ALBANY, New York /PRNewswire/ --According to TMR, the global cell based assays market is projected to reach US$19,710.7 mn by 2022-end from an initial revenue value at US$13,576.7 mn in 2017. The market is expected to expand with a CAGR of 7.7% over the forecast period from 2017 to 2022.
On the basis of product, the reagents and consumables segment dominated the global cell based assays market by accounting 32.1% shares in the overall market in 2017. By end-user, the pharmaceutical and biotechnology segment dominated the overall market and is expected to remain in a leading position over the forecast period. Based on region, North America dominated the global market and expected to be the most lucrative region in the market. The region is estimated to expand by exhibiting a 7.5% CAGR over the forecast period between 2017 and 2022.
Growing Dependency on the Cell Based Assays to Reflect Positively on the Markets' Growth
Cell based assays market is gaining traction due to the rising prevalence of chronic diseases including cancer, cardiovascular diseases, diabetes, and epilepsy. Additionally, a growing geriatric population, which is more susceptible to these diseases, is also boosting the need for advanced healthcare. This is likely to reflect positively on the adoption of the cell based assays market. Furthermore, the cell based assays are increasingly considered as highly efficient due to drug stability, drug potency, and drug purification. This is leading to a surge in the drug discovery activities and likely to result in fuelling growth of the global cell based assays market.
Additionally, numerous governments are increasingly investing and supporting research and development activities. Also, they are offering to fund the research activities for further improvement in the product. This is causing a positive influence on the growth of the cell based assays market over the forecast period.
Moreover, numerous pharmaceutical and biotechnology companies are relying on the cell-based assays for their possibilities of revolutionizing treatments for diseases such as cancer and cardiovascular diseases. This factor is likely to be the key factor driving growth of the cell assays market.
High Cost of Instruments to Limit Growth of Cell Based Assays Market
Despite these factors, the market is facing some challenges such as the high cost of instruments and restrictions over the use of several reagents is restraining growth of the global cell based assays market. Nonetheless, an emergence of the novel technologies in healthcare and medicine is expected to drive growth of the market over the forecast period. Additionally, rising adoption of cell based assays for screening diseases is likely to offer lucrative opportunities for growth of the cell based assays market. Furthermore, the newer branches of biosciences including synthetic biology are offering potential opportunities for growth of the market.
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Transparency Market Research (TMR) estimates that the global cell based assays market has an extremely fragmented vendor landscape. Key players such as GE Healthcare Inc., Charles River Laboratories, Danaher Corporation, Lonza Group Ltd., and Dickinson and Company are some of the players operating in the global cell based assays market. The fragmentation is expected to remain the same over the forecast period due to a growing number of biotech and pharmaceuticals companies entering into the market.
This information is encompassed in the report by TMR, titled, "Cell Based Assays Market (Product Type - Instruments, Assay Kits, Reagents and Consumables, Software, and Services; End Users - Pharmaceutical and Biotech Companies, Academic Institutions, and Contract Research Organizations; Applications - Drug Discovery, Basic Research, and Predictive Toxicology) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2022."
TMR's data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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SOURCE Transparency Market Research