The major factors driving the growth of the HTS market include initiatives undertaken by pharmaceutical and biotechnology companies, increasing R&D spending, technological advancements in HTS, and the availability of government funding and venture capital investments.
The High Throughput Screening Market is expected to reach USD 29.29 billion by 2027 from an estimated USD 14.95 billion in 2019, at a CAGR of 7.8%.
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On the basis of product and service, the reagents & assay kits segment accounted for the largest share of the global HTS market. The large share of this segment can be attributed to factors such as the large numbers of reagents and assay kits used in HTS techniques, rising prevalence of a number of diseases, increasing pharmaceutical R&D, and increased government funding for life science research.
Based on technology, the HTS market is segmented into cell-based assays, lab-on-a-chip (LOC), ultra-high-throughput screening (uHTS), label-free technology, and bioinformatics. In 2018, the cell-based assays segment accounted for the largest share of the HTS market. The large share of this segment can be attributed to its increased use in cell culture techniques, especially 2D cell culture.
Based on end user, the pharmaceutical and biotechnology companies segment accounted for the largest share of the HTS market. Factors such as the increasing use of HTS techniques by pharmaceutical and biotechnology companies for drug discovery applications along with the increasing pharmaceutical R&D expenditure are driving the growth of this segment.
North America accounted for the largest share of the HTS market in 2018, followed by Europe and Asia Pacific.
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The prominent players in the global HTS market are Agilent (US), Danaher (US), Thermo Fisher Scientific (US), PerkinElmer (US), Tecan (Switzerland), Axxam (Italy), Merck Group (Germany), Bio-Rad (US), Hamilton (US), Corning (US), BioTek (US), and Aurora Biomed (Canada).