CHICAGO, March 19, 2021 /PRNewswire/ -- According to the new market research report "Cell-based Assays Market by Product & Service (Reagents, Microplate, Cell Lines, Assay Kits, Instrument & Software, Services), Application (Drug Discovery, Research), End User (CROs, Pharmaceutical Companies, Research Institutes) - Global Forecast to 2025", published by MarketsandMarkets™, the global market is projected to reach USD 22.0 billion by 2025 from USD 14.9 billion in 2020, at a CAGR of 8.1% during the forecast period.
The growing preference for cell-based assays in drug discovery, increasing funding for cell-based research, and growth in the number of drug discovery activities are the key factors supporting the growth of the market. However, the growth of the market is likely to be restrained by factors such as the high cost of instruments, restrictions on reagent use, and the lack of infrastructure for cell-based research in emerging economies.
Consumables accounted for the largest share of cell-based assays market
Based on product and service, the market is segmented into consumables, instruments & software, and services. Consumables dominated the market in 2019. The large share of this segment can be attributed to the extensive use and repeated purchase of consumables by pharmaceutical and biopharmaceutical companies and the rising number of preliminary studies for the development of therapeutics.
Drug Discovery segment accounted for the largest share of cell-based assays market
Based on application, the cell based assays market is categorized into drug discovery, basic research, and other applications. The drug discovery application segment dominated the market in 2019. This segment is also projected to witness the highest growth during the forecast period. This is due to increasing R&D investments, technological innovations in supportive processes, the introduction of new drugs, and the growing number of CROs providing drug discovery services.
The contract research organizations (CROs) are the fastest-growing end user segment of the cell-based assays market
Based on end users, the cell based assays market is segmented into pharmaceutical & biopharmaceutical companies, academic & research institutes, and contract research organizations (CROs). The contract research organizations segment is expected to grow at the highest rate during the forecast period owing to the increasing preference for drug discovery outsourcing by pharmaceutical & biopharmaceutical companies and the cost-effectiveness of the services.
North America accounted for the largest share of the cell based assays market
The cell-based assays market is segmented into North America, Europe, the Asia Pacific (APAC), Latin America (LATAM), and the Middle East and Africa (MEA). In 2019, North America accounted for the largest share of the global market, followed by Europe. This market is primarily driven by the availability of government and private funding for life science research, the growing penetration of CROs, comprehensive drug development regulations, and the rapid adoption of advanced technologies in the region.
The prominent players operating in the cell-based assays market are Danaher Corporation (US), Thermo Fisher Scientific (US), Merck KGaA (Germany), Becton, Dickinson and Company (US).
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