High-Throughput Screening Market Worth 18.83 Billion USD by 2021
PUNE, India, November 24, 2016 /PRNewswire/ --
According to a new market research report "High-Throughput Screening Market by Technology (Cell-based Assays (2D & 3D Cell Culture), Lab-on-a-chip, Bioinformatics), Application (Target Identification, Primary Screening, Toxicology), Product (Reagent & Instruments), End User - Forecast to 2021", published by MarketsandMarkets, the global market is expected to reach USD 18.83 Billion by 2021 from USD 12.23 Billion in 2016, at a CAGR of 7.8% from 2016 to 2021.
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The major factors driving the growth of this market include growing adoption of open innovative models in pharmaceutical and biotechnology companies and increasing R&D spending. Technological advancements in the HTS technique & rising government funding are some other factors driving the growth of this market. Emerging markets and growing research activities in toxicology and stem cells are expected to provide further growth opportunities for players operating in the market. Label-free technology and automation and miniaturization of HTS techniques are the key trends of this market. However, the high cost and time-consuming nature of HTS techniques are restraining the growth of this market during the forecast period.
This market is segmented on the basis of product and service, technology, application end user and regions. Based on product and service, the global High-Throughput Screening Market is segmented into consumables and reagents, instruments, & software and services. In 2015, consumables and reagents accounted for the largest share of the global high-throughput screening products and services market. The availability of a wide range of reagents and continual product developments and innovations contributes to their largest share in HTS products and services market.
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Furthermore, on the basis of end users, the market is classified into pharmaceutical and biotechnology companies, academic and government research institutes, contract research organizations (CROs) and other end users. The other end users segment includes hospitals & clinics, and food, agriculture, and environmental industries. The pharmaceutical and biotechnology companies segment accounted for the largest share in the global HTS market, by end users. The extensive use of the HTS technology in pharmaceutical and biotechnology companies for drug discovery applications is the major factor driving the growth of this market.
In 2015, North America accounted for the largest share of the global High-Throughput Screening Market, followed by Europe, Asia-Pacific, and RoW. Growth in the developed markets in North America and Europe is mainly driven by the large spending on pharmaceutical R&D and high adoption of HTS and availability of government funding, and the presence of major companies in this region. However, Asia-Pacific and Latin American regions provide wide scope for the High-Throughput Screening Market growth. This is mainly attributed to the increasing R&D spending; growing trend of outsourcing drug discovery services; growing public-private partnerships; and increasing government funding.
Agilent Technologies, Inc. (U.S.), Danaher Corporation (U.S.), Thermo Fisher Scientific, Inc. (U.S.), PerkinElmer, Inc. (U.S.) and Tecan Group Ltd. (Switzerland)held the major share of the High-Throughput Screening Market and will continue to dominate the market between 2016 and 2021. Other major players operating in this market are Merck Millipore (U.S.), Bio-Rad laboratories (U.S.), Hamilton Company (U.S.), Axxam S.p.A. (Italy) and Aurora Biomed (Canada).
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