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(IT-NEWSWIRE.COM, April 30, 2020 ) The growing preference for cell-based assays, increasing research funding, and the growth in the number of drug discovery activities driving the growth of cell-based assays market. However, the high cost of instruments and restrictions on reagent use are the major factors restraining the growth of this market.
How much is the Cell-based Assay Market worth?
MarketsandMarkets forecasts 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. The global cell-based assay market is segmented into four major regions, namely, North America, Europe, the Asia Pacific, and the Rest of the World. In 2019, North America accounted for the largest share of this market majorly due 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.
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.
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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.
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.
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Who are the leading vendors operating in Cell-based Assay Market?
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).
Thermo Fisher Scientific is the leading player in the market. The company offers a range of assay kits and cell lines used in cell-based assays. The company‘s large share in this market can be attributed to its extensive product portfolio and strong sales & distribution network. Thermo Fisher focuses on developed and emerging markets in order to generate a significant amount of its revenue. The company registered 57.7% of its total revenue from the US and China together. In order to maintain its leading position in the market, the company also invests 3–5% of its total revenue on R&D.
# In 2019, Danaher launched its ClearLLab 10C System for clinical Flow Cytometry labs. The new system includes the first 10-color CE-IVD panels of immunophenotyping reagents for both lymphoid and myeloid lineages. The tubes utilize the DURA Innovations dry reagent technology for panels, which requires no refrigeration.
# In 2018, GE Healthcare is planning to open a new testing center in Sweden to advance its manufacturing and research capabilities.
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MarketsandMarkets™
Mr. Sanjay Gupta
1-888-600-6441
raviraj.tak@marketsandmarkets.com
Source: EmailWire.Com 
Source: EmailWire.com
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