Cell-based Assay Market Is Generating Revenue of $10,618 million by 2023, at CAGR 16.5% Growth Rate
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.
Cell-based assays are procedures that are widely used in drug discovery and high-throughput screening of compounds due to the advantages of predictability, possibility of automation, multiplexing, and miniaturization. They are highly beneficial for use in early stages of the drug discovery processes.
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The major factors that drive the global cell-based assay market are rise in technological advancements in cell-based assays, growth in availability of funds & investment for research, and increase in drug discovery programs globally. In addition, adoption of high-throughput screening for drug discovery enhances the demand for cell-based assay, thereby providing lucrative opportunities for market growth. However, accuracy & standardization concerns and costs associated with cell-based assays restrain the market growth.
The consumables product segment occupies the highest share, owing to their sheer usage and need throughout the pre-requisite steps of cell-based assay methodologies. The drug discovery application segment is anticipated to dominate the global cell-based assay market, and it accounted for over one-third of the total share in 2016.
At present, the pharmaceutical companies segment dominates the end-user segment and is expected to grow at a CAGR of 14.6% from 2017-2023. Cell-based assay possesses the potential to recognize a broad spectrum of compounds and supplement the generation of potent biomarkers in medicine.
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The major companies profiled Are:
o Dickinson and Company
o Danaher Corporation
o Thermo Fisher Scientific, Inc.
o General Electric Company
o Merck KGaA
o Perkinelmer, Inc.
o Bio-Rad Laboratories, Inc.
o Lonza Group Ltd.
o Cell Signaling Technology, Inc.
o Promega Corporation.
The other players Are:
o Macrogen, Inc.
o New England Biolabs, Inc.
o Cisbio Bioassays
o Cell Biolabs, Inc.
o DiscoverX Corporation.
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Key Findings of the Cell-based Assay Market:
o The services product segment is anticipated to grow at the highest CAGR from 2017 to 2023.
o The predictive toxicology application segment is expected to witness the highest growth rate.
o The pharmaceutical companies segment generated the highest revenue in 2016, and is expected to continue its dominance in the future as well.
o North America dominated the global cell-based assay market, and is projected to grow at a CAGR of 16.2%.
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