According to a new report published by Allied Market Research titled, “World Flow Cytometry-Market Opportunities and Forecast, 2014-2022”, the world flow cytometry market would generate a revenue of $7.0 billion by 2022, registering a CAGR of 16.0% during 2015-2022. The instruments segment held a dominant share in the world flow cytometry market in 2014, and is expected to maintain its lead during the forecast period. Within flow cytometry instruments market, replacement components segment is projected to grow at a highest CAGR of 16.3% during the forecast period.
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The world flow cytometry market is poised to grow at a significant pace, owing to rising adoption of advanced instruments, growing popularity of flow cytometry reagents in diagnosis, recurring sales from replaceable components and consumables, and rising prevalence of diseases such as cancer and HIV. Furthermore, emerging applications across novel fields of research, such as genomics, proteomics, marine biology, molecular cytogenetics among others, would open new avenues in the world flow cytometry market. With increasing use of flow cytometry in identifying target molecules, biochemical screening, lead characterization and testing new molecular entities (NMEs), the promulgating use of flow cytometry is expected during the forecast period. However, factors such as high cost associated with the instruments, lack of awareness among potential end users and limited technical expertise would impede the market growth.
The instruments segment contributed for about half of the market share in the overall flow cytometry market in 2014. The advent of novel technological advancements such as multicolor flow cytometers with an ability to detect about 18 cell parameters simultaneously, majorly supplements the uptake of flow cytometry instruments. Other reasons attributed to its sustained dominance are growing R&D activities especially in developing economies, and widening scope of flow cytometry applications in drug discovery and development, and genomic and molecular analysis.
The academic and clinical application segment would continue to dominate the market during 2014-2022. This is mainly attributed to the growing adoption of flow cytometry in pharmacodynamic studies, cellular analysis, genomic analysis and molecular analysis. Booming pharmaceutical and biotechnology industries, especially in the emerging economies, would foster the growth of the academic and clinical application segment.
Key findings of the study:
– Reagents segment is projected to be the fastest growing segment in world flow cytometry market, registering a CAGR of 18.9%, during 2015-2022.
– Cell-based technology segment would continue to dominate the world flow cytometry market throughout the forecast period.
– The diagnosis application segment is expected to exhibit highest CAGR of 16.4% during the forecast period.
– Solid tumor and cancer application segment is anticipated to exhibit lucrative growth opportunities throughout the period of 2015-2022.
– Commercial organizations end user segment would continue to lead the world flow cytometry market, accounting for about 37.4% share in 2022.
– Asia-Pacific region is projected to be the fastest growing flow cytometry market, registering a CAGR of 17.8% during 2015-2022.
The Europe flow cytometry market would offer lucrative growth opportunities during the forecast period. The developed European countries, such as Germany, France and UK is forecast to exhibit a steady growth rate; whereas, the new European Union member states, such as Austria, Sweden and Greece among others would witness higher growth rate owing to considerable funding and modernization of healthcare facilities. Product launch is the key developmental strategy adopted by the leading players in the market. In addition, the market players have also adopted strategies such as acquisitions and collaborations to overcome the market competition. The key companies profiled in the report are Danaher Corporation (Beckman Coulter), Becton, Dickinson and Co., EMD Millipore (Merck Millipore), Sysmex Corporation, Affymetrix, Inc., Luminex Corporation, Thermo Fischer Scientific, Inc., Bio-Rad Laboratories, Inc., Miltenyi Biotec, Inc. and Agilent Technologies, Inc.
Source: Allied Market Research