Cell-based Assays Market | Asia Pacific to grow at the Highest Rate during the Forecast Period (2019Â

Cell-based Assays Market | Asia Pacific to grow at the Highest Rate during the Forecast Period (2019Â–2024)

(IT-NEWSWIRE.COM, August 12, 2020 ) [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 cell-based assays 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.

Asia Pacific to grow at the highest rate during the forecast period (2019–2024)

The global cell-based assays industry is geographically segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). 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.

Key Market Players

Some of the prominent players in the 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).

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.

Danaher is another leading player in the market. The company offers a wide range of instruments and consumables used in cell-based assays. The company focuses on launching new products in the market. The company’s strong presence and wide distribution channels across the globe have helped it to maintain a leading position in the market. Approximately 39.3% of the company’s revenue was generated from North America in 2017. The company focuses on organic and inorganic strategies to strengthen its position in the market.

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 | Asia Pacific to grow at the Highest Rate during the Forecast Period (2019Â–2024)