Label-Free Array Systems Market Research Report- Forecast to 2024
The growing focus on drug discovery by several pharmaceutical and biotechnology firms has accelerated the uptake of label-free array systems in recent years. Companies are shifting their preference toward label-free array systems due to increasing time and cost pressure with the use of traditional drug discovery methods such as Enzyme Linked Immunosorbent Assays (ELISA), Nuclear Magnetic Resonance (NMR), etc., which are based on the labelled detection technologies. Label-free array systems work on the principle of eliminating the use of heavy florescent and radioactive labels for identification and validation of molecules as drug candidates. According to the research report, the global label-free array systems market is expected to be worth US$1.7 bn by the end of 2024 from US$1.0 bn in 2015. During the forecast years of 2016 and 2024, the overall market is expected to exhibit a CAGR of 5.6%.
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Label-free Array Systems Market Thrives as Technologies Offer Accurate Results
The global label-free array systems market is primarily being driven by the growing awareness about its advantages over labeled detection technologies. The new-age systems facilitate an understanding of real time kinetics, binding affinity, and other physio-chemical properties of the molecule under study. These factors have cut down the time required for an analysis, thereby reducing the cost of the procedure as the labels are completely removed. The label-free array systems ensure that the properties of the molecule under study remain untouched as against in labelled detection technologies, which tend to interfere with the properties of the molecule, thereby creating a possibility of inaccurate results.
Contract Research Organizations Promise to Boost Uptake of New Technologies
The end users in the global label-free array systems market are research and development laboratories, contract research organizations, agriculture research institutes, and forensic institutes. Of these end users, the research and development laboratories segment accounted for the lion’s share in the global-label free array systems in 2015. The contract research organizations followed this lead closely and is expected to show a rapid growth rate in the coming years as well. The rising expenditure on research and development of new drugs by pharmaceutical and biotechnology companies along with remarkable improvement in label-free detection technologies particularly for drug discovery are expected drive the segment in the coming years.
Persistent Expenditure on Research and Development in North America Lends Impetus to Regional Market
In terms of geography, the global label-free array systems market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Amongst these segments, North America held a leading share in the global market and is expected to show its dominance in the coming years as well. The regional market’s growth will also be driven by growing spending on research and development, increase in the adoptions of new technologies, and emerging of drug discovery industry. Analysts anticipate that Asia Pacific label-free array systems market is also projected to show a promise of growth during the forecast period. Improving GDPs, strengthening economies, and rising expenditure on research and development are expected to fuel the growth of Asia Pacific market in the near future.
The key players operating in the label-free array systems market are market include Biacore, Agilent Technologies, Bio-Rad Laboratories, and Perkin Elmer. Other players include Attana AB, GWC technologies, ForteBio, BiOptix, F. Hoffman LA Roche, among others. The research report profiles these players and provides a thorough analysis of the competitive landscape and their financial outlooks for the coming few years.
Browse Global Strategic Business Report: http://www.transparencymarketresearch.com/label-free-array-systems-market.html
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