(PharmaNewsWire.Com, June 28, 2021 ) Market growth is driven mainly by factors such as increasing R&D spending by pharmaceutical & biotechnology companies, technological advancements in high-throughput screening market and the availability of government funding & venture capital investments. Emerging markets and growing applications in life sciences research are also factors expected to provide growth opportunities for players in the HTS market.
The global High-Throughput Screening Market size is projected to reach USD 26.4 billion by 2025 from USD 15.3 billion in 2020, at a CAGR of 11.5% during the forecast period.
The consumables segment accounted for the largest share of the product & services segment in the high-throughput screening market in 2019.
On the basis type ofproduct & service, the high-throughput screening market is broadly segmented into consumables , instruments, services, and software. In 2019, consumables accounted for the largest share of the high-throughput screening market. This can primarily be attributed to the wide use of reagents & assay kits in HTS techniques, increasing pharmaceutical R&D, and rising government funding for life sciences research.
The drug discovery segment accounted for the largest share of the application segment in the high-throughput screening market in 2019.
Based on application, the high-throughput screening market is categorized into four segments—drug discovery, biochemical screening, life sciences, and other applications. The drug discovery application segment accounted for the largest share of the high-throughput screening market in 2019. The key factor driving this segments growth is the increasing number of clinical trials and rising pharmaceutical R&D expenditure.
Key Market Drivers: –
1 Growing Adoption of Open Innovation Models in Pharmaceutical and Biotechnology Companies
2 Government Funding and Venture Capital Investments
3 Increasing R&D Spending
4 Technological Advancements in the HTS market
Regional Analysis: -
In 2019, Asia Pacific region accounted for the fastest-growing region of the high-throughput screening market. It is also estimated to grow at the highest CAGR in the high-throughput screening market during the forecast period, this is mainly due to factors such as the rising R&D spending, growing public-private partnerships, and increasing government funding are factors driving the growth of the HTS market in this region.
Some of the prominent players in the high-throughput screening market are Thermo Fisher Scientific Inc. (US), Agilent Technologies, Inc. (US), Danaher Corporation (US), PerkinElmer, Inc. (US), Tecan Group Ltd. (Switzerland), AXXAM S.p.A. (Italy), Merck KGaA (Germany), Bio-Rad Laboratories, Inc. (US), Promega Corporation (US), Corning Incorporated (US), and Eurofins Scientific (Luxembourg).
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