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Thermo Fisher Scientific Inc. (TMO) - free report >>
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Bio-Techne's New Simple Plex Cartridge Boosts Protein Segment
A Bio-Techne Corporation (TECH - Free Report) brand, ProteinSimple, recently expanded the Ella immunoassay platform through the launch of a 32x4 Simple Plex cartridge. The cartridge provides more accurate results at a lower cost. Notably, ProteinSimple falls under the Protein Platforms division of Bio-Techne.
Simple Plex immunoassays have the same features as the "gold standard" ELISA and run on the fully-automated Ella platform. The Simple Plex cartridges in combination with the automated Ella platform have helped skip the manual steps and provide more accurate and dynamic 4-5 logs than traditional ELISAs in an hour.
Per management, the combination delivers solutions that enable higher throughput immunoassays.
In the last reported fourth quarter, Bio-Techne witnessed 22% year-over-year revenue growth (up 24% organically) at the Protein Platforms division. Notably, this quarter marked the sixth straight quarter of double-digit organic growth. Per management, growth was driven by new product introduction and applications.
The company is presently focusing on strengthening its position in this segment banking on the solid prospects. According to a report by Markets and Markets, the global immunoassay market is expected to reach a value of $25.45 billion by 2021, at a CAGR of 8.2% from 2016 to 2021. Considering the opportunities, we see the latest development as a strategic one.
However, the company faces tough competition in the industry from well-established players like Thermo Fisher Scientific Inc. (TMO - Free Report) , Luminex Corporation and Bio-Rad Laboratories, Inc. (BIO - Free Report) .
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