ALBANY, New York, November 26, 2018
ALBANY, New York, November 26, 2018 /PRNewswire/ --
The global cell based assays market is projected to rise at a promising CAGR of 7.7% during 2017-2022, and is forecast to reach a worth of US$19,710.7 million by the end of the forecast period. The global market for cell based assays stood at US$13,576.7 million in 2017.
Extensive Use of Cell-based Assays in Drug Discovery Applications boosting Market
The global cell based assays market is driven increasingly by the rising demand for cell-based methodologies among pharmaceutical and biotechnology companies for drug discovery screening, world over. The rising prevalence of a wide range of chronic diseases, most notably cardiovascular diseases and diabetes, is a key factor fueling the growth of the cell-based assays market. In addition, there is a burgeoning demand for new and efficacious drugs for various cancer types and life-threatening disease conditions in various parts of the world, which is bolstering the application of cell-based assays.
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The rising use of cell-based assays for expediting commercialization of drugs by pharmaceutical and biotech companies, especially in developing and developed regions, is increasingly boosting the market. Cell-based assays hold great promise for metabolic and toxicity testing, thereby reducing late-stage drug failures. The growing number of investigational new drugs in various stages of clinical trials is fueling the demand for cell-based assays for commercialization of drugs. The rising demand for better in vitro models for drug studies will also bolster the uptake of cell-based assays.
However, the growth of the market for cell-based assays is hindered by the high cost of instruments. In addition, several regulations for the application of reagents in cell-based assays have hampered the prospects of the market.
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Demand for Cell-Based Assays for High-throughput Drug Studies to drive Innovation in Therapeutics
Nonetheless, cell-based assays have emerged as potentially promising for the rapid discovery of novel drugs and treatments. The rising demand cell-based assays in drug screening, in vitro testing models for drug studies, and several other ultra-high throughput screening by several pharmaceutical and biosciences companies is a notable trend expected to create enormous, lucrative avenues in the global cell based assays market. Furthermore, emerging paradigms in synthetic biology are likely to bolster the demand for new cell-based assays methodologies in the near future.
Among the various key end users, biotechnology and pharmaceutical companies currently contributes the major share of the global demand in the cell based assays market. The segment is anticipated to retain its lead in the cell based assays market in next few years. This may be attributed to the extensive use of cell-based assays in drug discovery applications, especially in developed markets.
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On the regional front, North America emerged as the most attractive market for cell-based assays in 2017. The growth is fueled by the sizeable share being committed by companies in research and development activities (R&D). This regional market for cell-based assays is forecast to expand at a CAGR of 8.2% during 2017-2022.
The presence of a large number of players makes the global cell based assays market increasingly fragmented, finds Transparency Market Research (TMR). TMR notes that most of the new entrants hail from the biotechnology and pharmaceutical industries and leverage their financial clout to get a stronghold with respect to the competitive landscape in the global cell based assays market. Some of the top players in the global cell-based assays market are Thermo fisher Scientific Inc., Cell Signaling Technology, Inc., Becton, Dickinson and Company, Danaher Corporation, and GE Healthcare Inc.
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