Why will Label-Free Detection Technology Market Surge in Asia-Pacific in Coming Years?

The global label-free detection technology market revenue stood at $1,197.5 million in 2019, and it is predicted to surge to $3,097.4 million by 2030. Furthermore, the market will progress at a CAGR of 9.0% from 2020 to 2030 (forecast period), as per the estimates of the market research company, P&S Intelligence. The major factors driving the growth of the market are the increasing prevalence of chronic diseases, surging healthcare expenditure, growing strategic developments for drug discovery, and the launch of various initiatives by private and public organizations for raising awareness about label-free detection technologies. 

The growing prevalence of chronic diseases is rapidly becoming a huge burden for many economies across the world. As a result, many countries and organizations are actively focusing on augmenting the number of blood screening procedures for the early detection of illnesses such as diabetes, cardiovascular diseases, and cancer and also for preventing serious problems. Because of these factors, the demand for label-free detection technologies is soaring. As per the Global Cancer Observatory, stomach cancer claimed the lives of nearly 783,000 people across the world in 2018. 

Additionally, as per the World Health Organization (WHO), around 1.6 million deaths were caused all over the world because of diabetes in 2016. Apart from the growing incidence of chronic diseases, the surging healthcare expenditure in several countries, on account of the soaring investments being made by the governments of many developing and developed countries, is also propelling the expansion of the label-free detection technology market. As per the World Bank, the worldwide healthcare expenditure was 8.6% of the gross domestic product (GDP) in 2000 and it grew to 9.8% of the GDP in 2016.

This caused massive improvements in the healthcare infrastructure, which led to the large-scale adoption of screening or diagnosis technologies such as label-free detection technology, for more accurate screening procedures. Depending on product, the label-free detection technology market is divided into consumables and instruments. Between these, the instruments category is predicted to hold larger share in the market and also exhibit faster growth throughout the forecast period. This will be because of the availability of various advanced features in label-free detection systems. 

Geographically, Asia-Pacific (APAC) is predicted to be the fastest growing region in the label-free detection technology market in the forthcoming years. This is ascribed to the surging population of aging people, who are highly vulnerable to various chronic diseases, and the soaring healthcare expenditure in the regional countries. For example, in Japan and China, the healthcare expenditure increased from 9.2% and 4.2% of the GDP to 10.9% and 5.1% of the GDP, respectively, from 2010 to 2017. The surging healthcare expenditure is fueling the adoption of advanced diagnostic/screening technologies, which is, in turn, propelling the growth of the market in the region.

Hence, it can be said without any hesitation that the market will grow substantially in the coming years, mainly because of the rising incidence of chronic diseases, mushrooming geriatric population, and booming healthcare expenditure of several countries across the world.

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