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Is the Cell Based Assays Global Market Experiencing Significant Growth?
Yes, the market size of cell-based assays has seen an impressive growth in recent years. From a value of $24.61 billion in 2023, it is projected to soar to $26.9 billion in 2024, yielding a compound annual growth rate CAGR of 9.3%. This phenomenal growth can be pinned down to the emergence of high-throughput screening techniques HTS, increased use of biomarker detection, the integration of automation, growing adoption of microfluidics, and the introduction of gene editing tools.
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What is the expected trajectory of the Cell Based Assays Global Market?
The cell-based assays market size is expected to manifest rapid growth in the next few years. Projected to reach $41.86 billion in 2028, this implies a compound annual growth rate CAGR of 11.7%. Key factors that can be linked to this growth include the integration of Artificial Intelligence AI and machine learning, shifts in the regulatory landscape, growing demand for high-content screening, advancements in disease modeling, and heightened focus on precision medicine. Vital trends forecasted to shape the market encompass high-throughput screening HTS, 3D cell cultures, organ-on-a-chip technology, CRISPR/Cas9 technology, and advancements in imaging techniques.
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What are the key drivers for the growth of the Cell Based Assays Global Market?
One of the principal stimuli driving the growth of the cell-based assays market is the increased research using cell-based arrays. Moreover, there is an indisputable need to shift to predictive cellular models for drug discovery in an effort to mitigate late-stage drug failures. The pharmaceutical industry's endeavours to proficiently commercialize drugs to overcome expensive last-stage failures are bolstering innovation in cell-based assays.
Key Industry Players: Steering the Cell Based Assays Global Market
The cell-based assays market teems with major companies such as F. Hoffmann-La Roche Ltd., Merck & Co. Inc., Thermo Fisher Scientific Inc., Danaher Corporation, Becton, Dickinson and Company, GE HealthCare Technologies Inc., Corning Incorporated, Lonza Group Ltd., and Charles River Laboratories International Inc. to name a few.
In What Way Is The Cell-Based Assays Global Market Segmented?
A thorough analysis of the cell-based assays market report has yielded these segments:
1 By Product & Service: Consumables, Instruments, Services, Software.
2 By Technology: Automated Handling, Flow Cytometry, Label-Free Detection, High-Throughput Screening, Other Technologies.
3 By Application: Drug Discovery, Basic Research, ADME Studies, Predictive Toxicology, Other Applications.
4 By End User: Pharmaceutical And Biotechnology Companies, Academic And Government Research Institutes, Contract Research Organizations CRO, Other End Users.
Sub-segments include:
By Instruments: Microplates, Microplate Readers, High Throughput Screening, Liquid Handling Systems.
By Consumables: Reagents And Media, Cells And Cell Lines, Probes And Labels.
Which regions dominate the Cell-Based Assays Global Market?
In 2023, North America emerged as the largest region in the cell-based assays market. Western Europe followed this closely, breaking out as the second largest region in the global market share. Other regions detailed in the cell-based assays market report include Asia-Pacific, Eastern Europe, South America, Middle East, and Africa.
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