The global label-free array systems market is fairly consolidated, with the top five vendors accounting for a major share of 62.7% in the market in 2015. Transparency Market Research (TMR) notes that these leading companies – Biacore, Agilent Technologies, ForteBio, Molecular Devices LLC, and Perkin Elmer – are constantly offering unparalleled product portfolios and making technology innovations to gain a competitive edge over others. Timely upgrades and continuous product launches are the key strategies adopted by the leading companies to consolidate their market shares in various regions.
According to TMR’s estimation, the global label-free array systems market was valued at US$1.0 bn in 2015 and is anticipated to attain a valuation of US$1.7 bn by 2024. The global market is forecast to expand at a CAGR of 5.6% from 2016 to 2024.
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Robust R&D Spending in North America Lends Fillip to Market Growth
On the basis 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. Of these, North America leads the global market. The regional market is estimated to occupy a major share in the coming years, and expected to register a CAGR of 5.7% during the forecast period. The regional market is primarily propelled by growing investments in research and development in the biotech and pharmaceutical sectors, accelerated adoptions of advanced technologies, and robust developments in drug discovery.
The primary end users of label-free array systems comprise research and development laboratories, contract research organizations (CROs), agriculture research institutes, and forensic institutes. Of these, research and development laboratories accounted for a major share in the global-label free array systems market in 2015. The increased spending on research and development by several biotechnology and pharmaceutical companies is a key trend that has fuelled the market growth. The demand for high-throughput equipment for discovering new molecules as promising drug candidates has boosted R&D spending in major regions, thus offering an impetus to the market.
Popularity of Outsourcing to Contract Research Organizations Creates Promising Market Avenues
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The global label-free array systems market is expected to exhibit consistent growth fuelled by the demand for fast, accurate, and reliable results in molecular researches and in several drug discovery initiatives. Continuous advancement in technology has led to the design of high-throughput label-free array systems, which can offer real-time data analytics such as binding kinetics and affinity. In addition, the adoption of advanced label-free detection methods as plasmon sensing and nanowire sensing have enabled researchers the real-time monitoring of DNA amplification and finding novel biomarkers for cancer detection and treatment. Furthermore, unlike traditional labelled detection systems, the label-free array system ensures that the properties of the molecules under examination remain unaffected, thereby enhancing the accuracy of the results. All these factors are likely to open promising avenues in drug discovery and is expected to boost the market.
Recent developments point to the rapid outsourcing of a major chunk of R&D activities to contract research organizations. A large number of pharmaceutical companies are partnering with leading CROs to outsource researches on drug development, which help them reduce production cost and meet quality standards. This will boost the uptake on new technologies.
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