“Cell-based assays market to register a CAGR of 6.3% from 2019 to 2024”
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% during the forecast period. Growth in this market is mainly driven by the increasing research funding, and the growth in the number of drug discovery activities. Emerging economies with growing R&D expenditures are also expected to provide opportunities for the growth of the market.
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“Services exhibited the highest CAGR over the forecast period.”
By product & service, the cell-based assays market is segmented into consumables, instruments and services. Over the forecast period, the services segment accounted for the highest CAGR. The increased R&D investments and technological innovations in supportive processes such as high-throughput screening is driving the growth of this product & service segment.
“Basic research held the significant share in the cell-based assays market in 2019”
On the basis of application, the cell-based assays market is segmented into drug discovery, basic research and other research such as quality check 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 rising adoption of in vitro testing over animal testing and increasing in R&D spending by biopharmaceutical companies.
“Asia Pacific exhibited the highest CAGR over the forecast period”
North America, which includes the US and Canada, accounted for the largest share of the cell-based assays market. The large share of this market segment can be attributed to the increasing drug discovery activities by pharmaceutical and biotechnology companies. In addition to this, consolidations between academic and government institutes with biopharmaceutical companies in the region are also driving the growth of this market.
Breakdown of supply-side primary interviews, by company type, designation, and region:
- By Company Type: Tier 1 (20%), Tier 2 (45%), and Tier 3 (35%)
- By Designation: C-level (30%), Director-level (20%), and Others (50%)
- By Region: North America (35%), Europe (24%), Asia Pacific (25%), and RoW (16%)
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).
- This report studies the cell-based assays market based on products, applications, end users, and regions.
- The report also analyzes factors (such as drivers, opportunities, and challenges) affecting market growth. It evaluates opportunities and challenges in the market for stakeholders and provides details of the competitive landscape for market leaders.
- The report also studies micromarkets with respect to their growth trends, prospects, and contributions to the total cell-based assays market. The report forecasts the revenue of the market segments with respect to four major regions.
Reasons To Buy the Report:
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on the cell-based assays offered by the top 10 players in the cell-based assays market. The report analyzes the cell-based assays market by product, , end user, application, and region
- Market Development: Comprehensive information about the lucrative emerging markets. The report analyzes the markets for various cell-based assays across key geographic regions
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the cell-based assays market
- Competitive Assessment: In-depth assessment of market shares and strategies of the leading players in the cell-based assays market