High Burden of Chronic Ailments To Drive Label-Free Detection Technology Demand

IDEAHO FALLS, Idaho - March 28, 2022 - PRLog -- The International Agency for Research on Cancer (IARC) states that 19,292,789 cases of cancer were diagnosed in 2020, worldwide. Further, the International Diabetes Federation (IDF) predicts that the population of diabetic patients aged 20–79 years will increase from 537 million in 2020 to 643 million by 2030. In addition, the World Health Organization (WHO) states that cardiovascular diseases (CVDs) were responsible for 17.9 million deaths in 2019. The surging burden of chronic diseases will, therefore, create a huge requirement for label-free detection technology, as disease detection through this technology avoids any serious consequences.

Moreover, the booming healthcare expenditure and the rising strategic developments for drug discovery will drive the label-free detection technology market at a CAGR of 9.0% (https://www.psmarketresearch.com/market-analysis/digital-health-market) during the forecast period (2020–2030). For instance, the WHO states that $8.5 trillion was spent on healthcare in 2019, which accounted for 9.8% of the global gross domestic product (GDP).

Globally, the North American region was the dominant user of label-free detection technology in the last few years, and it will retain its dominance in the foreseeable future as well. This can be owed to the growing prevalence of chronic ailments and soaring healthcare expenditure in Canada and the U.S. For example, Canadian Cancer Statistics reveals that 45% of Canadian men and 43% of Canadian women are suffering from cancer during their lifetime. Further, the Centers for Disease Control and Prevention (CDC) states that 6 in 10 adults in the U.S. suffer from a chronic disease.

Therefore, the rising prevalence of chronic illnesses and the mounting healthcare expenditure will result in the largescale adoption of label-free detection technology, globally.