The global flow cytometry market size is expected to reach USD 8.92 billion by 2026 registering a CAGR of 10.6%, according to a new report by Grand View Research, Inc. Increasing incidence of infectious diseases and cancer is expected to upsurge the demand for flow cytometers for disease diagnosis. In addition, rising usage of autologous and allogenic stem cell therapy by physicians, due to adverse effects of radiation and chemotherapy in the treatment of cancer, will also drive the market.
High demand for Point-of-Care (PoC) testing in chronic disease management is also expected to fuel the demand for cytometry techniques. Increasing R&D initiatives by key companies for the development of multicolor assays and advanced reagents for analysis are anticipated to boost the demand further. Furthermore, technological advancements, in terms of enhanced accuracy, portability, and cost-effectiveness, are expected to offer lucrative growth opportunities for the market.
Small-size high-throughput cytometers are expected to gain popularity over the coming years as they are cost-effective and easy to use. Furthermore, improvement in fluorescent dyes and introduction of bench top cytometers are the other growth propellers. For instance, multicolor flow cytometry coupled with multiple lasers is the fastest-growing application segment, which finds extensive applications in the field of R&D innovations in new drug development and is adopted by many Contract Research Organizations (CRO).
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Further key findings from the study suggest:
- Bead-based flow cytometry is anticipated to witness the highest CAGR over the forecast period owing to increasing advancements in molecular engineering and monoclonal antibody production
- Reagent & consumable is anticipated to be the fastest-growing product & services segment from 2019 to 2026 due to extensive utilization in molecular diagnostics
- Commercial organizations segment held the largest revenue share due to large-scale production of proteins, cell line development, and other biologicals coupled with high demand for cell sorting and analysis techniques
- Asia Pacific regional is presumed to witness the fastest CAGR from 2019 to 2025 owing to supportive government initiatives for the development of biotech industry and growing awareness about the applications of flow cytometers
- Multinational companies are collaborating with local diagnostic companies and healthcare institutions in developing countries to strengthen their position in the global flow cytometry market