The global label-free array systems market is projected to rise at a CAGR of 5.6% during the forecast period of 2016 and 2024. This steady rise will be attributable to booming drug discovery industry that has roped in investments from several biotechnology and pharmaceutical firms. Several companies are opting for label-free array systems of developing drugs to avoid the time spent in research and development and the costs incurred. These methods use the principle of discarding the usage of radioactive labels and heavy florescent to identify and validate molecules as drug candidates. Thus, the growing awareness of the advantages of label-free array systems are expected to propel the overall market. Transparency Market Research points out that the global market will be worth US$1.7 bn by 2024 from US$1.0 bn in 2015.
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Q. Which region will be the highest contributor to the rising revenue of the global label-free array systems market?
In terms of geography, the global label-free array systems market is segmented into Asia Pacific, North America, Europe, the Middle East and Africa, and Latin America. Of these, the North America label-free array systems market is expected to show dominance throughout the forecast period. This market will be driven by the high adoption of label-free techniques by big players in the region for drug discovery along with rising investments in pharmaceutical research and development activities. Analysts predict that the North America label-free array systems market will surge at a CAGR of 5.7% during the forecast period.
Q. Which segment will emerge as the key end user segment in the global label-free array systems market?
The various end users in the global label-free array systems market are research and development laboratories, agriculture research institutes, contract research organizations, and others such as forensic institutes. The report indicates that the research and development laboratories segment will lead the global market in the coming years. The dominance of this segment will be attributable to the increasing expenditure on research and development of new drugs. Furthermore, introduction of new and improved label-free technologies have also encouraged the biotechnology and pharmaceutical industry to undertake research.
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Q. Who are the key players in the global label-free array systems market?
The top five players in the global market are Perkin Elmer, Agilent Technologies, Biacore, Molecular Devices LLC, and ForteBio. Collectively, these players held a share of 62.7% in the overall market in 2015. Their extensive product portfolio and their continuous efforts in product innovation are expected to help them gain a competitive edge over other players.
The market is projected to see launch of several new products in the coming years. For instance, Molecular Devices LLC launched MetaXpress® High-Content Image Acquisition and Analysis Software. This includes both improved 3D image analysis capability and ImageXpress® Micro 4 High-Content Imaging System. The new product is expected to offer customizations to the researchers to understand individual needs. This will further reduce the time taken for research, thereby resulting in savings. Such innovations and efforts are expected to offer lucrative opportunities to the global market in the coming years.
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