(PharmaNewsWire.Com, July 11, 2024 ) The report "Flow Cytometry Market by Technology (Cell-based, Bead-Based), Product & Service (Analyzer, Sorter, Consumables (Antibodies, Assays, Kits), Software), Application (Research (Immunology, Stem Cell, Apoptosis), Clinical (Cancer)) - Global Forecast to 2032", is projected to reach USD 10.3 billion by 2032 from USD 5.1 billion in 2024, at a CAGR of 9.2% during the forecast period of 2024 to 2032.
The global flow cytometry market is propelled by several factors, including technological advancements leading to higher sensitivity and accuracy, increasing adoption in clinical diagnostics and research, rising prevalence of chronic diseases, expanding biopharmaceutical R&D, and the demand for personalized medicine. Moreover, the integration of artificial intelligence and machine learning enhances data analysis capabilities is further likely to give momentum to the market growth.
Reagents & Consumables Segment dominated the flow cytometry market in 2023.
Based on products & services, the flow cytometry market is segmented into software, services, reagents & consumables (Antibodies, Assays & Kits and Other reagents & consumables), instruments, and accessories. Reagents & consumables accounted for the largest share of the flow cytometry market in 2023. Instruments segment is anticipated to grow at significant CAGR during the forecast period of 2024-2032. The factors attributable to the significant CAGR are launch of novel instruments in the market coupled with adoption of flow cytometry in clinical applications. For instance, in March 2024, Agilent Technologies introduced NovoCyte Opteon Spectral Flow Cytometer.
Cell-based flow cytometry segment is likely to grow at highest CAGR during the forecast period of 2024-2032.
Based on technology, the flow cytometry segment is divided into cell-based and bead-based flow cytometry. Cell-based flowcytometry accounted for the dominant share and expected to grow at faster pace during the forecast period. Leading factors for cell-based flow cytometry include advancements in single-cell analysis and growing applications in immunology and cancer research. Additionally, growing awareness and adoption in clinical diagnostics, coupled with supportive government policies and funding for advanced healthcare solutions, further propel the market.
The clinical application segment is anticipated grow at significant CAGR during the forecast period.
Based on applications, the flow cytometry market is segmented into research, clinical, and industrial applications. In 2023, the research applications segment dominated flow cytometry market. Adoption of flow cytometry in emerging fields like immunotherapy and regenerative medicine fosters further market growth in research applications. The increasing use of flow cytometry in diagnosing and monitoring hematological disorders, immune deficiency disorders, and infectious diseases is driving the of the clinical application segment.
Asia Pacific region is likely to grow at highest CAGR during the forecast period.
Based on region, the flow cytometry market is segmented into North America, Asia Pacific, Europe, Latin America, the Middle East and Africa. In 2023, North America dominated the market, the dominance of region is attributed to presence of leading market players, extensive R&D activities, and high prevalence of chronic diseases. Additionally, increasing awareness and adoption of personalized medicine and robust clinical research frameworks contribute to market growth. Asia Pacific region is anticipated to grow at highest CAGR owing to various factors such as growing investments in biotechnology and pharmaceutical research, and increased government initiatives and funding. Furthermore, growing focus on personalized medicine and targeted therapies drives the adoption of advanced diagnostic technologies is likely to impact positively on regions growth.
Key players in the flow cytometry market include Becton, Dickinson and Company (US), Danaher Corporation (US), Thermo Fisher Scientific Inc. (US), Agilent Technologies, Inc. (US), Sony Corporation (Japan), Bio-Rad Laboratories, Inc. (US), Miltenyi Biotec (Germany), Enzo Biochem, Inc. (US), Sysmex Corporation (Japan), bioMérieux (France), Cytonome/ST, LLC (US), Sartorius AG (Germany), Cytek Biosciences (US), Union Biometrica, Inc. (US), Takara Bio Inc. (Japan), Apogee Flow Systems Ltd. (UK), Stratedigm, Inc. (US), NanoCellect Biomedical, Inc. (US), On-chip Biotechnologies, Co., Ltd. (Japan), (US), Nexcelom Biosciences LLC. (US), BennuBio Inc. (US), Orflo Technologies (US), Bay Biosciences Co., Ltd. (Japan), BioLegend, Inc. (US), and CytoBuoy B.V (Netherlands).
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