Expected Growth in Revenue:
The global protein binding assays market is projected to reach USD 425.7 million in 2023 from USD 256.1 million in 2018, at CAGR of 10.7%.
Major Growth Boosting Factors:
The increasing use of protein binding assays in pre-clinical research for studying the distribution properties of the drug, and the growing number of drug discovery activities, the minimizing drug discovery and development costs, and the increase in pharmaceutical R&D expenditure is driving the growth of this market.
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# Government and academic institutes
# Protein binding assay providers
# R&D departments
# Contract research organizations
# Pharmaceutical & biotechnology companies
# Consulting firms
# Government associations
Based on end user, Contract Research Organizations (CROs) segment is expected to grow at the highest CAGR in the market during the forecast period
On the basis of end user, the global protein binding assays market is divided into pharmaceutical and biotechnology companies, CROs, and other end users. In 2018, the CROs segment is expected to grow at the highest CAGR in the global protein binding assays market. This high growth can be attributed to the increase increased protein binding studies for drug discovery & development by pharmaceuticals and the growing focus of biotechnology companies on developing biologics.
Asia Pacific is expected to grow at the highest CAGR during the forecast period
The APAC market is projected to register the highest growth rate during the forecast period primarily due to factors such as, growth of clinical trial activities in several APAC countries. As a result of this, the pharmaceutical and biopharmaceutical companies are outsourcing their drug discovery and development activities to APAC-based CROs. This is one of the major factors driving the growth of the protein binding assay market in the Asia Pacific.
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The key players in the global protein binding assays market are HTDialysis (US), Thermo Fisher Scientific (US), Merck (Germany), and Sovicell (Germany).