High-throughput screening market set to be worth $26.4bn by 2025
According to a new report, the high-throughput screening market will increase at a CAGR of 11.5 percent from 2020 to 2025.
According to the new market research report, the global high-throughput screening market is projected to be worth $26.4 billion by 2025, an increase from $15.3 billion in 2020. The report says that this is a compound annual growth rate (CAGR) of 11.5 percent during the forecast period.
Published by MarketsandMarkets™, the report says that the high-throughput screening market growth is driven mainly by factors such as increasing R&D spending by pharmaceutical and biotechnology companies, technological advancements in the high-throughput screening market and the availability of government funding and venture capital investments. Emerging markets and growing applications in life sciences research are also factors expected to provide growth opportunities for players in the market.
The report says that the consumables segment accounted for the largest share of the product and services segment in the high-throughput screening market in 2019. This is primarily be attributed to the wide use of reagents and assay kits in screening techniques, increasing pharmaceutical R&D and rising government funding for life sciences research.
The drug discovery segment accounted for the largest share of the application segment in the high-throughput screening market in 2019, the report says. Compared to biochemical screening, life sciences and other applications screening is used for, the drug discovery application segment was driven by the increasing number of clinical trials and rising pharmaceutical R&D expenditure.
Furthermore, the Asia Pacific region was found to be the fastest-growing region of the market in 2019. It is also estimated to grow at the highest CAGR in the market during the forecast period, mainly due to factors such as the rising R&D spending, growing public-private partnerships and increasing government funding.
Some of the prominent players in the high-throughput screening market are Thermo Fisher Scientific, Agilent Technologies, PerkinElmer, Bio-Rad Laboratories and Eurofins Scientific.