Global Flow Cytometry Market: Rising Cases of HIV and Cancer to Favor Market Growth
Albany, New York, Jan. 14, 2019 (GLOBE NEWSWIRE) — The global flow cytometry market is anticipated to grow at a stellar rate during the forecast period 2017 – 2025 owing to rise in prevalence of chronic diseases all across the world. High investment by major players in research and development activities is anticipated to help the market to gain momentum in coming years. Flow cytometry is extensively used in numerous fields such as cinical research, diagnosis, and academic. Rise in number of HIV and cancer cases across the world has helped the global flow cytometry market to grow at an exponential rate. Flow cytometry has helped in monitoring and in effective diagnosis of cancer, HIV, and other diseases.
The global market for flow cytometry market is expected to rise at a healthy CAGR rate of 11.0% during the forecast period. The market which was valued at US$3072 mn in 2016, at this pace is likely to touch US$8100 mn by the end of the tenure period.
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Extensive use of flow cytometry for effective diagnosis and early detection of numerous diseases has helped the market to gain immense fuelling the demand in market. Use of flow cytometry in growing stem cell research is predicted to be one of the major reason driving the market. Rapid advancement in the field of science has opened new doors for stem cell research.
The global flow cytometry market is driven by various factors, which are anticipated to aid the market to reach new heights, however on the flip side, the market is faced with several restrains which are likely to deter the growth of market. One of the major restrain in the market is the lack of skilled professionals, mostly in the developing region. The factor is hindering the market to flourish in countries such as India, China, South Africa, and Indonesia. Absence of considerable amount of knowledge in using flow cytometry is likely to create a major roadblock in the market.
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Apart from these, exorbitant cost of flow cytometry products is anticipated to pull down the growth of market in coming years. Rising complication related in using flow cytometry is foreseen to plummet down the market growth. Nonetheless, players in the market focusing on developing countries to expand their customer reach, which is likely to help the market grow.
The global market for flow cytometry is present in regions like North America, Europe, Middle East and Africa, Latin America, and Europe. Of these, North America held the major share and is expected to dominate the market in the coming years owing to increasing cases of cancer and HIV in the region. Except these, extensive use of flow cytometry in drug discovery is predicted to augment the sales rate of the market product. Rise in product lines up is expected to attract new players in the region.
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The market due to presence of few players is highly consolidated in nature. These few players are known to hold the major share in the market, thus keeping the competition among the players remain intact. In order to improve products and extend their distribution channels, players are undergoing strategic partnership such as acquisitions and merge. For instance, recently, Luminex, a US biotech company is reported to acquire flow cytometry portfolio of MilliporeSigma at a deal of US$ 75 mn. This deal is likely to expand Luminex’s flow-based detection systems.
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