by The Flow Cytometry Market is estimated to be valued at US$ 6280.32 Mn in 2023 and is expected to exhibit a CAGR of 10. % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Flow cytometry is a laser-based biotechnology tool used for detecting and measuring physical and biochemical characteristics of particles such as cells and chromosomes. It allows for multiparametric analysis of the physical and chemical characteristics of single particles as they flow in a fluid stream through a beam of light. Flow cytometry enables high throughput, automated analysis of heterogeneous cell suspensions. It has applications in several areas including immunophenotyping, cell counting and sorting.
Market Dynamics:
The growth of the flow cytometry market is driven by rising incidence of HIV/AIDS, chronic diseases and rising research in immunology and oncology. According to UNAIDS, around 38 million people were living with HIV in 2019 across the globe. Flow cytometry technique is extensively used in HIV and AIDS research for drug discovery and clinical monitoring and evaluation. Another key driver for the market has been growing demand for multi-color analytical techniques with high throughput in biomedical research for diagnosis and treatment of chronic diseases. However, high costs associated with flow cytometry instruments and lack of properly trained workforce hinders the market growth.
Segment Analysis
The flow cytometry market is dominated by cell-based applications segment. It held over 60% share of the global flow cytometry market in 2022 owing to increased adoption of flow cytometry instruments in stem cell research, immunology & immunotherapy research, and cancer research. Cell-based applications allow identification, counting, and examination of physical and chemical characteristics of cells and detection of antigens on cell surfaces.
PEST Analysis
Political: Governments across countries are increasingly funding for research in life sciences which is driving the adoption of flow cytometry in research applications. Various initiatives to promote stem cell research is also boosting market growth.
Economic: Developing economies are witnessing high economic growth and increasing healthcare investments which is expanding opportunities for players in the flow cytometry market. However, budget constraints in some countries may hamper market growth.
Social: Increasing prevalence of chronic and infectious diseases and growing awareness about personalized medicine and precision diagnosis is fueling the demand for flow cytometry systems.
Technological: Continuous technological advancements such as development of high-throughput flow cytometry systems, software for high dimensional data analysis, and combo systems are supporting the growth of more applications of flow cytometry.
Key Takeaways
The Global Flow Cytometry Market Size is expected to witness high growth, exhibiting 10% CAGR over the forecast period 2023 to 2030, due to increasing funding for cell-based research. The market size is estimated to reach US$ 12,620.48 Mn by 2030 from US$ 6280.32 Mn in 2023.
North America dominated the flow cytometry market in 2022 owing to presence of major players and availability of advanced healthcare systems in the region. However, Asia Pacific is expected to be the fastest growing regional market during the forecast period driven by increasing research activities in countries like China and India.
Key players operating in the flow cytometry market are General Electric, BD, Luminex Corporation, Thermo Fisher Scientific, Inc., Bio-Rad Laboratories, Inc., Miltenyi Biotec GmbH., Sysmex Corporation, Agilent Technologies, Inc., Danaher, Enzo Life Sciences, Inc., Cytek Biosciences, Sartorius AG, BioLegend, Inc., Beckman Coulter, Inc., Laboratory Corporation of America Holdings., and MilliporeSigma. These players are focusing on new product launches, agreements, collaborations and expansion strategies to gain a competitive edge in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
