Market Challenges And Opportunities
Global Electrophoresis Market– Drivers
- Increasing application of electrophoresis in cancer research: The protein electrophoresis test is often used to find abnormal substances called M proteins. The presence of M proteins can be a sign of a type of cancer called myeloma, multiple myeloma, and others. Thus, an increase in the number of cancer cases is expected to increase the use of electrophoresis technology for cancer detection and research and development for its cure. For instance, according to the World Health Organization (WHO), on July 12, 2023, there were more than 685,000 deaths associated with breast cancer globally in 2020.
- Increasing collaboration between key market players and research organizations: A rise in the number of strategies, such as collaboration between key market players and several research organizations and universities, so as to conduct research regarding genetic diseases, is also expected to drive market growth for the forecast period. For instance, on August 7, 2023, Pacific Biosciences of California, Inc., an U.S.-based biotechnology company, and GeneDx, an U.S.-based genetic testing company, jointly announced that they have collaborated with the University of Washington to study the capabilities of HiFi long-read whole genome sequencing (WGS) to increase diagnostic rates in pediatric patients with genetic conditions.
- High cost of electrophoresis instruments: The factor that can act as an anchor to the growth of the global electrophoresis market is the high cost of electrophoresis instruments. For instance, the price of the Spectrum Compact CE System, which is manufactured by Promega Corporation, is around US$ 14,467. Thus, such a high cost of instruments can hamper market growth. As a result, key market players must focus on launching more economical eclectrophoresis instruments.
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