CHICAGO, April 1, 2019 /PRNewswire/ --According to the new market research report "Cell-based Assay Market by Product (Reagents, Microplates, Cell Lines, Assay Kits, Instruments, Services), Application (Drug Discovery, Research), End User (CROs, Biopharma Companies, Research Institutes), Geography - Global Forecast to 2024", published by MarketsandMarkets™, the Cell-based Assay Market is projected to reach USD 18.9 billion by 2024 from USD 13.9 billion in 2019, at a CAGR of 6.3%.
Consumables dominated the Cell-based Assay Marketin 2019
By product, the Cell-based Assay Market is segmented into consumables, instruments, and services. In 2019, the consumables segment accounted for the largest share of the market. The large share of this product segment can be attributed to the increasing volume of R&D studies in pharmaceutical and biotechnology companies resulting in high demand for consumables.
Drug Discovery held the largest share of the applications market in 2019
Based on applications, the Cell-based Assay Market is segmented into drug discovery, basic research, and other applications such as quality checks among others. In 2019, the drug discovery segment accounted for the largest share of the Cell-based Assay Market. The large share of this segment can be attributed to the increasing R&D investments and technological advancements in supportive processes such as high throughput screening and 3D cell cultures.
Pharmaceutical and biotechnology companies were the largest end users of cell-based assays in 2019
By end user, the Cell-based Assay 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.
North America commanded the largest share of the Cell-based Assay Market in 2019
North America commanded the largest share in the Cell-based Assay Market. The large share of North America in this market can be attributed to the increasing R&D activities by biopharma companies and increasing presence of these companies in the US is expected to increase the demand for cell-based assays product and services in this region.
Some of the major players in this market include 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).
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.