Cell-based Assay Market Size to Grow Valuation of $10.61 Billion by 2023
Pune, Maharashtra, India, December 16 2020 (Wiredrelease) Allied Analytics –:UPDATE AVAILABLE ON-DEMAND
The report on the global cell-based assay market highlights that the market is expected to reach $3.62 billion in 2016, and is projected to reach $10.61 billion by 2023, growing at a CAGR of 16.5% from 2017 to 2023. The report offers the current market size and forecasts along with Porter’s Five Forces analysis to help market players, stakeholders, startups, and investors to determine the current scenario and take further steps for the future. Drivers and opportunities for highest revenue generating and fastest growing segments would help in tapping into specific segment to achieve growth. Moreover, regional analysis would assist in expansion strategies for the market players and startups. The consumables product segment accounted for nearly three-fifths share of the market in 2016.
Cell-based assays are procedures that are widely used in drug discovery and high-throughput screening of compounds due to the advantages of predictability, possibility of automation, multiplexing, and miniaturization. They are highly beneficial for use in early stages of the drug discovery processes.
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The market report includes a detailed analysis of the Covid-19 impact on the cell-based assay market. Over the course of 2020–2027, the market is expected to show significant growth. However, the recent Covid-19 outbreak is likely to affect some of the business operations. The report includes an analysis of how Covid-19 has and will affect the industry, studying reliable sources, interviews of experts, and annual reports of the major market players. The report includes major drivers, restraints, and opportunities within the cell-based assay market.
The major factors that drive the global cell-based assay market are rise in technological advancements in cell-based assays, growth in availability of funds & investment for research, and increase in drug discovery programs globally. In addition, adoption of high-throughput screening for drug discovery enhances the demand for cell-based assay, thereby providing lucrative opportunities for market growth. However, accuracy & standardization concerns and costs associated with cell-based assays restrain the market growth.
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The consumables product segment occupies the highest share, owing to their sheer usage and need throughout the pre-requisite steps of cell-based assay methodologies. The drug discovery application segment is anticipated to dominate the global cell-based assay market, and it accounted for over one-third of the total share in 2016.
At present, the pharmaceutical companies segment dominates the end-user segment and is expected to grow at a CAGR of 14.6% from 2017-2023. Cell-based assay possesses the potential to recognize a broad spectrum of compounds and supplement the generation of potent biomarkers in medicine.
The Major Key Players Are:
Becton, Dickinson and Company, Danaher Corporation, Thermo Fisher Scientific, Inc., General Electric Company, Merck KGaA, Perkinelmer, Inc., Bio-Rad Laboratories, Inc., Lonza Group Ltd., Cell Signaling Technology, Inc., and Promega Corporation.
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The Other Key Players Are:
Macrogen, Inc., New England Biolabs, Inc., Cisbio Bioassays, Cell Biolabs, Inc., and DiscoverX Corporation.
Key Findings of the Cell-based Assay Market:
• The services product segment is anticipated to grow at the highest CAGR from 2017 to 2023.
• The predictive toxicology application segment is expected to witness the highest growth rate.
• The pharmaceutical companies segment generated the highest revenue in 2016, and is expected to continue its dominance in the future as well.
• North America dominated the global cell-based assay market, and is projected to grow at a CAGR of 16.2%.
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