The market stood at $1,197.5 million in 2019, and it is projected to reach $3,097.4 million by 2030. Various developed and developing countries are improving their healthcare infrastructure by adopting novel screening and diagnostic technologies, such as label-free detection, for accurate results. Additionally, market players are focusing on strategic partnerships and collaborations to amplify the usage of this technology and expand their customer base.

The adoption of label-free detection technologies has primarily increased due to the rising incidence of chronic ailments, such as diabetes, cardiovascular diseases (CVDs), and cancer. According to the Global Cancer Observatory, the world recorded around 783,000 deaths due to stomach cancer in 2018. Furthermore, the International Diabetes Federation (IDF) propounds that the world would record 700 million diabetes cases by 2045. This has led to significant growth in the volume of blood screening tests to detect these diseases and avoid critical problems.

Such technologies are finding extensive application with pharmaceutical and biotechnology companies due to a surge in drug discovery studies to cope with the increasing incidence of chronic diseases. The escalating requirement for drugs has resulted in an exponential rise in research and development (R&D) expenditure by pharmaceutical and biotechnology firms. Apart from this, academic and research institutes and contract research organizations (CROs) are deploying several label-free detection technologies to develop new products.

During the forecast period, Asia-Pacific (APAC) will display the fastest growth in the label-free detection technology market due to the rising geriatric population. Moreover, the rising healthcare spending in countries like Japan and China has resulted in the rapid adoption of enhanced diagnostic technologies, which facilitates the market growth in the region. Moreover, the vast population of the elderly means a high prevalence of chronic diseases, as they are more susceptible to such disorders. A surge in the incidence of chronic ailments will boost the demand for label-free detection technologies in the coming years.

Thus, the high incidence of chronic diseases and hefty investments in healthcare infrastructure will lead to the advancement and widescale adoption of label-free detection technologies in the coming years.