High Content Screening Products Market Estimated to Record Highest CAGR by 2024
The global high content screening products is expected to witness significant rise in the coming years due to key players investing majorly into research and development for advanced technologies and instruments. According to a report by Transparency Market Research, key players are engaging in designing new therapies to improve efficiency. This would help them to grow in the market. They are also investing in mergers and acquisitions to expand their geographical horizons. Aspiring players will be changing the competition degree of the market by making it more intense in the coming years.
Some of the leading companies in the global high content screening products market are Yokogawa Electric Corporation, Cell Signaling Technology, Genedata AG, Merck KGaA, PerkinElmer Inc., Thorlabs, Inc., Dickinson and Company, Becton, GE Healthcare, Thermo Fisher Scientific, and Molecular Devices.
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The global market for high content screening products is anticipated to rise at a significant 8.0% CAGR during the forecast period of 2017 to 2022. The market value is expected to reach US$1.23 bn by the end of forecast period.
According to the global high content screening product market segment product, consumable is leading the market and is expected to hold value worth US$486.6 mn with a healthy CAGR of 8.3% by 2022.
Among all regions, North America is leading the market and is expected to rise at a remarkable CAGR of 8.2% by 2022. It is expected to hold value worth US$402.1 mn by end of the forecast period.
Advancement in Technology to Boost the Market During the Forecast Period
The global high content screening (HSC) market is expected to rise due to factors such as emerging revolutionary instruments for image analysis along with increase in cell based research and biological research. The rise in chronic diseases with prolonged treatment such as Parkinson’s, HIV AIDS, and epilepsy require high content screening products. Study of toxicity during the initial drug discovery is expected to rise the demand in the market. Rise in demand for improved technology along with better system for screening will add fuel to the growth. Government across the globe is engaging and promoting in cell based research. Increase in diseases across the world is aiding the growth of the market. There is an increased demand for advanced cell based imaging. Pharmaceutical companies, biotechnology companies, and research organization are also demanding drug discovery will provide high growth for high content screening products market globally.
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Expensive Initial Setup Cost to Hamper the Growth
The global market for high content screening products are likely to face slow growth due to high price of high content screening equipment. This has led to adoption of other image analysis instruments. Installation of high content screening equipment is very high end and various emerging economies lack the budget to install the same. This can likely hamper the growth of high content screening products market. Requirement of high end biotechnology is also required for the installation of screening products which hampers the growth of market. Companies operating high content screening products require efficient and skilled workforce for operating these devices. Various developing and underdeveloped economies lack skilled workforce thus, affecting the growth of market. The labor cost is also exceptionally high due to the need of laboratory professionals. These are some of the factors that restrain the market.
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The information in this review is based on the findings of a report by Transparency Market Research, titled “High Content Screening Products Market (Product Type – Consumables, Microplates, Instruments, Software, and Service; End Users – Pharmaceutical and Biotechnology Companies and Academic and Research Institutes) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2022.”
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