The global Cell based Assay market is segmented on the basis of product, application end user and region. The growth of this market is majorly driven by the growing preference for cell-based assays, increasing research funding, and the growth in the number of drug discovery activities. However, the high cost of instruments and restrictions on reagent use are the major factors restraining the growth of this market.
By product, the market is segmented into consumables, instruments, and services. The consumables segment accounted for majority of the market share in 2019 and is anticipated to grow at a CAGR of 6.6% during the forecast period. This growth can be attributed to the increasing number of drug discovery activities, especially in emerging markets.
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Based on application, the market is segmented into drug discovery, basic research and other applications such as quality check among others. The drug discovery segment is anticipated to drive growth in the market at a CAGR of 7.5% over the forecast period. This growth can be attributed to the increase in R&D investment by biopharmaceutical companies.
By end user, the cell-based assays market is segmented into pharmaceutical and biotechnology companies, academic and government institutes, and contract research organizations (CROs). The pharmaceutical and biotechnology companies segment accounted for the largest market share in 2019 while the CROs segment is projected to grow at the highest CAGR during the forecast period. The increase in outsourcing of drug discovery activities by biopharmaceutical companies to CROs is the major factor driving the growth of this segment.
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The global cell-based assays industry is geographically segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). While North America dominated the market in 2019, Asia Pacific is expected to register the highest CAGR in the market during the forecast period. Growth in the APAC region is largely driven by the increasing R&D investment by government and increasing infrastructural development in the region.T
The key players in the Cell based Assay market are Thermo Fisher Scientific, Inc. (US), Danaher Corporation (Beckman Coulter, Inc.) (US), Becton, Dickinson and Company (US), GE Healthcare (US), Merck KGaA (Germany), Lonza Group (Switzerland), PerkinElmer, Inc. (US), Charles River Laboratories, Inc. (US), Cell Signaling Technologies (US), Cisbio (US), Cell Biolabs, Inc. (US), and Promega Corporation (US).