NEWARK, Del, March 07, 2024 (GLOBE NEWSWIRE) -- The global high throughput screening market had an estimated valuation of US$ 25.7 billion in 2023 and is expected to reach a size of US$ 92.5 billion by 2034, increasing at a CAGR of 10.5% between 2024 and 2034. By 2024, the high throughput screening market is poised to reach a valuation of US$ 29 billion.
A major factor propelling the global market for high throughput screening is the increasing focus on customized treatment. Rapid analysis of patient samples made possible by high throughput screening makes it easier to identify individualized therapy choices based on each patient's unique genetic profile. This fuels the need for screening tools in medical and scientific research on pharmaceuticals.
The growth of non-traditional drug discovery applications, such as agriculture, environmental monitoring, and customized medicine, presents a market potential for the global high throughput screening market. There is potential for expansion and innovation in these areas given the rapid advancement of technology and the growing need for precision medicine.
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Key Takeaways from the High Throughput Screening Market Analysis
- The global high throughput screening market size reached US$ 25.7 billion in 2019.
- From 2019 to 2023, the high throughput screening market experienced a CAGR of 13.1%.
- Over the course of the projection period, the high throughput screening sector in the United States is expected to develop at a CAGR of 12.6%.
- The most common application of high throughput screening is target identification, which is projected to evolve at a 12% CAGR through 2034.
- The main technology in this market is ultra-high-throughput screening, which is expected to develop at a CAGR of 12.1% through 2034.
“The growing need for accelerated drug discovery procedures is a major factor propelling the global high throughput screening market. Pharmaceutical companies are using high-throughput screening technology to effectively find possible medication candidates as complicated illnesses become more common”, says Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.)
Competitive Landscape from the High Throughput Screening Market:
Key competitors in the global high throughput screening market are focused on innovation and strategic collaborations to increase their market share. They invest extensively in research and development to create innovative screening technologies and platforms.
These firms prioritize relationships with research institutes and pharmaceutical companies in order to expand their product offerings and meet the different demands of their customers. They use mergers and acquisitions to improve their market position and acquire access to new technology and skills.
Startups in the global high throughput screening market are using revolutionary technologies like artificial intelligence and microfluidics to provide cost-effective and efficient screening solutions. They prioritize speed and customization, providing bespoke screening platforms for particular applications such as drug development, toxicity testing, and personalized medical research.
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Top 10 Key Players in the High Throughput Screening Market Include:
- Agilent Technologies Inc.
- Axxam S.p.A.
- Beckman Coulter Inc.
- Bio-Rad Laboratories Inc.
- Danaher Corporation
- GE Healthcare
- Merck KGaA
- PerkinElmer Inc.
- Tecan Group Ltd
- Thermo Fisher Scientific Inc.
Product Offerings
- In 2023, Axxam and Promega announced the formalization of an agreement to provide world-class early-stage drug development services for a variety of target classes and cellular pathways. Global clients will have easier access to revolutionary customized luminescence-based, cell-free, and cell-based assays that can be conducted in miniaturized and fully automated High
- Throughput Screening (HTS) format in the quest for novel drug candidates. This partnership combines Promega's expertise in developing and producing a wide range of luminescence-based instruments with Axxam's strong background and skills in cell-free and cell-based assays, as well as HTS.
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the high throughput screening market, providing historical data for 2019 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the high throughput screening market, the market is segmented on the basis of technology (ultra-high-throughput screening, cell-based assays, lab-on-a-chip, label-free technology), application (target identification, primary screening, toxicology), products and services (instruments, reagents and kits, services), end-user (pharmaceutical and biotechnology firms, academia and research institutes, contract research organizations) and region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, and the Middle East & Africa).
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Key Segments Profiled in the High Throughput Screening Market
By Technology:
- Ultra-high-throughput Screening
- Cell-based Assays
- Lab-on-a-chip
- Label-free Technology
By Application:
- Target Identification
- Primary Screening
- Toxicology
By Products and Services:
- Instruments
- Reagents and Kits
- Services
By End User:
- Pharmaceutical and Biotechnology Firms
- Academia and Research Institutes
- Contract Research Organizations
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East & Africa
About the Healthcare Domain at Future Market Insights
The healthcare domain at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with the objective of providing authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 billion+ data points, the team has been analyzing the market lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.
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Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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