Global Cell-based Assay Market to $10.6 Billion at 16.5% CAGR by 2023, Says Allied Market Research

Rise in application of cell-based assays in the drug discovery procedures, rapid technological advancements in medical sectors, and high adoption of high-throughput screening technique have boosted the growth of the global cell-based assay market. However, the dearth of skilled workforce and high cost associated with assays hamper the market growth. On the contrary, surge in adoption of label-free assays and presence of untapped markets in developing countries are expected to create lucrative opportunities in the near future.

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Portland, OR, May 22, 2019 (GLOBE NEWSWIRE) -- According to the report, the global Cell-Based Assay Market accounted for $4.25 billion in 2017 and is projected to reach $10.6 billion by 2023, registering a CAGR of 16.5% during the period 2017–2023.

The cell-based assay market is divided on the basis of product, application, end users, and geography. Based on product, the market is segmented into consumable, instrument, service, and software. The consumables segment held the largest share in 2017, contributing nearly half of the total market, owing to its widespread use in novel products and kits that are used for DNA fragmentation and target enrichment. However, the services segment is estimated to manifest the fastest CAGR of 20.6% during the forecast period, owing to rise in dependency of laboratories on cell-based assay service providers.

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Based on application, the market is segmented into drug discovery, basic research, absorption, distribution, metabolism, & excretion (ADME) studies, predictive toxicology, and others. The drug discovery segment dominated the market in terms of revenue, accounting for nearly one-third of the total market in 2017, due to its utility in finding out issues related drug candidate at an initial stage.

On the basis of end user, the market is bifurcated into pharmaceutical & biotechnology companies, academic & government research institutes, contract research organizations, and others. The pharmaceutical & biotechnology companies segment held the largest share in 2017, accounting for one-third of the total market share. However, the academic & government research institutes segment is expected to register the fastest CAGR of 18.5% during the forecast period.

The global cell-based assay market is analyzed across various regions such as Asia-Pacific, North America, Europe, and LAMEA. The market across the Asia-Pacific region is estimated to register the fastest CAGR of 20.2% during the forecast period, owing to surge in technological innovations and increase in investments by government and private organizations. However, the market across North America regions held the largest share in 2017, contributing more than half of the market.

The cell-based assay market report includes in-depth analysis of the major market players such as Dickinson and Company, Becton, Danaher Corporation, Thermo Fisher Scientific, Inc., General Electric Company, Merck KGaA, Perkinelmer, Inc., Bio-Rad Laboratories, Inc., Lonza Group Ltd., Cell Signaling Technology, Inc., and Promega Corporation.

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Allied Market Research (AMR) is a full-service market research and business -consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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