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(Health-NewsWire.Net, April 17, 2021 ) Market growth is driven mainly by factors such as increasing R&D spending by pharmaceutical & biotechnology companies, technological advancements in high-throughput screening market and the availability of government funding & venture capital investments. Emerging markets and growing applications in life sciences research are also factors expected to provide growth opportunities for players in the HTS market.
The global High Throughput Screening Market size is projected to reach USD 26.4 billion by 2025 from USD 15.3 billion in 2020, at a CAGR of 11.5% during the forecast period.
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Market Segmentation: -
The consumables segment accounted for the largest share of the product & services segment in the high-throughput screening market in 2019.
On the basis type ofproduct & service, the high-throughput screening market is broadly segmented into consumables , instruments, services, and software. In 2019, consumables accounted for the largest share of the high-throughput screening market. This can primarily be attributed to the wide use of reagents & assay kits in HTS techniques, increasing pharmaceutical R&D, and rising government funding for life sciences research.
The drug discovery segment accounted for the largest share of the application segment in the high-throughput screening market in 2019.
Based on application, the high-throughput screening market is categorized into four segments—drug discovery, biochemical screening, life sciences, and other applications. The drug discovery application segment accounted for the largest share of the high-throughput screening market in 2019. The key factor driving this segments growth is the increasing number of clinical trials and rising pharmaceutical R&D expenditure.
Key Market Drivers: –
1 Growing Adoption of Open Innovation Models in Pharmaceutical and Biotechnology Companies
2 Government Funding and Venture Capital Investments
3 Increasing R&D Spending
4 Technological Advancements in the HTS market
Regional Analysis: -
In 2019, Asia Pacific region accounted for the fastest-growing region of the high-throughput screening market. It is also estimated to grow at the highest CAGR in the high-throughput screening market during the forecast period, this is mainly due to factors such as the rising R&D spending, growing public-private partnerships, and increasing government funding are factors driving the growth of the HTS market in this region.
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Top key Players: -
Some of the prominent players in the high-throughput screening market are Thermo Fisher Scientific Inc. (US), Agilent Technologies, Inc. (US), Danaher Corporation (US), PerkinElmer, Inc. (US), Tecan Group Ltd. (Switzerland), AXXAM S.p.A. (Italy), Merck KGaA (Germany), Bio-Rad Laboratories, Inc. (US), Promega Corporation (US), Corning Incorporated (US), and Eurofins Scientific (Luxembourg).
MarketsandMarkets™
Mr. Aashish Mehra
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raviraj.tak@marketsandmarkets.com
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