According to the new market research “Cell based Assay Market by Product (Reagents, Microplates, Cell Lines, Assay Kits, Instruments, and Services), Application (Drug Discovery, Research), End User (CROs, Biopharma Companies, Research Institutes), Geography – Global Forecast to 2024″, analyzes and studies the major market drivers, restraints/challenges, and opportunities. The cell-based assays market is projected to reach USD 18.9 billion by 2024 from USD 13.9 billion in 2019, at a CAGR of 6.3%.
The global Cell based Assay market is segmented based on product, application, end user and regions
By product, the cell-based assays 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 cell-based assays 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.
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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.
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).
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