(PharmaNewsWire.Com, January 10, 2020 ) The growth of this market is majorly driven by the growing preference for cell-based assays, increasing research funding, and the growth in the number of drug discovery activities. However, the high cost of instruments and restrictions on reagent use are the major factors restraining the growth of this market.
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%.
Report Objectives
+ To define, describe, and forecast the cell-based assays market by product, application, end user, and region
+ To forecast the revenue of the market segments with respect to four main regional segments, namely, North America, Europe, Asia Pacific, and the Rest of the World (RoW)
+ To identify the micromarkets with respect to drivers, industry-specific challenges, opportunities, and trends affecting the growth of the market
+ To analyze market segments and subsegments with respect to individual growth trends, prospects, and contributions to the overall market
“Consumables are expected to fuel the growth of the cell-based assays market over the forecast period.”
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.
“Increasing use of cell-based assays in drug discovery to drive market growth during the forecast period”
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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