The global label-free detection technology market is expected to grow at a CAGR of 9.0% during the forecast period (2020–2030), to generate $3,097.4 million by 2030. The major driving factors for the industry are the strategic developments for drug discovery, the growing prevalence of chronic diseases, increasing healthcare expenditure, and rising awareness about the label-free detection technology due to initiatives by public and private companies.
During the ongoing pandemic of COVID-19, the burden of morbidity and mortality has been increasing. Due to this, the healthcare sector of developed, as well as developing countries, has been overburdened. Moreover, the global economy is in recession, as manufacturers are facing challenges due to restrictions on domestic and international trade. Besides, the increased cases of COVID-19, the demand for the label-free detection technology assays will witness a positive impact which would lead to the sudden increase in the market growth rate.
Instruments Category Is Expected To Dominate Market during Forecast Period
Based on product, the label-free detection technology market is categorized into instruments and consumables. Of these, instruments are expected to dominate the industry and witness the faster growth during the forecast period. It is mainly credited to the availability of advanced features in label-free detection instruments. Due to this, better and accurate results for different clinical experiments can be achieved in lesser time, thus resulting in a high demand for such products in industries and laboratories.
Based on technology, the label-free detection technology market is categorized into mass spectrometry, surface plasmon resonance (SPR), bio-layer infometry (BLI), microplates/reader-based technology, and calorimetry. Among these, mass spectrometry is expected to hold the largest share of the industry during the forecast period. This is primarily attributed to its wide acceptance in the research field, as it provides much accurate results for the estimation of the bound proteins and their structural features.
Geographically, North America is the largest contributor to the label-free detection technology market, owing to the high usage of the label-free detection technology for the screening of people suffering from chronic diseases. Apart from the rising prevalence of chronic diseases, the presence of major market players in the region is also playing a pivotal role in the growth of the industry.
Collaborations Are Most-Effective Strategic Measures in Market
The players are involved in collaborations to gain a significant edge in the label-free detection technology market. For instance, in May 2020, Thermo Fischer Scientific Inc. and BiognoSYS AG made the announcement regarding the continuation of their collaboration aimed at making advancements in the data-independent acquisition (DIA) mass spectrometry-based workflow. With this collaboration, the Thermo Scientific Orbitrap Exploris 480 mass spectrometer and Thermo Scientific Orbitrap Exploris 240 mass spectrometer were introduced, along with the Biognosys PQ500 kit, to streamline the workflow.
Similarly, in September 2019, Brown University collaborated with PerkinElmer Inc. for the development of label-free methods for the extraction of trophoblasts from cervical samples.
Some of the key players in the label-free detection technology market are General Electric Company, Thermo Fisher Scientific Inc., F. Hoffmann-La Roche Ltd., Danaher Corporation, PerkinElmer Inc., Hitachi Ltd. (Hitachi), Malvern Panalytical Ltd., Sartorius Stedim Biotech S.A., Waters Corporation, HORIBA Ltd., and Mettler-Toledo International Inc.