Cell-based Assays Market worth USD 18.9 billion by 2024, at a CAGR of 6.3%

(IT-NEWSWIRE.COM, June 12, 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. Increasing R&D investment by government and increasing infrastructural development are driving the growth of this market.

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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.

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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This report covers the market across four major geographies, namely, North America, Europe, Asia-Pacific, and the Rest of the World (RoW). Of the four geographic regions studied in the report, North America is expected 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.

Geographically, the cell-based assay market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. While North America dominated the market in 2019, Asia Pacific is expected to register the highest CAGR in the market during the forecast period. Growth in the APAC region is largely driven by the increasing R&D investment by government and increasing infrastructural development in the region.

Leading Companies

The major players in the 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).

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Mr. Aashish Mehra

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Cell-based Assays Market worth USD 18.9 billion by 2024, at a CAGR of 6.3%