How Is Label-Free Detection Technology Beneficial in Diagnostics?

The escalating healthcare expenditure and increasing strategic developments for drug discovery will drive the label-free detection technology market at a 9.0% CAGR during the forecast period (2020–2030). The market stood at $1,197.5 million in 2019, and it is projected to reach $3,097.4 million by 2030.

Various developed and developing countries are improving their healthcare infrastructure by adopting novel screening and diagnostic technologies, such as label-free detection, for accurate results. Additionally, market players are focusing on strategic partnerships and collaborations to amplify the usage of this technology and expand their customer base.

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The adoption of label-free detection technologies has primarily increased due to the rising incidence of chronic ailments, such as diabetes, cardiovascular diseases (CVDs), and cancer. According to the Global Cancer Observatory, the world recorded around 783,000 deaths due to stomach cancer in 2018. Furthermore, the International Diabetes Federation (IDF) propounds that the world would record 700 million diabetes cases by 2045. This has led to significant growth in the volume of blood screening tests to detect these diseases and avoid critical problems.

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The technology segment of the label-free detection technology market is categorized into mass spectrometry, calorimetry, bio-layer interferometry (BLI), surface plasmon resonance (SPR), and microplates/reader-based technology. Among these, mass spectrometry is projected to generate the highest revenue throughout the forecast period on account of the wide acceptance of this technology in the research field. This is because mass spectrometry offers more-accurate outcomes for the estimation of the bound proteins and their structural properties.

However, P&S Intelligence projects that North America will be the largest user of label-free detection technologies in the foreseeable future. This would primarily be due to the growing cases of chronic disorders, escalating healthcare spending, and amplifying support from public and private organizations. According to the Cancer Atlas, North America witnessed 693,000 cancer deaths in 2018. Additionally, the huge investments in the healthcare sector are leading to more innovations in the technology, thereby accounting for the production of improved products.

Thus, the high incidence of chronic diseases and hefty investments in healthcare infrastructure will lead to the advancement and widescale adoption of label-free detection technologies in the coming years.

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This release was published on openPR.