North America Witnessing Boom in Label-Free Detection Technology Market

According to the estimates of the market research firm, P&S Intelligence, the market would progress at a CAGR of 9.0% between 2020 and 2030. The market is being propelled by the rising strategic developments being made in drug discovery, the increasing incidence of chronic diseases, and the soaring healthcare expenditure in several countries.

The rising prevalence of chronic diseases is quickly becoming a huge burden for many countries around the world. This is pushing up the demand for blood screening procedures as these procedures are used for the detection of various diseases such as diabetes, cardiovascular disorders, and cancer and also for preventing the occurrence of serious ailments. Because of this reason, the requirement for advanced label-free detection technologies is rising rapidly all over the world.

As per the Global Cancer Observatory, stomach-related cancer was responsible for the deaths of 783,000 people in 2018. Furthermore, as per the World Health Organization (WHO), diabetes claimed the lives of around 1.6 million people in 2016. Besides these factors, the increasing healthcare expenditure in various countries is also fueling the expansion of the label-free detection technology market across the world. As per the World Bank, the total global healthcare expenditure was 8.6% of the global GDP in 2000.

Furthermore, this share rose to 9.8% in 2016. This is consequently augmenting the healthcare expenditure, which is, in turn, fueling the surge in the adoption of advanced screening or diagnosis technologies such as the label-free detection technology. Depending on product, the market is categorized into consumables and instruments. Between these, the instruments category will register higher growth in the market in the future. This would be because of the availability of several advanced and innovative features in label-free detection devices.

The market is also classified, on the basis of technology, into surface plasmon resonance (SPR), mass spectrometry, bio-layer infometry (BLI), calorimetry, and microplates/reader. Amongst these, the mass spectrometry category will record the highest growth in the market in the upcoming years. This would be due to the wide acceptance of the mass spectrometry technology in the research field, on account of the fact that it provides highly accurate results regarding the determination of bound proteins and their various structural features.

Hence, it is safe to say that the market will register huge growth all over the world in the years to come, mainly because of the rising incidence of chronic diseases such as diabetes and cancer and the growing requirement for advanced disease screening technologies around the world.

This study covers

•             Major factors driving the market and their impact during the short, medium, and long terms

•             Market restraints and their impact during the short, medium, and long terms

•             Recent trends and evolving opportunities for the market participants

•             Historical and the present size of the market segments and understand their comparative future potential

•             Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings

•             Competitive scenario of various market segments across key countries in several regions for uncovering market opportunities for the stakeholders

•             Major players operating in the market and their service offerings

Author Bio

Pramod  has around 7 years of experience in market research and consulting services for healthcare industry. He holds varied experience in market sizing and forecasting with varied models, competition landscape, consumer behavior analysis, opportunity analysis, product/company benchmarking, data mining and others.

He has successfully delivered multiple projects on go-to-market strategies, pricing strategy, price point analysis, Business Expansion, market entry and exit, share analysis and others. Prior to joining P&S Intelligence, he worked with different research companies, including Transparency Market Research and MarketsandMarkets Pvt Ltd.

Some of the projects delivered by him include Scar Treatment Market, Skin Replacement and Substitutes Market, and Energy-Based Aesthetic Devices Market.