(PharmaNewsWire.Com, April 29, 2019 ) According to the new market research report "Cell-based Assay Market by Product (Reagents, Assay Kits, Microplates, Cell Lines, Service), Application (Research, Drug Discovery, ADME Studies, Toxicology), End User, and Region - Global Forecast to 2022", published by MarketsandMarkets™, analyzes and studies the major market drivers, restraints/challenges, and opportunities in North America, Europe, Asia-Pacific, and the Rest of the world (RoW).
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The global cell-based assays market is expected to reach USD 19.92 Billion by 2022 from USD 13.34 Billion in 2017, at a CAGR of 8.4%. A number of factors, such as growing funding and investments in R&D, the increasing prevalence of chronic disorders, increase in drug discovery activities, and the advantages of cell-based assays over alternative technologies are expected to drive the growth of this market.
The global market is segmented by product, application, end user, and region. By product, the global market is segmented into consumables, instruments, service and software. The consumables segment is expected to lead the global cell-based assays market in 2017. The rising prevalence of chronic disorders and technical innovations in the field are key growth factors of this subsegment.
By application, the market is classified into drug discovery, basic research, ADME studies, predictive toxicology and other applications. The drug manufacturers are mostly confined to using cell-based assays during the drug development process, this drives the drug discovery applications segment and helps the segment hold the largest share of the cell-based assays market in 2017.
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The global cell-based assays market is dominated by North America, followed by Europe. North America will continue to dominate the global market in the forecast period. Asia-Pacific, however, is expected to witness the highest CAGR during the forecast period. The growth in this market centered at China, Japan, and India. Increasing investment in healthcare, rise in healthcare expenditure, growth in disposable incomes, and an increase in healthcare insurance coverage are some factors propelling market growth in the APAC region.
The availability of low-cost substitutes by local manufacturers, rigorous regulatory guidelines causing delays in product approvals, are expected to restrain the market growth to a certain extent.
Major industry players launched innovative products to improve and maintain their market shares. Players also expanded across geographies via partnerships and acquisitions. Becton, Dickinson and Company (U.S.), Cisbio Bioassays (France), PerkinElmer, Inc. (U.S.), and Danaher Corporation (U.S.) have been identified as the key players in this market.
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