PUBLISHER: BIS Research | PRODUCT CODE: 1266586
PUBLISHER: BIS Research | PRODUCT CODE: 1266586
“Global Cell-Based Assay Market to Reach $38.23 Billion by 2032.”
The global cell-based assay market is expected to reach $38.23 billion in 2032 from $17.20 billion in 2022, at a CAGR of 8.44% during the forecast period 2023-2032.
The global cell-based assay market is anticipated to witness growth during the forecast year 2023-2032, largely fuelled by the promise of a novel breakthrough in the cell-based assay market, which is no longer restricted to drug discovery. The foremost advantage of utilizing cell-based assays is apparent: unlike basic biochemical assays, they provide a more comprehensive representation of biological systems as they encompass not just an isolated receptor or enzyme but all the organelles of a cell functioning as a single entity.
The impact analysis for the factors that significantly affect the market, namely, drivers, restraints, and opportunities, has been evaluated on a short-term and long-term basis. The short-term assessment considers the period between 2022 and 2026, and the long-term assessment considers the period between 2027 and 2032. Key developments and strategies that have been undertaken by some of the key players in this market have been accounted for evaluation of the impact analysis. Further, these key developments have been assessed to understand the future scope of integrating advancing technologies to enable superior outcomes.
The cell-based assay market has also been impacted by the pandemic. As per World Health Organization (WHO), COVID-19 has affected millions of people, resulting in a considerable number of deaths. In response, companies have intensified their research and development efforts to create vaccines and treatments for the SARS-CoV-2 virus. This research is considered critical and has remained unaffected, with operations and output continuing as before. As a result of the increase in research activities, the availability of research funding and demand for cell-based test products are expected to expand.
Companies in the industry are adapting their long-and short-term growth strategies to capitalize on opportunities in the research market by introducing innovative products to combat the pandemic. The need for COVID-19 research has created a broad scope for cell-based tests in viral infection research, vaccine development, and drug discovery.
Various COVID-19 vaccines and antiviral medications have been authorized or are under development, and patients are being treated symptomatically. The functional efficiency of the antibodies produced to neutralize the virus is assessed using cell-based assays for both vaccines and treatments. In order to reduce time and increase throughput, cell-based assays are utilized. As a result, the demand for cell-based assays to provide early indications of symptoms in patients has increased. Consequently, the overall impact of COVID-19 on the cell-based assay market is predicted to be positive.
Based on product type, the global cell-based assay market is segmented into consumables, instruments and software, and services.
In 2022, the North America region dominated the global cell-based assay market, and it is expected to hold its dominance throughout the forecast period 2023-2032.
As of 2022, the cell-based assay market (by application) was dominated by drug screening applications, holding a 41.27% market share.
As of 2022, the global cell-based assay market (by technology) was dominated by flow cytometry, holding a 34.11% market share.
As of 2022, the global cell-based assay market (by end user) was dominated by the pharmaceutical and biopharmaceutical companies' segment, holding a 51.36% market share.
Based on company, the global cell-based assay market is dominated by Thermo Fisher Scientific Inc., Danaher Corporation, Becton, Dickinson and Company, among others.
The following are the demand drivers for the global cell-based assay market:
The market is expected to face some limitations due to the following challenges:
Workflow/Innovation Strategy: The global cell-based assay market is segmented (by product) into three categories, i.e., consumables, instruments and software, and services. The consumables segment is further classified as reagents, assay kits, microplates, cell lines, probes and labels, and other consumables.
Reagents accounted for 29.43% of the share in the global cell-based assay market from 2022 to 2032.
Growth/Marketing Strategy: The global cell-based assay market is anticipated to witness growth during the forecast year 2023-2032. The advent of CRISPR/Cas9 technology has completely transformed gene studies and their functions by offering highly precise and user-friendly genome editing capabilities. CRISPR significantly streamlines the development of more intricate disease-related cell-based assays, enabling researchers to tackle complex questions and study heterogeneous diseases with more relevant and sophisticated assays.
Competitive Strategy: Key players in the global cell-based assay market have been analyzed and profiled in the study, including manufacturers involved in new product development, acquisitions, expansions, and strategic collaborations. Moreover, a detailed competitive benchmarking of the players operating in the global cell-based assay market has been done to help the reader understand how players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.