The Cell Viability Assays Market is expected to register a CAGR of 7.7% during the forecast period. The major factors for the growth of the cell viability assays market include the growing burden of chronic and infectious diseases, rising demand for cell-based assays in research, and increasing focus on the development of cell-based therapeutics.
Furthermore, according to the World Health Organization (WHO), chronic diseases are expected to increase by 57% by 2020. Furthermore, as per the Globocan Database, the number of new cases was estimated to increase from 18.1 million to 29.4 million, between 2018 and 2040.
In the emerging markets, cancer and heart diseases are becoming the main causes of death, as a result of urbanization, sedentary lifestyles, changing diets, rising obesity levels, and widespread availability of tobacco products. Thus, the growing burden of chronic diseases is expected to boost cell-based research, resulting in the high growth of the market.
Key Market Trends
Stem Cell Research Segment is Estimated to Register the Fastest Growth Over the Forecast Period
The stem cell research segment is estimated to register the fastest growth, owing to the rising R&D activities and funding from various organizations. According to the National Institutes of Health (NIH), an estimated USD 1,748 million was granted for stem cell research in 2018.
The technological advancements play a significant role in the future with multiple experiments in pluripotent stem cells being the center for exciting growth. For instance, in September 2018, researchers from China and the United States have developed a novel bio-ink that can efficiently bioprint, culture, and expand the human induced pluripotent stem cells and this type of innovation is likely to fuel the market growth in future years.
Thus, considering all the aforementioned factors, the market is expected to witness high growth over the forecast period.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period
North America holds a major share for the cell viability assays market, and it is expected to witness a similar trend over the forecast period, without significant fluctuations. The region is dominating the market, due to various factors, like the increasing incidences of chronic diseases, rise in investment initiatives by governments, and high-quality infrastructure for clinical and laboratory research.
According to the estimates of the American Cancer Society, in the United States, there were 1,735,350 new cancer cases diagnosed and 609,640 deaths due to cancer in 2018. In addition, it is estimated that in 2020 there will be about 1.8 million new cancer cases diagnosed and approximately 606,520 cancer deaths in the United States.
Furthermore, in the United States, there is a rise in the funding for cell-based research, which is expected to propel the overall growth of the cell viability assay market, over the forecast period.
The cell viability assays market is fragmented competitive owing to the presence of various small and large market players. Some of the market players are Abcam PLC, Becton Dickinson & Company, Bio-Rad Laboratories, Biotek Instruments, Creative Bioarray, GE Healthcare, Merck KGaA, Perkin Elmer, Promega Corporation, and Thermo Fischer Scientific Inc.
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