The burden of chronic diseases, such as cardiovascular diseases, cancer, and diabetes, across the globe has been growing rapidly. For example, as per the WHO, about 1.6 million people died because of diabetes in 2016. Furthermore, according to the Global Cancer Observatory, approximately 783,000 deaths occurred due to stomach cancer around the world. Ascribed to this, the demand for blood screening procedures for detecting diseases has been rising as well.

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This is further leading to the high need for advanced detection technologies. The global label-free detection technology market is projected to reach a value of $3,097.4 million by 2030, increasing from $1,197.5 million in 2019, progressing at a 9.0% CAGR during the forecast period (2020–2030), according to a report by P&S Intelligence. Different product types included in label-free detection technology are consumables and instruments, between which, the demand for instruments has been higher in the past.

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Other than this, the demand for SPR is also projected to rise considerably in the years to come, as it is a low cost solution and needs a minimal amount of sample for conducting the experiments. The SPR technology also aids in conducting studies regarding the micro, and macro molecules and about vaccines against microorganisms that cause harm. The major applications of the label-free detection technology are concentration analysis, binding kinetics, end-point screening and specificity testing, and affinity analysis. The demand for the technology is expected to grow substantially for the binding kinetics application in the coming years.

Hence, the market is growing due to the rising prevalence of chronic diseases across the globe.