According to a new report published by Allied Market Research, titled, "Cell-based Assay Market by Product, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023," 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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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.
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.
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.