Cell-based Assay Market to Reach $10.60 Bn, Globally, by 2023 at 16.5% CAGR, Says Allied Market Research
PORTLAND, Oregon, October 9, 2018 /PRNewswire/ --
Increasing applications of cell-based assays in drug discovery procedures, advent of high-throughput screening methodology, and technological advancements in the sector would propel the growth of the global cell-based assay industry
Allied Market Research published a report, titled, Cell-based Assay Market by Product (Consumable, Instrument, Service, and Software), Application (Drug Discovery; Basic Research; Absorption, Distribution, Metabolism, & Excretion (ADME) Studies; Predictive Toxicology; and Others), and End User (Pharmaceutical & Biotechnology Companies, Academic & Government Research Institutes, Contract Research Organizations, and Others) - Global Opportunity Analysis and Industry Forecast, 2017-2023. The report offers detailed analyses of the market size & forecasts, growth factors & opportunities, key market segments, strategic moves & developments, and competitive landscape. According to the report, the global cell-based assay market garnered $4.25 billion in 2017 and is expected to reach $10.60 billion by 2023, growing at a CAGR of 16.5% from 2017 to 2023.
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Increasing applications of cell-based assays in drug discovery procedures, technological advancements in the medical sector, and growing acceptance of high-throughput screening technique drive the growth of the market. However, dearth of skilled workforce and high costs associated with assays hinder the market growth. On the other hand, upsurge in adoption of label-free assays and presence of untapped markets in emerging economies would create new pathways for the market players.
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Consumables: highest revenue generating segment
The consumables segment contributed nearly half of the total market share in 2017, owing to their widespread use in innovative pre-sequencing products and kits that are used for DNA fragmentation, size selection, target enrichment, and others. This segment is expected to remain dominant throughout the forecast period. However, the services segment registered the highest CAGR of 20.6% from 2017 to 2023, owing to the increasing dependency of laboratories on cell-based assay service providers. The report also analyses other product segments namely instruments and software.
Drug discovery segment to maintain lead position through 2023
Drug discovery application segment accounted for nearly one-third of the total market share in 2017. This segment will maintain its lead by 2023 owing to their utility in determining issues related to drug candidates at an early stage. However, the predictive toxicology segment would grow at the fastest CAGR of 19.4% from 2017 to 2023 owing to the growing awareness about its application in non-animal-based tests. The research also analyzes several applications including ADME studies, basic research, and others.
Pharmaceutical & biotechnology companies segment to dominate by 2023
Among end users, the pharmaceutical & biotechnology companies segment held lion's share in 2017, contributing more than one-third of the total market revenue. This is attributed to the extensive use of innovative cell-based assays for various applications. This segment is expected to remain dominant throughout the forecast period. On the other hand, the academic & government institutions segment would grow at the highest CAGR of 18.5% from 2017 to 2023, owing to increase in implementation of cell-based assays in drug discovery applications, especially three-dimensional (3D) co-culture, induced pluripotent stem cells, and organ-on-a-chip systems. The research also analyzes contract research organizations and other end users.
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Asia-Pacific to grow the fastest by 2023
Factors such as surge in technological innovations and increase in investments by government and private organizations have enabled the Asia-Pacific region to register the fastest CAGR of 20.2% from 2017 to 2023. However, North America contributed more than half of the total market share in 2017, owing to rise in awareness about cell-based technologies and increase in applications of cell-based assays in drug discovery, predictive toxicology, and other sectors.
Leading market players
The leading market players analyzed in the study include Becton, Dickinson and Company, Thermo Fisher Scientific, Inc., Danaher Corporation, Merck KGaA, General Electric Company, Bio-Rad Laboratories, Inc., Perkinelmer, Inc., Cell Signaling Technology, Inc., Lonza Group Ltd., and Promega Corporation. They have adopted various strategies such as expansions, mergers & acquisitions, partnerships, joint ventures, collaborations, and others to gain a strong position in the industry.
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