NEW YORK, Sept. 22, 2021 /PRNewswire/ -- The global flow cytometry marketsize is expected to reach USD 12.29 billion by 2028 according to a new study conducted by Polaris Market Research. The market is anticipated to register a CAGR of 9.0% from 2021 – 2028. A rise in prevalence of chronic diseases, major advancements in diagnostic technologies, and increasing use of flow cytometry techniques in research initiatives are among the key players positively influencing the market growth. Increasing prevalence and incidence of HIV/AIDS and the rise in the adoption of clinical trials are expected to augment the market growth. Major improvements in the healthcare sector coupled with extensive R&D investments in the field of biotechnology are anticipated to further complement the substantial growth of the market. The outbreak of COVID-19 has resulted in the rising demand for flow cytometry solutions for research and diagnosis purposes.
Based on product, the instruments segment accounted for the majority share in the market and is expected to witness significant growth over the forecast period. The growth of this segment can be attributed to the introduction of novel cytometers, key technological advancements, and the high price of such instruments helping the segment to generate higher revenue.
By technology, the cell-based segment dominated the global flow cytometry market and is anticipated to contribute the largest revenue share in the coming years. Increasing awareness related to the benefits of cell-based assays and the growing demand for early diagnosis procedures is supporting this segment's growth.
In terms of application, the research segment emerged as the promising segment which led the market and is expected to continue the same trend. A rise in emphasis on R&D activities to develop effective solutions for infectious diseases and huge investments in the biotechnology industry are fostering the growth of this segment.
Based on end-use, the commercial organization segment held a dominant position in the global market in terms of revenue share. This segment is witnessing a huge surge in growth owing to increasing focus on the R&D initiatives by commercial organizations in developing countries.
According to the American Cancer Society, approximately 1.8 million new cases of cancer were reported in the U.S. market in 2020. Moreover, as per the National Cancer Institute (NCI), there were approximately 16.9 million cancer sufferers in the U.S., as of January 2019. Growing regulatory approval and the launch of technically advanced flow cytometry technologies are expected to aid market development of flow cytometry. Sysmex Corporation, for example, unveiled the XF-1600 cytometers for laboratories in the U.S., in June 2020.
North America dominated the global flow cytometry market and is expected to witness lucrative growth during the forecast period. Increasing government programs to spread awareness about chronic diseases, rise in research activities, and favorable business environment in the region helping the market development. On the other side, Asia Pacific is anticipated to garner exponential growth, owing to the increasing presence of leading market players and improved healthcare infrastructure in the region.
Leading players are more focused on R&D activities to bring innovations in their offerings. These players are also involved in strategic collaborations to increase their presence in the market and boost their revenue generation model.
Key market participants in the flow cytometry market include Danaher Corporation, Sysmex Corporation, Luminex Corporation, Bio-Rad Laboratories, Inc., EMD Millipore, Miltenyi Biotec, Inc. Becton, Dickinson and Company, Affymetix Inc., Thermo Fischer Scientific, and Agilent Technologies, Inc. are some of the leading players operating in the market for flow cytometry.
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