Label-free Array Systems Market: Reduced Cost and Turnaround Time to Offer Significant Opportunities
ALBANY, NY, UNITED STATES - Dec 15, 2016 - The research report by Transparency Market Research states that the top five players in the global label-free array systems market accounted for a share of 62.7% in the overall market in 2015. Players such as Biacore, Agilent Technologies, ForteBio, Molecular Devices LLC, and Perkin Elmer have remained dominant in the global market due to their unmatched product portfolio and their persistent efforts to ensure product innovation. Product upgrades and timely product launches are expected to be the key strategies being adopted by these companies operating in the global market.
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According to the research report, the global label-free array systems market is expected to be worth US$1.7 bn by the end of 2024 as compared to US$1.0 bn in 2015. During the forecast years of 2016 and 2024, the overall market is expected to exhibit a CAGR of 5.6%.
Outsourcing makes Contract Research Organizations Biggest Users of Label-free Array Systems
Geographically, the North America label-free array systems market is projected to show the highest growth rate in the coming years. The 5.7% CAGR of this regional market will be fueled by a positive adoption rate of label-free techniques and growing investments in research and development. In terms of end users, the contract research organizations are expected to register a strong CAGR of 6.5% amongst the rest of the end users. The formidable rise in outsourcing and growing number of contract research organizations across the globe are anticipated to boost the demand for label-free array systems in the forecast period.
Real-time Data Analytics Prompts Swift Uptake
The global label-free array systems market is projected to grow at a steady rate in the coming few years due to the rising awareness and acceptance of the advantages these systems offer. Among the many benefits of these systems, it is a well-known fact that using these techniques permits reduced cost and time along with a high throughput results in real time. Label-free techniques offer reliable, fast, and accurate results in relatively less time as compared to conventional systems. Furthermore, label-free techniques also provide real-time data such as binding kinetics, affinity, and other crucial analysis, which helps a great deal to reduce the overall time required to complete the process.
The label-free array systems market is gaining remarkable popularity all across North America, states the lead author of this research report. Understanding of the advantages of label-free array systems, technological advancements in instrumentation, and technological advancements are expected to propel the uptake of these technological in the coming years in this region. Additionally, growing investments in research and development by several biotechnology and pharmaceutical companies along with robust government funding is expected to fuel the growth of the label-free array systems market in North America.
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High Cost of Instruments Dissuades Adoption in Price-sensitive Regions
Application of label-free instruments demand highly sophisticated equipment and screening systems in addition to integrated software. All of these factors collectively increase the cost of the instrument, which is rarely is compensated through reimbursements. Thus, the adoption of label-free array systems has been quite slow in price-sensitive regions. In addition to this issue, the market is also being restrained by the dominating presence of labeled detection techniques such as NMR and ELISA, which still account for a major share of the instrument market.
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