The global Luciferase Assays Market is predicted to reach a value of US$ 3 Billion by 2032, with sales growing at a strong CAGR of 7.8% from the forecast period of 2022 to 2032. By the end of 2022, the target market is set to reach an estimated US$ 1.3 Bn. The rising adoption of the target product in research studies of gene expression is expected to drive the growth for the luciferase assays market during the forecast period.
Luciferase assays plays a crucial role in molecular biology and genetic engineering as they have replaced chloramphenicol acetyltransferase gene as a reporter. This augments the global sales of the luciferase assays market. The target product is also commonly used in gene expression studies and in gene transcription or translation levels. In addition, the deduction in its production costs and rise in per capita income positively influences the target market prospects. Again, the increasing demand for regular medications like hydroxychloroquine has created several indirect growth opportunities for the target market.
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Moreover, its application in detecting and evaluating ATP, increasing technology developments for camera-aided quantitative imaging of gene expression, and usage in the food and beverages sector further aid the growth of the luciferase assays market. Manufacturers in the food and beverage industry use luciferase assays to check for microbiological contamination, which also contributes to the luciferase assays market expansion.
Moreover, there has been massive technological development in the luciferase assays market where the present advanced technologies enable the quantitative visualization of gene expression at single-cell resolution by imaging its luminescence in real-time using a highly sensitive charged-coupled device (CCD) camera.
The advancing pharmaceutical and biotechnology industry will continue to develop in the next few years owing to the need for various upgraded vaccines and treatment medications. This will further spur the sales of luciferase assays during the forecast period.
“Extensive application in molecular biology, and genetic engineering as well as usage in the food and beverages industry will supplement the global growth of the luciferase assays market over the forecast period,” says an FMI analyst.
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Key Takeaways:
- Advances in the pharmaceutical and biotechnology industry will boost the market prospects for luciferase assays.
- North America’s luciferase assays market will dominate the global marketplace with a share of 37.3%.
- Asia Pacific will offer several lucrative opportunities to the luciferase assays market during the forecast period.
- The start-ups in this market are focusing on R&D activities and product innovation.
Competitive Landscape
Life Technologies, Sigma Aldrich, Thermo Fisher, Promega, Clontech, Invivogen, Roche Applied Sciences, Switchgear Genomics, Origene, Perkin Elmer, EMD Millipore, Clontech, Gold Biotechnology, Lonza and GE Healthcare Life Sciences among others are some of the major players in the luciferase assays market profiled in the full version of the report.
Leading market players are focusing on new product launches to cater to the growing demand for the target product. These businesses employ collaboration and acquisition strategies to strengthen their market position.
More Insights into Luciferase Assays Market Report
In its latest report, FMI offers an unbiased analysis of the global luciferase assays market, providing historical data from 2014 to 2020 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of assay type (beta-galactosidase assays, luciferase assays, fluorescent protein related assays, chloramphenicol acetyltransferase assays, others), application (gene expression, post-translational modification, protein-protein interaction, metabolic activity, others), and region.
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According to the latest FMI reports, based on region, the luciferase assays market in North America will demonstrate substantial growth during 2022-2032. The target market in this region will account for a global market share of 37.3%during the assessment period. Robust research funding by the government to study newer assay methods are expected to propel the target market growth in this region.
Apart from North America, the luciferase assays market in the Asia Pacific region presents greater growth potential. The emerging economies in this region attract several key market players to invest their resources in this region. Thus, the target market prospects are expected to surge in this region during the forecast period.
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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