(PharmaNewsWire.Com, July 16, 2024 ) The report "High-Throughput Screening Market by Offering (Instruments, Consumables (Reagents, Kits), Software, Services), Technology (Cell-based Assays, Lab-on-Chip, Label-free), Application (Drug Discovery, Life Sciences Research) - Global Forecast to 2029", is projected to reach USD 50.2 billion by 2029 from USD 28.8 billion in 2024, at a CAGR of 11.8% during the forecast period of 2024 to 2029.
The high-throughput screening (HTS) market is expected to grow at a CAGR of 11.8% during the forecast period of 2024 to 2029. Factors driving the growth of this market are increasing research and development investments by pharmaceutical companies and rising government funding and support in the high throughput screening (HTS) market. These factors support drug discovery activities, aid technological advancements, and foster collaborative research between pharmaceutical companies and research institutes.
The consumables segment accounted for the largest share, by offering in the high-throughput screening (HTS) market in 2023.
Based on offerings, the high-throughput screening market is segmented into consumables, instruments, services, and software. In 2023, the consumables subsegment accounted for the largest share of the high-throughput screening (HTS) market. This large share can be attributed to the extensive use of HTS reagents & assay kits during the high throughput screening (HTS) process. These consumables need to be replaced continuously during the screening process and are purchased in a recurring manner offering large revenue to the manufacturing companies. Other factors such as the increase in pharmaceutical research and development activities, and rising government funding for life sciences research and drug discovery further increase the demand for High Throughput Screening (HTS) consumables supporting the growth of this segment.
The drug discovery application sub-segment accounted for the largest share of the application segment in the high-throughput screening (HTS) market in 2023.
Based on application, the High-Throughput Screening (HTS) market is segmented into drug discovery, biochemical screening, life sciences research, and other applications. The drug discovery application segment accounted for the largest share of the high-throughput screening (HTS) market in 2023. The factors supporting the segment’s growth are increasing drug discovery and development research activities conducted by pharmaceutical and biotechnology companies. High Throughput Screening (HTS) systems allow these companies to screen large compound libraries, and identify lead compounds that are essential for drug development. Furthermore, rising support and collaborations offered by various government agencies and research organizations towards expediting the drug discovery process, further aid in the growth of this application segment.
North America was the largest regional market for high-throughput screening in 2023.
Based on geography, the high-throughput screening (HTS) market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa. In 2023, North America accounted for the largest share of the high-throughput screening market, followed by Europe and the Asia Pacific. The large share of the North American high throughput screening (HTS) market can be attributed to factors such as the rising cases of diseases in the region which is leading to a rise in pharmaceutical research and development (R&D) activities and funding to support drug discovery and development. The presence of major pharmaceutical and biotechnology companies in the region further supports the large share of the North American high throughput screening (HTS) market.
We are pleased to offer you this exciting, new, and entirely free professional resource. Visit our Free Biotechnology & Pharmaceuticals resource center today to browse our selection of 600+ complimentary Biotechnology & Pharmaceuticals magazines, white papers, webinars, podcasts, and more. Get popular titles including:
