Cell-based Assay Market is Generating Revenue of $10.61 Billion by 2023 | Danaher Corporation, Thermo Fisher Scientific, Inc

Rise in application of cell-based assays in the drug discovery procedures, rapid technological advancements in medical sectors, and high adoption of high-throughput screening technique have boosted the growth of the global cell-based assay market. However, the dearth of skilled workforce and high cost associated with assays hamper the market growth. On the contrary, surge in adoption of label-free assays and presence of untapped markets in developing countries are expected to create lucrative opportunities in the near future.

Download Detailed COVID-19 Impact Sample Report at @ https://www.alliedmarketresearch.com/request-for-customization/4425?reqfor=covid

The global cell-based assay market garnered $4.25 billion in 2017 and is expected to reach $10.60 billion by 2023, growing at a CAGR of 16.5% from 2017 to 2023.

COVID-19 scenario-

1) Due to the global pandemic all over the world, the medical devices manufacturers are majorly focusing on essential medical devices production including ventilators and diagnostics.

2) However, due to the precautionary measures taken by governments in various regions, the supply chain has been hampered. Which may result in shortage of devices in certain locations.

3) Food and Drugs Administration (FDA), on the other hand, shared a COVID-19 guidance with medical device manufacturers to notify the agency about changes that could affect availability of their products.

Increasing applications of cell-based assays in drug discovery procedures, technological advancements in the medical sector, and growing acceptance of high-throughput screening technique drive the growth of the market. However, dearth of skilled workforce and high costs associated with assays hinder the market growth. On the other hand, upsurge in adoption of label-free assays and presence of untapped markets in emerging economies would create new pathways for the market players.

Download Report Sample @ https://www.alliedmarketresearch.com/request-sample/4425

Consumables: highest revenue generating segment

The consumables segment contributed nearly half of the total market share in 2017, owing to their widespread use in innovative pre-sequencing products and kits that are used for DNA fragmentation, size selection, target enrichment, and others. This segment is expected to remain dominant throughout the forecast period. However, the services segment registered the highest CAGR of 20.6% from 2017 to 2023, owing to the increasing dependency of laboratories on cell-based assay service providers. The report also analyses other product segments namely instruments and software.

Drug discovery segment to maintain lead position through 2023

Drug discovery application segment accounted for nearly one-third of the total market share in 2017. This segment will maintain its lead by 2023 owing to their utility in determining issues related to drug candidates at an early stage. However, the predictive toxicology segment would grow at the fastest CAGR of 19.4% from 2017 to 2023 owing to the growing awareness about its application in non-animal-based tests. The research also analyzes several applications including ADME studies, basic research, and others.

Inquire before buying @ https://www.alliedmarketresearch.com/purchase-enquiry/4425

Pharmaceutical & biotechnology companies segment to dominate by 2023

Among end users, the pharmaceutical & biotechnology companies segment held lion's share in 2017, contributing more than one-third of the total market revenue. This is attributed to the extensive use of innovative cell-based assays for various applications. This segment is expected to remain dominant throughout the forecast period. On the other hand, the academic & government institutions segment would grow at the highest CAGR of 18.5% from 2017 to 2023, owing to increase in implementation of cell-based assays in drug discovery applications, especially three-dimensional (3D) co-culture, induced pluripotent stem cells, and organ-on-a-chip systems. The research also analyzes contract research organizations and other end users.

Asia-Pacific to grow the fastest by 2023

Factors such as surge in technological innovations and increase in investments by government and private organizations have enabled the Asia-Pacific region to register the fastest CAGR of 20.2% from 2017 to 2023. However, North America contributed more than half of the total market share in 2017, owing to rise in awareness about cell-based technologies and increase in applications of cell-based assays in drug discovery, predictive toxicology, and other sectors.

To know more about the report, visit the website at @ https://www.alliedmarketresearch.com/cell-based-assay-market

The Major Key Players Are:

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 Key Players Are:

Macrogen, Inc., New England Biolabs, Inc., Cisbio Bioassays, Cell Biolabs, Inc., and DiscoverX Corporation.

Similar Reports:

Urinary Self-Catheter Market : https://www.einpresswire.com/article/533618479/urinary-self-catheters-market-size-is-generating-revenue-of-2-38-billion-by-2026

Pneumonia Vaccine Market : https://www.einpresswire.com/article/533620300/pneumonia-vaccine-market-to-see-record-break-revenue-10-21-billion-by-2025-at-cagr-of-5

Contact:

David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll Free (USA/Canada):
+1-800-792-5285, +1-503-894-6022, +1-503-446-1141
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com

About Us:

Allied Market Research (AMR) is a market research and business-consulting firm of Allied Analytics LLP, based in Portland, Oregon. AMR offers market research reports, business solutions, consulting services, and insights on markets across 11 industry verticals. Adopting extensive research methodologies, AMR is instrumental in helping its clients to make strategic business decisions and achieve sustainable growth in their market domains. We are equipped with skilled analysts and experts, and have a wide experience of working with many Fortune 500 companies and small & medium enterprises.

This release was published on openPR.