Stable Isotope Labeled Compounds Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The Stable Isotope Labeled Compounds market is projected to grow with a CAGR of nearly 3.3% over the forecast period. The major factor attributing to the growth of the market is the increase in the incidence of cancer. According to the National Institutes of Health (NIH), in 2018, an estimated 1,735,350 new cases of cancer will be detected in the United States and 609,640 people will die from the disease. Furthermore, the growing investments in research and development programs by the biotechnology and pharmaceutical companies is boosting the market growth. However, the high cost of the isotope compounds is the major drawback of the market.
The growth of the segment is attributed to the increase in research and development spending. Both government and major players are investing in product development. Stable isotope tracers can be safely governed simultaneously to the same subject without compromising future studies. The plasma volume which is needed from one sample to analyze the isotope enrichment is small, allowing even preterm infants to be studied. Extensive studies are going on for biological side effects and metabolic fate of the compound. The other factors that are boosting the market growth are the increasing incidence of cancer as these are majorly used in cancer diagnostics.
North America is expected to dominate the overall market, throughout the forecast period. The market growth is due to factors such as the presence of key players, the high prevalence of cancer in the region, established healthcare infrastructure. Furthermore, beneficial government initiatives and an increase in the number of research partnerships are some of the drivers expected to increase market growth. In this region the United States has the maximum share due to supportive healthcare policies, the high number of patients, and a developed healthcare market.
The Stable Isotope Labeled Compounds market is moderately competitive and consists of several major players. Some of the international companies that are present in this market are PerkinElmer Inc, Merck KGaA, Cambridge Isotope Laboratories, Inc., JSC Isotope., Medical Isotopes, Inc., Omicron Biochemicals, Inc., Trace Sciences International, Alsachim, Taiyo Nippon Sanso Corporation.