The growth of this market is majorly driven by the growing preference for cell-based assays, increasing research funding, and the growth in the number of drug discovery activities. However, the high cost of instruments and restrictions on reagent use are the major factors restraining the growth of this market.
Market Size
The global Cell based Assays Market is projected to reach USD 18.9 billion by 2024 from USD 13.9 billion in 2019, at a CAGR of 6.3%.
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“Consumables are expected to fuel the growth of the cell-based assays market over the forecast period.”
By product, the market is segmented into consumables, instruments, and services. The consumables segment accounted for majority of the market share in 2019 and is anticipated to grow at a CAGR of 6.6% during the forecast period. This growth can be attributed to the increasing number of drug discovery activities, especially in emerging markets.
“Increasing use of cell-based assays in drug discovery to drive market growth during the forecast period”
Based on application, the market is segmented into drug discovery, basic research and other applications such as quality check among others. The drug discovery segment is anticipated to drive growth in the market at a CAGR of 7.5% over the forecast period. This growth can be attributed to the increase in R&D investment by biopharmaceutical companies.
Recent Developments
- In 2019, Danaher launched its ClearLLab 10C System for clinical Flow Cytometry labs. The new system includes the first 10-color CE-IVD panels of immunophenotyping reagents for both lymphoid and myeloid lineages. The tubes utilize the DURA Innovations dry reagent technology for panels, which requires no refrigeration.
- In 2018, GE Healthcare is planning to open a new testing center in Sweden to advance its manufacturing and research capabilities.
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