Market Trends of Global Cell-Based Assay Industry
This section covers the major market trends shaping the Cell-Based Assay Market according to our research experts:
Drug Discovery is Expected to be the Fast Growing Segment in the Cell-Based Assay Market Over the Forecast Period
The drug discovery segment is anticipated to show high growth in the market and this growth can be attributed to the increase in the R&D investment by biopharmaceutical companies. In addition, the rise in the prevalence of chronic diseases, such as cancer, osteoarthritis, cardiovascular diseases, and diabetes, is fueling the demand for cell-based assays for newer drug discoveries, making it a vital factor for the growth of this market. According to the article titled " 2022 Funding forecast: strong R&D growth with clouds on the horizon" published in April 2022 the United States federal government is expected to invest USD 181.4 billion in research and development in 2022. Such investment in research and development are expected to contribute to the growth of the studied segment over the forecast period.
In cell-based assays, functional cells are used as diagnostic tools in research for new drugs that help in drug discovery. The increasing market players' activities such as partnerships and collaborations for drug discovery are expected to drive the growth of the studied segment during the forecast period. For instance, in February 2021, Selvitalaunched the cell-based phenotypic assay platform for drug discovery. The platform will be used to test new compounds with therapeutic potential in multiple areas.
Furthermore, In June 2020, PhenoVista Biosciences collaborated with Olympus to deliver 3D cell-based assay services for drug discovery.
Thus the above-mentioned factors are expected to drive the demand for the growth of the studied segment during the forecast period.
North America is Expected to Dominate the Cell-Based Assay Market During the Forecast Period
North America is the dominating region across the world in terms of market share owing to the well-established healthcare sector along with the high adoption of cell-based assays. In the United States, the prevalence of chronic diseases, such as cancer, osteoarthritis, and diabetes, is increasing which is fueling the demand for cell-based assays for newer drug discoveries, making it a vital factor for the growth of this market.For instance, in the Cancer Facts & Figures 2022 data published by the American Cancer Society, there will be an estimated 1.9 million new cancer cases diagnosed and 609,360 cancer deaths in the United States.
Similarly, the American Heart Association in January 2022 mentioned that approximately every 40 seconds, someone in the United States will have a myocardial infarction. Such a high frequency of chronic diseases among the United States population is expected to drive the growth of the market during the forecast period.
Additionally, the market players activities for the development of cell based assays is expected to growth of the market in this region. For instance , in March 2022, Promega Corporation Collaborated with the FUJIFILM cellular dynamics to create novel assays to observe cellular biology in a system that better reflects how cells behave in the human body.
Thus the above-mentioned factors are expected to drive the growth of the market in this region during the forecast period.
