Cell Based Assays Market | Growth in the Number of Drug Discovery Activities

(IT-NEWSWIRE.COM, May 26, 2020 ) Report Overview

[132 Pages Report] 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%.

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.

Report Segmentations

Consumables are expected to fuel the growth of the cell-based assays market over the forecast period.

By product, the market is segmented into consumables, instruments, and services. The consumables segment accounted for majority of the market share in 2019 and is anticipated to grow at a CAGR of 6.6% during the forecast period. This growth can be attributed to the increasing number of drug discovery activities, especially in emerging markets.

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Increasing use of cell-based assays in drug discovery to drive market growth during the forecast period

Based on application, the market is segmented into drug discovery, basic research and other applications such as quality check among others. The drug discovery segment is anticipated to drive growth in the market at a CAGR of 7.5% over the forecast period. This growth can be attributed to the increase in R&D investment by biopharmaceutical companies.

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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North America commanded the largest share of the cell-based assays market in 2019

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.

Key Market Players and Market Shares

As of 2019, the key players operating in the global cell based assays market are 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).

Recent developments:
+ 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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Cell Based Assays Market | Growth in the Number of Drug Discovery Activities