NEW YORK, Nov. 18, 2020 /PRNewswire/ -- The American Heart Association (AHA) says that deaths due to cardiovascular diseases (CVD) will increase from 17.6 million in 2016 to 23.6 million by 2030. Similarly, the UN's Global Burden of Disease Study 2016 expects the number of neurological disease cases to rise from 94,608 in 2015 to 103,335 by 2030. Due to these factors, the global label-free detection technology market will advance from $1,197.5 million in 2019 to $3,097.4 million by 2030, at a 9.0% CAGR between 2020 and 2030, according to P&S Intelligence
With such technologies, the presence of analytes in the body can be detected by analyzing their size, molecular weight, electrical impedance, charge, refractive index, and dielectric permittivity. As this method helps in the effective diagnosis of diseases, the label-free detection technology market gets a boost from the rising prevalence of issues such as cancer, CVDs, neurological disorders, and diabetes.
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The label-free detection technology market is flourishing during the COVID pandemic, as the disease is rampaging around the world. More than 29 million have been affected and almost a million dead till mid-September 2020. This has rapidly raised the demand for an effective antiviral, which is why pharma and biotech companies are utilizing label-free detection assays to study the progression of the disease.
Browse detailed report with COVID-19 impact analysis on Label-Free Detection Technology Market Research Report: By Product Type (Instruments, Consumables), Technology (Mass Spectrometry, Surface Plasmon Resonance, Bio-Layer Interferometry, Microplates/Reader-Based Technology, Calorimetry), Application (Binding Kinetics, Affinity Analysis, End-Point Screening and Specificity Testing, Concentration Analysis), End User (Pharmaceutical & Biotechnology Companies, Academic & Research Institutes, Contract Research Organizations) - Global Industry Analysis and Growth Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/label-free-detection-market
In the past, the pharmaceutical & biotechnological companies classification held the largest share in the label-free detection technology market, under the end user segment. The increasing incidence of chronic diseases is leading to the rising demand for drugs. This is why not only is the number of pharma and biotech companies surging around the world, but also their R&D spending for drug discovery.
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North America is the largest label-free detection technology market presently, driven by the rising chronic disease prevalence and initiatives being taken by private and public organizations to do something about it, which involve augmenting their healthcare expenditure. As per the World Bank, the U.S.'s healthcare expenditure increased to 17.0% of its GDP in 2017 from 12.5% in 2000. Owing to similar reasons, the advance of the industry will be the most rapid in the Asia-Pacific (APAC) region during the next decade.
The most important companies operating in the global label-free detection technology market are Thermo Fisher Scientific Inc., General Electric Company, F. Hoffmann-La Roche Ltd., Danaher Corporation, Hitachi Ltd., PerkinElmer Inc., Sartorius Stedim Biotech S.A., Malvern Panalytical Ltd., HORIBA Ltd., Waters Corporation, Agilent Technologies Inc., Mettler-Toledo International Inc., AMETEK Inc., and Corning Incorporated.
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