High Throughput Screening Market worth $ 21.69 Billion by 2023

(IT-NEWSWIRE.COM, April 04, 2019 ) According to the new market research report "High Throughput Screening Market by Technology (Cell-Based Assays, Lab on a Chip, Bioinformatics), Application (Target Identification, Primary Screening, Toxicology), Product (Reagent, Instruments, Software, Service), End User - Global Forecast to 2023", The HTS market is expected to reach USD 21.69 Billion by 2023 from an estimated USD 14.87 Billion in 2018, at a CAGR of 7.8%. The major factors driving the growth of the HTS market include initiatives undertaken by pharmaceutical and biotechnology companies, increasing R&D spending, technological advancements in HTS, and the availability of government funding and venture capital investments.

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By product and service, the reagents & assay kits segment accounted for the largest share of the HTS market in 2017
On the basis of product and service, the reagents & assay kits segment accounted for the largest share of the global HTS market. The large share of this segment can be attributed to factors such as the large numbers of reagents and assay kits used in HTS techniques, rising prevalence of a number of diseases, increasing pharmaceutical R&D, and increased government funding for life science research.

By technology, the cell-based assays segment held the largest share in 2017
Based on technology, the HTS market is segmented into cell-based assays, lab-on-a-chip (LOC), ultra-high-throughput screening (uHTS), label-free technology, and bioinformatics. In 2017, the cell-based assays segment accounted for the largest share of the HTS market. The large share of this segment can be attributed to its increased use in cell culture techniques, especially 2D cell culture.

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By end user, the pharmaceutical and biotechnology companies segment held the largest share of the HTS market in 2017
Based on end user, the pharmaceutical and biotechnology companies segment accounted for the largest share of the HTS market. Factors such as the increasing use of HTS techniques by pharmaceutical and biotechnology companies for drug discovery applications along with the increasing pharmaceutical R&D expenditure are driving the growth of this segment.

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North America dominated the market in 2017
North America accounted for the largest share of the HTS market in 2017, followed by Europe and Asia Pacific. The large spending on pharmaceutical R&D, growing adoption of HTS, availability of government funding, and the presence of major key players in the region are the major factors responsible for the large share of the North American HTS market.

The prominent players in the global HTS market are Agilent (US), Danaher (US), Thermo Fisher Scientific (US), PerkinElmer (US), Tecan (Switzerland), Axxam (Italy), Merck Group (Germany), Bio-Rad (US), Hamilton (US), Corning (US), BioTek (US), and Aurora Biomed (Canada).

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High Throughput Screening Market worth $ 21.69 Billion by 2023