According to FutureWise analysis the market for cell based assay in 2023 is US$ 18.9 billion, and is expected to reach US$ 36.62 billion by 2031 at a CAGR of 8.60%.
Depending on the end-user, the market is fragmented into academic and government institutes, contract research organizations (CRO) and pharmaceutical and biotechnology companies. The pharmaceutical and biotechnology companies segment currently holds the largest market share and this trend will continue over the forecast period. However, the CRO segment is predicted to grow with a high CAGR value during the forecast period. This growth can be attributed to the increased outsourcing of drug discovery activities by pharmaceutical firms to CROs.
The drug discovery segment is predicted to boost market growth over the forecast period. This growth is due to the increase in investments on research and development by pharmaceutical companies. Furthermore, the increasing prevalence of diabetes and cardiovascular diseases is spurring market growth. Moreover, a rapid rise in the drugs used for treating chronic diseases across the world has boosted the market growth.
North America currently dominates the market. However, the Asia Pacific region is predicted to grow at a high CAGR value over the forecast period. The growth in this region is largely due to advancements in infrastructure development and massive investments in research and development by governments of emerging economies.