The global flow cytometry market is projected to reach USD 5.4 billion by 2023 from USD 3.7 billion in 2018, at a CAGR of 8.1 percent, projects MarketsandMarkets. Technological advancements in flow cytometers, increasing adoption of flow cytometry techniques in research activities and clinical trials, the growing focus on immunology and immuno-oncology research, high incidence and prevalence of HIV-AIDS and cancer, and availability of novel application-specific flow cytometry products are some of the major factors driving the market growth. The reagents and consumables segment is expected to command the largest share of the global flow cytometry market in 2018. Factors such as the development and commercialization of high-quality application-specific reagents and assays and the continuous requirement of flow cytometry reagents by end users (due to the increasing number of flow cytometry-based research activities) are expected to drive the growth of the reagents and consumables market in the coming years.
On the basis of technology, the bead-based flow cytometry segment is estimated to witness the highest growth. This technology offers various procedural advantages over other cell-based assays such as the capacity to detect multiple analytes (also known as multiplexing), high reproducibility, stability, and speed. Geographically, the favorable business environment, continuously growing number of research activities, the rising number of drug discovery initiatives by US-based pharmaceutical and biotechnology companies, and the strong presence of key players are the key factors propelling the growth of the North American flow cytometry market.