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The global label-free detection technology market was valued at $1,197.5 million in 2019, and it is expected to witness growth at a CAGR of 9.0% during the forecast period (2020–2030). The industry is mainly driven by the increasing strategic developments for drug discovery, rising burden of chronic diseases, escalating healthcare expenditure, and initiatives taken by public and private organizations to raise awareness about label-free detection technologies.
During the COVID-19 pandemic, the global economy is witnessing slow growth, due to certain rules implemented by governments in order to reduce the number of infected people. Moreover, the healthcare sector and related infrastructure of both the developed and developing countries are facing major challenges. However, due to the COVID-19, the demand for the label-free detection assays are expected to have a positive impact, primarily due to demand of effective drugs for the management of respiratory disorders.
In 2019, the instruments category held the larger share in the label-free detection technology market, on the basis of product type. Additionally, this category is expected to hold the top position in the industry during the forecast period as well. The growth of the category is attributed to the high price of instruments and growing technological advancements in them by the major market players.
During the forecast period, SPR technology is expected be have fastest-growth in the label-free detection technology market, based on technology. This is mainly due to its cost-effectivity and requires a minimal amount of sample for the experiments. Moreover, the technology helps to study about the macro and micro-molecules, and about the vaccine against harmful microorganisms.
The binding kinetics category is expected to dominate the label-free detection technology market, on the basis of application. This is primarily attributed to the importance of binding kinetics in the clinical efficacy, and therapeutic differentiation. Moreover, the binding kinetics technology helps the chemical procedure reach equilibrium with better rate of reaction, which is dependent on the dissociation time.
In 2019, pharmaceutical & biotechnology companies were the highest revenue generators in the label-free detection technology market. This was mainly due to the increase in drug discoveries, in order to cope with the growing cases of chronic diseases. The requirement for drugs is resulting in the rising research and development (R&D) expenditure by pharmaceutical & biotechnology companies, which, in turn, is strengthening the market growth.
North America is expected to continue dominating the label-free detection technology market during the forecast period. This would mainly be due to the increasing prevalence of chronic diseases, rising healthcare expenditure, and initiatives taken by public and private organizations. According to The Cancer Atlas, about 693,000 cancer deaths occurred in Northern America in 2018. Moreover, as per the data provided by the World Bank, the healthcare expenditure of the U.S. was 12.5% of its gross domestic product (GDP) in 2000, which increased to 17.0% in 2017. The rising healthcare expenditure is leading to more technological advancements in the products, thereby helping in the regional market’s advance.
In the coming years, the APAC label-free detection technology market is expected to witness the fastest growth. This would primarily be due to the increase in the aging population, which remains at a high risk of chronic diseases, and growing healthcare expenditure. For instance, in China and Japan, healthcare expenditure grew from 4.2% and 9.2% of the GDP in 2010 to 5.1% and 10.9% in 2017, respectively. The increasing healthcare spending is resulting in the rapid adoption of advanced diagnostic technologies, which supports the growth of the label-free detection technology market in the APAC region.
The conventional products used in the label-free detection field are being replaced by technologically advanced variants, to overcome certain limitations, such as the low accuracy in the results of the procedures. The Drug Target Review (online news portal) stated in February 2020 that a collaborative team of Helmholtz Zentrum München, Technical University of Munich (TUM), and Heidelberg University Hospital (Germany) had advanced a novel label-free imaging technology. Real-time images of the biomolecules present in the cells can be obtained without labels or contrast agents using the new technology, i.e. mid-infrared optoacoustic microscopy (MiROM). Therefore, the increasing advancements in the label-free detection technology are expected to boost the growth of the industry.
Key players in the label-free detection technology industry are involved in strategic collaborations and partnerships for increasing the use of the technology, which would help them grow their consumer base. For instance, Evotec SE collaborated with Indivumed GmbH in January 2020 for research in precision medicine. The main objective of this research was the development and figuring out of therapeutics for non-small-cell lung cancer (NSCLC). These collaborations for research on advanced drug discovery technologies are strengthening the growth of the industry.
The increasing cases of chronic diseases are further propelling the label-free detection technology market to prosperity. The high incidence of chronic diseases has become a major burden for economies worldwide. This is leading to the growth in blood screening procedure volume, for the detection of diseases such as cancer, diabetes, and cardiovascular diseases, and also, to avoid any serious problems. Due to these factors, there is an increasing demand for advanced label-free detection technologies. According to the Global Cancer Observatory, in 2018, stomach cancer resulted in around 783,000 deaths worldwide. Moreover, according to the World Health Organization (WHO), diabetes was responsible for approximately 1.6 million deaths in 2016.
The healthcare expenditure is increasing due to the investments being made by several developed and developing economies across the world, which is supporting the growth of the label-free detection technology market. According to the World Bank, globally, the healthcare expenditure was 8.6% of the GDP in 2000, which increased to 9.8% in 2016. This is, in turn, resulting in the improving healthcare infrastructure, which is leading to a high adoption of diagnosis or screening technologies, such as the label-free detection technology, for better screening results.
|Base Year (2019) Market Size||$1,197.5 Million|
|Forecast Period (2020-2030) CAGR||9.0%|
|Report Coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Analysis, Companies’ Strategic Developments, Company Profiling|
|Market Size by Segments||By Product, By Technology, By Application, By End User, By Region|
|Market Size of Geographies||U.S., Canada, Germany, France, Italy, U.K., Spain, Japan, China, India, Australia, Brazil, Mexico, Saudi Arabia, South Africa|
|Secondary Sources and References (Partial List)||Alzheimer's Drug Discovery Foundation, American Chemical Society, American Heart Association, Canadian Public Health Association, Cancer Atlas, Centers for Disease Control and Prevention, National Center for Biotechnology Information, National Health Service, U.S. Food and Drug Administration, United Nations, World Bank, World Health Organization|
Several public and private organizations are focusing on raising the awareness on label-free detection technologies among end users. The 20th International Conference on Solid-State Sensors, Actuators and Microsystems & Eurosensors XXXIII (TRANSDUCERS & EUROSENSORS XXXIII) was organized by the Institute of Electrical and Electronics Engineers (IEEE) in June 2019, for the demonstration of a novel microfluidic platform for the label-free 3D imaging of cellular and intracellular components. Therefore, the growth of the label-free detection technology market is being driven by the increasing number of people who are becoming aware about these technologies and their importance in disease diagnosis.
The global label-free detection technology market is moderately consolidated in nature, with the presence of key industry players such as General Electric Company, Thermo Fisher Scientific Inc., and Danaher Corporation.
In recent years, players in the industry have been involved in acquisitions and collaborations, in order to stay ahead of their competitors. For instance:
The label-free detection technology market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.
Based on Product Type
Based on Technology
Based on Application
Based on End User
The label-free detection technology market will witness a CAGR of 9.0% during 2020–2030.
The SPR technology’s cost-effectiveness and usefulness in studying micro and macro molecules and about vaccines are driving the label-free detection technology industry.
The label-free detection technology market is segmented based on product type, end user, technology, application, and region.
The APAC label-free detection technology industry will demonstrate the fastest growth during 2020–2030.
The key application areas in the label-free detection technology market are affinity analysis, binding kinetics, concentration analysis, and end-point screening and specificity testing.