Flow Cytometry Market To Generate $10,065.4 Million Revenue by 2030
- Published: May 2022
The flow cytometry market is expected to advance at a CAGR of 8.4% during 2021–2030, to reach $10,065.4 million by 2030. This can be due to key factors like increasing investments in biotechnology research, drug discovery, and diagnostic purposes, and surging oncology research and monitoring.
Hospitals and clinics are the major end users of flow cytometry for the diagnosis of diseases and to study the characteristics of cells. The increasing prevalence of oncology and HIV is one of the key factors that propel the market growth. Moreover, flow cytometry is extensively used in examining the immune status of HIV patients and supporting the diagnosis of cancer. For instance, 1.5 million people were infected in 2020 from HIV, and the number of cancer patients in the U.S. increased by 5.6% from 2019 to 2020.
Clinical research organizations provide pharmaceutical research services for drugs and medical devices and support drug development processes. Moreover, biopharmaceutical and biotechnological companies are supporting the development of CROs. Globally, North America is the largest market for CROs. Consequently, this drives the demand for flow cytometers in CROs for drug discovery and development.
During the COVID-19 pandemic, the pharmaceutical production and research activities by universities and pharmaceutical companies have created a huge demand for flow cytometry solutions for vaccine and drug research. Globally, researchers are still working extensively on clinical aspects and epidemiology of the COVID-19, where high-quality flow cytometry analysis supports the drug development. This accelerated the market for flow cytometry.
Research and Development Activities Propel the Market
Genomics is taking the lead in R&D purposes to study genome sizing. The government and private sectors are taking major initiatives and participating in investments for micro research in the biotechnology and pharmaceuticals sectors, which drive the flow cytometry market at an exponential growth rate. With the increasing development of precision medicines and the rising pharmacogenomics research, accurate analytical results are required in large numbers, in which the flow cytometer plays a vital role in examining the studies.
Moreover, cancer genomes and rare genetic diseases are a few of the emerging fields that propel R&D activities and drug discovery, which, in turn, drive the demand for flow cytometers. For an instance, the global spending on R&D is $1.7 trillion, of which the U.S., China, and Japan are the biggest contributors.
Products Launches Are Most-Effective Strategic Measures
To stay ahead of their competitors, players offering flow cytometers are extensively working on new product launches and advanced technology developments. For instance:
In June 2021, Thermo Fisher Scientific Inc. launched an imaging-enhanced flow cytometer named Invitrogen Attune CytPix Flow Cytometer, which combines a high-speed camera with acoustic focusing flow cytometry technology.
In January 2022, Becton, Dickinson and Company launched an advanced feature in flow cytometry, named CellView Image Technology, which allows image-based analysis to sort individual cells at exceptionally high speed.
Some of the key enterprises in the flow cytometry market are Becton, Dickinson and Company, Beckman Coulter Inc., Thermo Fisher Scientific Inc., Bio-Rad Laboratories Inc., Sony Group Corporation, Miltenyi Biotec, Agilent Technologies Inc., Luminex Corporation, Cytek Biosciences Inc., and Apogee Flow Systems Ltd.