Cell-based Assay Market to reach $10.62 Billion, Globally, by 2023 at 16.5% CAGR, Says AMR

Cell-based Assay Market to reach $10.62 Billion, Globally, by 2023 at 16.5% CAGR, Says AMR

PR Newswire

PORTLAND, Oregon, January 23, 2019

PORTLAND, Oregon, January 23, 2019 /PRNewswire/ --

Increase in demand for testing drug response in organisms, surge in need for biologically relevant substitutes for drug discovery & high-throughput screening, advent of new methodologies for cell-based assays, and rise in investment for R&D are expected to propel the growth of the global cell-based assay market 

Allied Market Research recently published a report, titled, Cell-based Assay Market by Product (Consumable, Instrument, Service, and Software), Application (Drug Discovery; Absorption, Distribution, Metabolism, & Excretion (ADME) Studies; Basic Research; Predictive Toxicology; and Others), and End User (Pharmaceutical & Biotechnology Companies, Academic & Government Research Institutes, Contract Research Organizations, and Others) - Global Opportunity Analysis and Industry Forecast, 2017-2023. The report offers in-depth analyses of the key winning strategies, industry dynamics, market size & estimations, competitive landscape, and top investment pockets. As per the report, the global cell-based assay market garnered $4.25 billion in 2017, and is estimated to reach $10.62 billion by 2023, growing at a CAGR of 16.5% from 2018 to 2023.

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Increase in use of cell-based assays as a biologically relevant substitute in drug discovery and high-throughput screening, rapid advancements in methodologies of cell-based assays, and heavy inflow of investment on R&D of new drugs drive the growth of the market. However, high cost of equipment and cumbersome standardization process of cell-based assays hinder the market growth. Conversely, surge in adoption of label-free assays and lucrative prospects in untapped markets in emerging economies would create new opportunities to the market in future.

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Consumables segment to remain dominant, services segment to manifest fastest growth 

Among products, the consumables segment contributed 44.6% of the total market revenue in 2017 and is expected to retain its dominance through 2023. This is on account of their widespread use in novel pre-sequencing products and kits that are used for DNA fragmentation, target enrichment, size selection, and other applications. However, the services segment is projected to register the fastest CAGR of 20.6% from 2018 to 2023 because of the increasing dependency of laboratories for conducting R&D of new and innovative drugs using cell-based assay. The report also analyzes other products such as instruments and software.

Drug discovery segment to retain revenue lead through 2023 

Among applications, the drug discovery segment accounted for nearly one-third of the total market revenue in 2017 and is projected to maintain its lead through the study period. This is because of the increased use of cell-based assays for identifying issues associated with drug candidates at early stages of drug discovery. However, the predictive toxicology segment is anticipated to grow at the fastest CAGR of 19.4% during the forecast period. This is because of the increasing use of cell-based assays in predictive toxicology studies, which are mandatorily performed in the drug development process to evaluate the safety and efficacy of potential drug molecules. The report also analyzes municipal and industrial segments. The report also analyzes ADME studies, basic research, and other applications.

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Pharmaceutical & biotechnology segment to retain dominance through 2023 

Pharmaceutical & biotechnology segment generated more than one-third of the total market revenue in 2017 and would maintain its lion's share through 2023. This is attributed to the augmented need for developing new and innovative cell-based assay as biotechnology and pharmaceutical companies have felt a pressing need to discover innovative drug molecules, proteins, peptides for the treatment of new diseases and disorders. However, the academic & government institutions segment would grow at the fastest CAGR of 18.5% from 2017 to 2023 because research institutes extensively use cell-based assays in various studies related to drug discovery, including induced pluripotent stem cells, three-dimensional (3D) co-culture, and organ-on-a-chip systems, single-cell imaging, gene editing. The report also analyzes various end users such as contract research organizations (CROs) and others.

North America to retain largest share, Asia-Pacific to grow the fastest through 2023 

North America contributed more than half of the global market revenue in 2017 and is projected to maintain its revenue lead through 2023, as most of the products are first launched in the U.S. and then to the other regions of the world, availability of premier cell based assays, and high awareness about cell-based technologies in the region. However, the Asia-Pacific region is expected to register the highest CAGR of 20.2% from 2018 to 2025, owing to increase in technological innovations and surge in funding provided by government and private organizations in the region. The other regions analyzed in the report include Europe and Latin America, Middle East and Africa (LAMEA).

Key industry players 

The key market players analyzed in the report include Becton, Dickinson and Company, Danaher Corporation, Thermo Fisher Scientific, Inc., General Electric Company, Merck Group, Perkinelmer, Inc., Bio-Rad Laboratories, Inc., Lonza Group Ltd., Cell Signaling Technology, Inc., and Promega Corporation. New product launches, joint ventures, expansions, mergers & acquisitions, partnerships, collaborations, and others are some of the strategies implemented by these players to gain a lead position in the industry.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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