The International Agency for Research on Cancer (IARC) states that 19,292,789 cases of cancer were diagnosed in 2020, worldwide. Further, the International Diabetes Federation (IDF) predicts that the population of diabetic patients aged 20–79 years will increase from 537 million in 2020 to 643 million by 2030. In addition, the World Health Organization (WHO) states that cardiovascular diseases (CVDs) were responsible for 17.9 million deaths in 2019. The surging burden of chronic diseases will, therefore, create a huge requirement for label-free detection technology, as disease detection through this technology avoids any serious consequences.
For instance, the WHO states that $8.5 trillion was spent on healthcare in 2019, which accounted for 9.8% of the global gross domestic product (GDP). Moreover, according to P&S Intelligence, the market was valued at $1,197.5 million in 2019, and it will generate $3,097.4 million revenue by 2030.
Label-free detection technologies, such as bio-layer interferometry (BLI), calorimetry, mass spectrometry, microplates/reader-based technology, and surface plasmon resonance (SPR), are used by contract research organizations (CROs), pharmaceutical and biotechnology companies, and academic and research institutes. These end users use such technologies for affinity analysis, binding kinetics, concentration analysis, and end-point screening and specificity testing. Additionally, these users use label-free detection technology-based consumables and instruments for such applications. In the recent past, pharmaceutical and biotechnology companies were the dominant users of such technologies and products, due to their rising focus on drug discoveries.
Currently, the label-free detection technology market is moderately consolidated, due to the presence of eminent players such as Thermo Fisher Scientific Inc., General Electric Company, and Danaher Corporation. At present, market players are engaging in collaborations and acquisitions to consolidate their position in the industry. For instance, in March 2020, Danaher Corporation acquired Cytiva, the biopharma business of General Electric Company, which would operate as a standalone entity under the life sciences division of the former.
Globally, the North American region was the dominant user of label-free detection technology in the last few years, and it will retain its dominance in the foreseeable future as well. This can be owed to the growing prevalence of chronic ailments and soaring healthcare expenditure in Canada and the U.S. For example, Canadian Cancer Statistics reveals that 45% of Canadian men and 43% of Canadian women are suffering from cancer during their lifetime. Further, the Centers for Disease Control and Prevention (CDC) states that 6 in 10 adults in the U.S. suffer from a chronic disease.
However, the Asia-Pacific (APAC) label-free detection technology market is expected to demonstrate the fastest growth during the forecast period. This will be on account of the booming geriatric population, which is highly vulnerable to chronic illnesses, and the mounting healthcare spending in the region. For instance, the United Nations Population Fund (UNFPA) forecasts that one in four persons in the region will be more than 60 years of age by 2050. As per the organization, the population of this age group will reach 1.3 billion by 2050 in APAC.
Therefore, the rising prevalence of chronic illnesses and the mounting healthcare expenditure will result in the largescale adoption of label-free detection technology, globally.
Market Outlook@ https://www.psmarketresearch.com/market-analysis/label-free-detection-market
