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(Health-NewsWire.Net, June 03, 2020 ) According to the latest research of MarketsandMarkets "Cell-based Assay Market by Product (Reagents, Microplates, Cell Lines, Assay Kits, Instruments, Services), Application (Drug Discovery, Research), End User (CROs, Biopharma Companies, Research Institutes), Geography - Global Forecast to 2024".
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The cell-based assays market is projected to reach USD 18.9 billion by 2024 from USD 13.9 billion in 2019, at a CAGR of 6.3%.
The growth of this market is majorly driven by the growing preference for cell-based assays, increasing research funding, and the growth in the number of drug discovery activities. However, the high cost of instruments and restrictions on reagent use are the major factors restraining the growth of this market.
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Consumables dominated the cell-based assays market in 2019
By product, the cell-based assays market is segmented into consumables, instruments, and services. In 2019, the consumables segment accounted for the largest share of the market. The large share of this product segment can be attributed to the increasing volume of R&D studies in pharmaceutical and biotechnology companies resulting in high demand for consumables.
Drug Discovery held the largest share of the applications market in 2019
Based on applications, the cell-based assays market is segmented into drug discovery, basic research, and other applications such as quality checks among others. In 2019, the drug discovery segment accounted for the largest share of the cell-based assays market.
The large share of this segment can be attributed to the increasing R&D investments and technological advancements in supportive processes such as high throughput screening and 3D cell cultures.
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Pharmaceutical and biotechnology companies were the largest end users of cell-based assays in 2019
By end user, the cell-based assays market is segmented into pharmaceutical and biotechnology companies, academic and government institutes, and contract research organizations (CROs).
The pharmaceutical and biotechnology companies segment accounted for the largest market share in 2019 while the CROs segment is projected to grow at the highest CAGR during the forecast period. The increase in outsourcing of drug discovery activities by biopharmaceutical companies to CROs is the major factor driving the growth of this segment.
North America commanded the largest share of the cell-based assays market in 2019
North America commanded the largest share in the cell-based assays market. The large share of North America in this market can be attributed to the increasing R&D activities by biopharma companies and increasing presence of these companies in the US is expected to increase the demand for cell-based assays product and services in this region.
Some of the major players in this market include Thermo Fisher Scientific, Inc. (US), Danaher Corporation (Beckman Coulter, Inc.) (US), Becton, Dickinson and Company (US), GE Healthcare (US), Merck KGaA (Germany), Lonza Group (Switzerland), PerkinElmer, Inc. (US), Charles River Laboratories, Inc. (US), Cell Signaling Technologies (US), Cisbio (US), Cell Biolabs, Inc. (US), and Promega Corporation (US).
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