The global cell viability assays market is projected to reach USD 4.16 billion by 2023 from USD 2.78 billion in 2018, at a CAGR of 8.4%.
Factors such as the rising demand for cell-based assays in research, rising incidence and prevalence of chronic and infectious diseases, growing availability of funds for research, and increasing focus on the development of cell-based therapeutics are expected to drive the growth of the cell viability assays market during the forecast period. However, the high cost of instruments is expected to limit market growth to a certain extent in the coming years.
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In this report, the market is segmented on the basis of product, cell type, application, end user, and region.
On the basis of product, the cell viability assays market is segmented into instruments and consumables. The consumables segment is expected to register the highest CAGR during the forecast period. The large share of this segment can be attributed to the repeated use of various consumables during cell viability procedures. The growing focus on stem cell research, cancer research, and research activities in the life science field is another major factor driving the demand for consumables in the cell viability assays market.
On the basis of cell type, the cell viability assays market is segmented into human cells, animal cells, and microbial cells. The human cells segment expected to register the highest CAGR during the forecast period. Growth in this segment can be attributed to the growing investments by government bodies and private sector organizations in research activities that are focused on developing new treatments for various human diseases.
On the basis of application, the cell viability assays market is segmented into drug discovery & development, basic research, stem cell research, clinical & diagnostic applications, and other applications. The drug discovery & development application segment accounted for the largest share of the cell viability assays market during the forecast period. The large share of this segment can be attributed to the rising incidence and prevalence of chronic and infectious diseases and immunological disorders along with the increasing government support for developing new treatments for various human diseases.
Based on end user, the cell viability assays market is segmented into pharmaceutical and biotechnology companies, hospital and diagnostic laboratories, academic and research institutes, and other end users (food and beverage companies and environmental testing companies). The pharmaceutical and biotechnology companies market segment is expected to witness the highest growth during the forecast period. This can be attributed to the increasing number of R&D activities undertaken by these companies for the development of biopharmaceutical products.
Geographically, the cell viability assays market in the APAC region is expected to register the highest CAGR during the forecast period. This regional market is expected to grow at the highest rate during the forecast period as several APAC countries are witnessing a growing number of proteomics, genomics, and stem cell research activities; increasing research funding; increasing investments by pharmaceutical and biotechnology companies; and growing trend of research infrastructure modernization. The growing geriatric population, growing per capita income, increasing investments in the healthcare industry by key market players, rising demand for advanced technologies, and expansion of private-sector hospitals to rural areas in various countries in the APAC region are the other major factors supporting the growth of the cell viability assays market in this region.
