The market size of the Global Flow Cytometry in Oncology and Immunology Market in the year 2021 is valued at 1.69 billion and is predicted to reach 3.95 billion by the year 2030 at an 10.11% CAGR during the forecast period.
The global increase in HIV diagnoses is a significant market factor for flow cytometry, and this is because the flow cytometry technique is specifically used for HIV diagnosis. In flow cytometry, light scattering is utilized to identify cells. These cells receive particular markers known as CDs depending on the type of scattering (clusters of differentiation). The main market players are concentrating on creating new products, which is anticipated to propel market growth over the forecast year. The key elements affecting flow cytometry in the oncology and immunology market include high resolution, enhanced efficacy, and the creation of powerful statistical platforms. In addition, factors like the rising acceptance of new technology and the rising use of flow cytometry in medical research are anticipated to boost market expansion throughout the estimated period. Furthermore, the market is expected to grow in the coming years due to the increasing prevalence of cancer and HIV/AIDS patients worldwide. On the other hand, the demand for flow cytometry in oncology and immunology is predicted to be hindered by a lack of technicians, awareness of the applications of flow cytometry, and the high costs of flow cytometry equipment and reagent.
The flow cytometry in the oncology and immunology market is segmented on the offering technology, type, applications and end users. Based on offerings, the market is segmented into products (Instruments, Reagents and Consumables, and Software) and services. Based on technology, flow cytometry in the oncology and immunology market is segmented into cell-based flow cytometry and bead-based flow cytometry. Based on the type, the flow cytometry in the oncology and immunology market is segmented into immunology and oncology. Based on applications, flow cytometry in the oncology and immunology market is segmented into translational and clinical research. Based on end-users, flow cytometry in the oncology and immunology market is segmented into hospitals, diagnostic laboratories, reference laboratories, pharmaceutical and biotechnology companies, academic research institutes, contract research organizations and others.
Based on technology, the cell-based theory segment is a major contributor to the flow cytometry in the oncology and immunology market.
The market's leading segment is cell-based theory. Rising interest in early diagnosis and a growing understanding of the benefits of cell-based diagnostics account for the largest share of this growth. The development of new tools, labels, affinity reagents, software, and algorithms, as well as advancements in cell-based assay technologies, are also anticipated to increase usage in the future years. Bead tests are used in studies on infectious diseases. The market for these assays is anticipated to grow profitably throughout the projection period due to advancements in molecular engineering and monoclonal antibody manufacturing and their advantages, such as cost-effectiveness, low sample requirement, and quick turnaround times.
The pharmaceutical and biotechnology companies segment witnessed growth at a rapid rate.
Pharmaceutical and biotechnology companies grabbed the highest revenue share, and it is anticipated that they will continue to hold that position during the expected time. This high percentage can be attributed to increased R&D activities for cancer and infectious diseases like COVID-19. Additionally, it is projected that increased R&D investments in the biotechnology and pharmaceutical industries will promote market expansion. The clinical diagnostic market is anticipated to grow at the fastest rate due to the growing demand for cheap illness diagnosis and the advantages of flow cytometry in disease detection, such as quicker and more accurate results.
The North American flow cytometry in the oncology and immunology market holds a significant regional revenue share.
The North American flow cytometry in the oncology and immunology market is expected to register the highest market share in revenue shortly, Government funding and support for R&D initiatives, increased awareness of healthcare diagnostics, and an increase in the number of cancer patients in the region are all factors contributing to the market growth in this area. Additionally, this region's market is expanding due to rising pharmaceutical industry R&D activities. In addition, Asia Pacific is projected to grow rapidly in the global flow cytometry in the oncology and immunology market due to the rising prevalence of autoimmune diseases, growing healthcare awareness, rising healthcare investments and collaborations, and regional market players expanding.
Some major key players in the flow cytometry in oncology and immunology market are "agilent technologies, inc, Becton, Dickinson and Company, Bio-Rad Laboratories, Inc., Cell Signaling Technology, Inc., Cytek Biosciences, Inc.,, Danaher Corporation, DiaSorin S.p.A (Luminex Corporation),Enzi Biochem Inc., Laboratory Corporation of America Holdings, Merck KGaA, Miltenyi Biotec, NeoGenomics Laboratories, Inc., OPKO Health, Inc., Sony Group Corporation and Thermo Fisher Scientific Inc.