New Study Reports : Cell-based Assay Market on target to Reach $10.61 Billion by 2023
The global cell-based assay market was valued at $3,625 million in 2016, and is projected to reach $10,618 million by 2023, growing at a CAGR of 16.5% from 2017 to 2023. The consumables product segment accounted for nearly three-fifths share of the market in 2016.
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The demand for cell-based assay has increased significantly over the past few years, owing to surge in cell-based applications in drug discovery and rise in technological advancements in cell-based assays methodologies. In addition, adoption of high-throughput screening methods and increase in R&D investment further drive the market growth. However, high costs associated with these assays and lack of skilled professionals hamper this growth. Furthermore, surge in adoption of label-free cell-based assays and untapped potential in developing countries offer significant opportunities to the market players.
The cell-based assay market is segmented based on product, application, end user, and geography. Based on product, it is categorized into consumable, instrument, service, and software. The consumable segment includes reagents, microplates, probes & labels, assay kits, cell lines, and others.
Assay kits are further sub-divided into reporter gene assays, cell growth assays, second messenger assays, cell death assays, and others. Likewise, the cell lines are divided into immortalized cell lines, primary cell lines, and stem cell lines. Based on application, the market is divided into drug discovery; basic research; absorption, distribution, metabolism, & excretion (ADME) studies; predictive toxicology; and others.
On the basis of end user, it is categorized into pharmaceutical & biotechnology companies, academic & government research institutes, contract research organizations, and others. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Key Findings of the Cell-based Assay Market:
• The services product segment is anticipated to grow at the highest CAGR from 2017 to 2023.
• The predictive toxicology application segment is expected to witness the highest growth rate.
• The pharmaceutical companies segment generated the highest revenue in 2016, and is expected to continue its dominance in the future as well.
• North America dominated the global cell-based assay market, and is projected to grow at a CAGR of 16.2%.
The major companies profiled in the report include Becton, Dickinson and Company, Danaher Corporation, Thermo Fisher Scientific, Inc., General Electric Company, Merck KGaA, Perkinelmer, Inc., Bio-Rad Laboratories, Inc., Lonza Group Ltd., Cell Signaling Technology, Inc., and Promega Corporation. The other players in the value chain include (profiles not included in the report) include Macrogen, Inc., New England Biolabs, Inc., Cisbio Bioassays, Cell Biolabs, Inc., and DiscoverX Corporation.
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