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(IT-NEWSWIRE.COM, February 12, 2020 ) The growth of this market is majorly driven by the growing preference for cell-based assays, increasing research funding, and the growth in the number of drug discovery activities. However, the high cost of instruments and restrictions on reagent use are the major factors restraining the growth of this market.
What the Market Looks Like?
Predicted to grow at a CAGR of 6.3% during the forecast period, the global Cell based Assays market is estimated to reach USD 18.9 billion by the end of 2024.
“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.
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Geographical growth scenario of Cell based Assays Market
North America commanded the largest share in the cell-based assays market. The large share of North America in this market can be attributed 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.
Leading market players
The prominent players in the Cell based Assays 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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