(EMAILWIRE.COM, October 23, 2019 ) The cell based assay market is projected to reach USD 18.9 billion by 2024 from USD 13.9 billion in 2019, at a CAGR of 6.3%.

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.

The cell-based assays 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.

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The cell-based assays 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.

North America commanded the largest share in the cell-based assays market. The large share of North America in this market can be attributed to the increasing R&D activities by biopharma companies and increasing presence of these companies in the US is expected to increase the demand for cell-based assays product and services in this region.

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Some of the major players in this market include Thermo Fisher Scientific, Inc. (US), Danaher Corporation (Beckman Coulter, Inc.) (US), Becton, Dickinson and Company (US), GE Healthcare (US), Merck KGaA (Germany), Lonza Group (Switzerland), PerkinElmer, Inc. (US), Charles River Laboratories, Inc. (US), Cell Signaling Technologies (US), Cisbio (US), Cell Biolabs, Inc. (US), and Promega Corporation (US).