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Rising Inclination Toward Use of Biological Drugs set to Inject Growth in the Cell Based Assays Market During Forecast Period, Says TMR
ALBANY, New York, June 27, 2019 /PRNewswire/ -- Cell based assays are primarily found application across pharmaceutical companies, biotechnology companies, academic research institutes, government institutions, and contract research organizations. As these assays help to analyze the cell proliferation, toxicity, motility, measurable products, and morphology in diagnostics, demand for the cell based assays is growing. Additionally, the demand for the cell based assays is rising from the research across the stem cells, immunology, and cancer among the other life-threatening diseases. Rising need for effective drugs is driving growth of the global cell based assays market. Thus, the market is estimated to expand at a CAGR of 7.7% and the market is estimated to be worth US$19,710.7 mn by the end of 2022. The market stood at a valuation of US$13,576.7 mn in 2017.
In addition, innovations in advanced products, advantages of cell based assay, and lowering cost of drug discovery are estimated to benefit market growth in the coming years. However, lack of skilled handlers and professionals coupled with stringent property rights and complexity of high throughput screening (HTS) assay are restraining growth of the global cell based assays market. Additionally, the high cost of instruments is hampering growth of the global cell based assays market to some extent. Nonetheless, growing advancement in the devices and such as demographics is estimated to propel market growth in coming years. Moreover, the rising adoption from the economies in developing countries such as China and India are offering robust opportunities in the global cell based assays market in the coming years.
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North America to be Dominant in Coming Years
Regionally, in 2017, North America dominated the global cell based assays market by accumulating US$5,164.0 mn. Additionally, the region is estimated to expand by exhibiting a CAGR of 8.2% during the forecast period from 2017 to 2022. At this CAGR, the market is estimated to reach a valuation of US$7,672.5 mn by the end of 2022. This growth is primarily attributable to the rising funds for research of the resilient drug discovery activities in the region and especially in the U.S. Europe is leading to grab second leading position in the global cell based assays market and is estimated to retain its position by accumulating revenue of US$4,864.3 mn by 2022 by expanding at a CAGR of 6.9% during this period. The factors such as increasing drug related research coupled with the rise in adoption of cell based assays platforms are driving the global cell based assays market in both the regions.
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Increasing funding for the exploration of biological drugs and rising need for the toxicity screening of drugs are augmenting growth of the cell based assays market globally and especially in the developing countries across Asia Pacific. Thanks to these factors, the market in the region is estimated to expand at 8.1% CAGR during the forecast period. Especially, the countries including China and India are witnessing more adoption than other countries in the region owing to low-cost labor and need for comparatively low investment.
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The cell based assays market features a fragmented vendor landscape owing to the continuous entry of the players in the biotechnology and pharmaceutical companies, TMR finds during its detailed study. Danaher Corporation, Marin Biologic Laboratories, Thermo Fisher Scientific Inc., Essen BioScience Inc., QGel SA, and Enzo Life Sciences, Inc. are some of the key players in the cell based assays market. These players are getting benefits from increasing investments for research and development, which offer the leverage to stand strong in the competition in the cell based assays market.
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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."
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