The global Label free detection market will grow at a CAGR of 8.8% from 2017 to 2022 to reach USD 2,292.0 million by 2022, according to the latest publication from Meticulous Research®. The global label free detection market is driven by rapid growth in pharmaceutical and biotechnology market, increasing adoption of innovative approaches in drug discovery, and rising initiatives & funding for various R&D activities. Moreover, emerging economies such as Asia-Pacific and Latin America provides significant opportunities in this market. However, high cost of instruments and shortage of skilled professionals for handling of complex equipment inhibits the growth of the market to some extent.
The global label free detection market is mainly segmented by product (consumables and instruments), technology (surface plasmon resonance, bio-layer interferometry, cellular dielectric spectroscopy, electrical impedance spectroscopy, optical waveguidegrating technology, and others), application (binding kinetics, hit confirmation, lead generation, endogenous receptor detection, binding thermodynamics, and others), end user (pharmaceutical & biotechnology industry, academic and research institutes, contract research organization, and others), and geography.
Based on product type, consumables held the largest share of the market in 2016 and expected to continue its dominance in the global label free detection market during the forecast period, owing to their increasing adoption for screening of biomolecules and assays for accurate and easy diagnosis of disease and to understand the interaction of these assays with target molecules for drug discovery application.
Based on technology, surface plasmon resonance accounted for the major share of the global label free detection market in 2016, owing to its wide applications and compatibility with all types of biomolecules.
On the basis of application, binding kinetics held the largest share of the global label free detection market in 2016. This is mainly attributed to the growing need to diagnose the molecular and cellular binding properties between various biomolecules for drug discovery.
Based on end users, pharmaceutical and biotechnology industry commanded the largest share in 2016 due to rising adoption of label free technologies in the drug discovery and development and preclinical studies for the analysis of binding kinetics of the target molecules, pharmacodynamics, and toxicology.
Geographically, this market is segmented into North America (U.S. and Canada), Europe (Germany, France, Italy, Spain, U.K., Turkey, and RoE), Asia Pacific (China, India, Japan, Indonesia, South Korea, and RoAPAC), Latin America, and Middle East & Africa. North America commanded the largest share in the global label free detection market in 2016, followed by Europe and Asia-Pacific. The large share of this market is mainly attributed to the well-established healthcare system in the region, higher acceptance of advanced technologies, availability of funds for research from various public and private sector organizations, growing prevalence of non-communicable diseases & related rise in pharmaceutical research & development, and presence of many key players in this market.
However, Asia Pacific and Latin American regions are expected to witness significant growth during the forecast period due to rising R&D expenditure, increasing pharmaceutical research outsourcing in the region owing to lower cost advantages, rising government funding, and improving healthcare infrastructure. In addition, significantly growing pharmaceutical industry in Asia primarily due to huge demand for medical care from large population base with increasing incidence & prevalence of chronic disease and aging population in the region are expected to further support the growth of label free detection market in the region.
The key players operating in the global label free detection market are GE Healthcare (U.S.), Corning Inc. (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), Danaher Corporation (U.S.), Bio-Rad Laboratories, Inc. (U.S.), AMETEK, Inc.(U.S.), BiOptix Inc. (U.S.), Horiba, Ltd. (Japan), BioNavis Limited (Finland), PerkinElmer Inc. (U.S.), and Attana AB (Sweden). These vendors employed various strategies to expand their product and application offerings, global footprint, and augment their market share. The key strategies followed by most companies in the global label free detection market were new product developments, collaborations & partnerships, acquisitions, and expansions.
Key questions answered in the report-
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