What are the major drivers of the flow cytometry market?

[Snehal Shaha]

Growth in the flow cytometry market is largely driven by the rising global incidence and prevalence of HIV/AIDS and cancer, growing adoption of flow cytometry techniques in research and academia, growing public-private initiatives in the fields of immunology and immuno-oncology research, technological advancements, increasing incorporation of AI platforms in flow cytometry workflows, and increasing advancements in flow cytometry software. However, the high cost of flow cytometry products is a major factor hampering the growth of the market.
The flow cytometry market is projected to reach USD 6.3 billion by 2026 from USD 4.3 billion in 2021, at a CAGR of 8.1%.
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Based on instruments, the market is segmented into cell analyzers and cell sorters. The cell sorters segment is expected to witness the highest growth rate during the forecast period. Growth in this market segment is primarily attributed to the growing availability of technologically advanced, compact, and affordable cell sorters and collaborations for their development are the key factors driving the growth of this market. Advanced flow cytometry cell sorters have become less costly and more user-friendly than their predecessors.
Based on research application, the flow cytometry market is segmented into pharmaceutical & biotechnology, Immunology, Cell sorting, apoptosis, cell cycle analysis, cell viability, cell counting, and other research applications. The immunology segment is expected to grow at the highest CAGR during the forecast period. With the growing prevalence of chronic immune system-related diseases (such as autoimmune diseases, infectious diseases, HIV-AIDS, and lymphomas), there is a high market demand for safe and effective treatment options. As flow cytometry is a gold-standard technique for cell analysis and is majorly used in immunology research, the growing focus on immunology and immune-oncology research across the globe will support market growth.
Based on end user, the flow cytometry market is segmented into academic & research institutes, hospitals & clinical testing laboratories, and pharmaceutical & biotechnology companies. The hospitals & clinical testing laboratories segment is estimated to witness the highest growth during the forecast period, primarily due to increasing awareness regarding the use of flow cytometry for disease diagnosis and monitoring as well as the growing demand for early and effective disease diagnosis and treatment.
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Based on region, the global flow cytometry market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. North America is expected to command the largest share of the global flow cytometry market in 2020, followed by Europe. However, the Asia Pacific market is expected to grow at the highest CAGR from 2021 to 2026. Key factors driving the growth of the market in the APAC include the increasing participation of China, India, Japan, Australia, and South Korea in flow cytometry-based research; expansion of research infrastructure; and growing public-private initiative aimed towards boosting advance research practices in this region. Owing to the high-growth potential in the region, leading product manufacturers are undertaking strategic initiatives such as agreements, collaborations, and expansions to increase their presence in the Asia Pacific flow cytometry market.