Flow cytometry market has huge growth at a CAGR of 16.0% during the period 2018 - 2022.
Though popularity has been gained in the application field of life science industry, the cost of the instrument is impeding the growth. Due to this, many researchers are still reluctant in adopting this technology in their research work. Moreover, advancing technologies that has brought complex instrumentation requires highly skilled personals to operate these instruments.
"Flow cytometry market is in developing phase. Enhancing precision in results and presence of numerous flow cytometry techniques such as multicolor and multi-parameter flow cytometry has acted as a strong foothold, assisting the market growth in majority of the developed economies and foresees high potential in the emerging economies such as Asia Pacific and Africa. These economies have high demand for better health care techniques at an affordable cost. Increasing aged population who need better healthcare, increase in chronic disease and need for better diagnosis and treatment are few driving factors that are impacting the flow cytometry market" state AMR analysts Debbie Shields and Rohini Patil.
Immunotyping and signal transduction, for example, have been playing a significant role in medical diagnostics. However, conventional technologies used, have limited the accuracy and impacted the result deliverance time of the diagnosis performed. Improving therapeutic scenario is equally attracting focus on early diagnostic tools. Currently, many cancer types have various treatment options; however, this depends on the time of diagnosis and the stage of the cancer. Flow cytometry has been one of the most prevalent technologies which offer solutions for most of the problems discussed above. Key factors restraining the market include high instrument costs and size, lack of awareness among probable users and need for trained personnel. Most of the users are not aware of the advanced development in the flow cytometry technology and believe that the instruments are space consuming, complex in use and are of high cost, thus affecting the market growth.
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The global market for flow cytometry is divided into segments such as products, technology, end users, and applications. Instruments market accounts for the largest share of revenue in the flow cytometry market at present and is expected to remain as the highest revenue generator in 2020.
Increase in modularity, accessibility, incorporation of imaging capabilities, availability of wavelengths and targets and size reduction are few of the significant trends in the market assisting in adoption of the instruments by the end users. On the other hand, reagents market is expected to experience the highest growth rate of CAGR 12% during the analysis period. Primary reason escalating this segment is availability of several types of reagents that find diverse usability depending on specific applications like diagnostics, drug discovery, etc.
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