LONDON, Nov. 27, 2017 (GLOBE NEWSWIRE) -- The global label free detection market will grow at a CAGR of 8.8% from 2017 to 2022 to reach USD 2,292.0 million by 2022, according to the latest publication from Meticulous Research™. This market is mainly driven by rapid growth in pharmaceutical and biotechnology market, increasing adoption of innovative approaches in drug discovery, and rising initiatives & funding for various R&D activities. However, high cost of instruments and shortage of skilled professionals for handling of complex equipment inhibits the growth of the market to some extent.
Based on product type, consumables held the largest share of the market in 2016 and are expected to continue their dominance in the global label free detection market during the forecast period, owing to their increasing adoption for screening of biomolecules and assays for accurate and easy diagnosis of disease and to understand the interaction of these assays with target molecules for drug discovery application.
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Based on technology, surface plasmon resonance accounted for the major share of the global label free detection market in 2016, owing to its wide applications and compatibility with all types of biomolecules.
On the basis of application, binding kinetics held the largest share of the global label free detection market in 2016. This is mainly attributed to the growing need to diagnose the molecular and cellular binding properties between various biomolecules for drug discovery.
Based on end user, pharmaceutical and biotechnology industry commanded the largest share in 2016 due to rising adoption of label free technologies in the drug discovery and development and preclinical studies for the analysis of binding kinetics of the target molecules, pharmacodynamics, and toxicology.
North America commanded the largest share in the global label free detection market in 2016, followed by Europe and Asia-Pacific. The large share of this market is mainly attributed to the well-established healthcare system in the region, higher acceptance of advanced technologies, availability of funds for research from various public and private sector organizations, growing prevalence of non-communicable diseases & related rise in pharmaceutical research & development, and presence of many key players in this market.
The key players operating in this market are GE Healthcare (U.S.), Corning Inc. (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), Danaher Corporation (U.S.), Bio-Rad Laboratories, Inc. (U.S.), AMETEK, Inc. (U.S.), BiOptix Inc. (U.S.), Horiba, Ltd. (Japan), BioNavis Limited (Finland), PerkinElmer Inc. (U.S.), and Attana AB (Sweden).
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