Cell Based Assays Market: Lucrative Opportunities
Constant entry of biotechnology and pharmaceutical companies in the global cell based assays market accounts for the prevailing forces of fragmentation, notes Transparency Market Research (TMR). These companies benefit increasingly from substantial financial clout they have, which helps them leverage the forces of competition in their favor, finds TMR.
Some of the key players vying for sizeable stakes in the global cell based assays market are Danaher Corporation, Thermo fisher Scientific Inc., Marin Biologic Laboratories, Essen BioScience Inc., Enzo Life Sciences, Inc., and QGel SA.
The global cell-based assays market was worth approximately US$1.36 billion in 2017. During 2017–2022, the market is projected to expand at CAGR of 7.7% and reach a valuation of US$1.97 billion by 2022 end.
Based on end user, the biotechnology and pharmaceutical segment holds the sway in the global cell based assays market. The segment will continue to hold a major share globally in the coming few years as well. The growth is propelled by rapid application of cell-based assays in drug discovery world over.
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Regionally, North America accounted for the major share in the global cell-based assays market in 2017. The regional market will clock a CAGR of 8.2% during 2017–2022. The growth is fueled by substantial volumes of investments being poured into research and development activities in the region.
Widespread Application in Drug Discovery Applications propels Growth
The global cell based assays market is driven increasingly by the widespread application of the methodologies in drug discovery applications in drug making. The applications are notably bolstered by rapidly rising number of drugs for chronic diseases in various regions across the world. The prevalence of cardiovascular diseases and diabetes is also fueling the demand for cell-based assays.
There contours of the global cell based assays market is shaped by the rising demand for more efficacious drugs for various life-threatening diseases. The growing role of cell-based assays in drug discovery for cancer is a case in point.
Growing role of cell-based assays in accelerating time-to-market of drugs by pharmaceutical and biotech companies is a key trend aiding in the rapid stride of the global cell based assays market. These assays occupy notable a pivotal role in reducing the instances of late-stage drug failures. Moreover, rising demand for cell-based assays methodologies in investigational new drugs is a key trend boosting the market. Furthermore, growing number of in vitro drug studies based on cell-based assays is fueling the market’s growth.
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High Cost of Assay Instruments and Unfavorable Regulatory Framework hampers Prospects
However, the steady growth of the global cell-based assays market is hindered by the high cost of assay instruments and lack of suitable regulatory framework for the use of reagents. Nevertheless, the rising worldwide demand for novel drugs and treatments is also likely to create new, exciting avenues in the market. The rising use of cell-based assays in various ultra-high throughput screening also paves way for lucrative opportunities for pharmaceutical and biotech companies. Furthermore, exciting strides witnessed in synthetic biology in recent years are also underpinning the growing prospects of the global cell-based assays market.