significant boost in governmental initiatives towards research and development of advanced medical therapeutics in the region. Governments in this region are promoting research studies regarding prevalence of chronic diseases and this is offering a leading position to the region. On the basis of application, the drug discovery segment is expected to dominate the flow cytometry market in the forecast period. This is due to the increasing incidence of rare diseases.
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Increase in Chronic Diseases across the Globe to Boost Demand
The global flow cytometry market is expected to rise at a significant pace during the forecast period. This is mainly because of the rising prevalence of chronic diseases across the globe. Diseases like cancer, HIV, and several disorders have increased the demand for understanding immunologic regulating systemic diseases. The procedures help in better understanding and treatment of the diseases. Owing to this, there is a notable boost in the adoption of flow cytometry tool in several healthcare facilities.
Apart from this, continuous advancements in molecular diagnostics, monoclonal antibodies, and technologies are some other factors driving the global flow cytometry market. This is because these procedures soar demand for flow cytometry devices.
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Moreover, rising inclination of medical specialists towards use of allergenic and autologous stem cell therapies instead of radiation and chemotherapies also is fueling the flow cytometry market. This is expected to offer a lucrative opportunity to the growth of the global flow cytometry market.
Availability of Cheaper Substitutes to Stunt Growth
High costs of equipment needed to carry out cytometry processes might discourage small healthcare centers having less capital to not invest in the same, thereby restraining the global cytometry market. Moreover, presence of cheaper substitutes such as image analyzers is another factor likely to hamper growth of the global flow cytometry market. Furthermore, adearth of skilled medical professionals is likely to dampen prospects of the global flow cytometry market. Nevertheless, researchers are focusing on several advanced technologies to reduce cost of the apparatus. This could offset cost-related restraints affecting the global flow cytometry market.
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The global flow cytometry market depicts a highly consolidated landscape with a handful of players dominating the sector. Key players are investing a large portion of their investments to improve the product quality, majorly by adding infrared and ultraviolet sensors, says Transparency Market Research (TMR).
Beckman Coulter, Inc., Dickinson and Company, and Becton, Merck & Co., Inc., are profiled as top three top players in the global flow cytometry market. These companies collectively dominate the global flow cytometry market with astonishing revenue figures. This is mainly achieved by focusing on strategies such as geographical expansions, product launches, and mergers and collaborations.
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However, an increase in the number of FDA approvals in the global flow cytometry market are expected to increase in the near future. This will offer new growth opportunities to 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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