High Throughput Screening Market is expected to grow at a substantial CAGR during the forecasted period.
Market Industry Reports (MIR) has published a new report titled “High Throughput Screening Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global high throughput screening market was valued at over US$ 14.0 Mn in 2017 and is expected to grow at a substantial CAGR during the forecasted period.
Key factors driving the growth of the market include the increasing funding from the private and government organizations and the high implementation of high throughput screening technology for genomic screening. Currently, the technology is considered as a valuable tool for the biopharmaceutical and biotechnology companies to conduct highly efficient and cost effectiveness research in drug discovery and other relevant fields of chemistry and biology.
Increasing Prevalence of Chronic Disorders to Promote Growth
The high throughput screening is focused on development therapeutics for the treatment for numerous disorders and ailments including antitumor drugs and several others. The growing prevalence of chronic disorders is promoting the growth of the market, for improved treatment and better quality of life for patients. According to World Health Organization (WHO), in 2017, diabetes accounted for 1.6 million deaths worldwide.
Increasing Investments in R&D
Rising prevalence and incidences of several diseases worldwide has triggered the need for advanced R&D scenario across all sectors of biotechnology, pharmaceuticals and research establishments. Both public and private sectors are now focusing on new innovative techniques, ideas to obtain latest medical breakthroughs. According to studies, it was estimated that the total spending on R&D by mid-market biotechnology companies, witnessed an increment of approximately 18% between 2015 and 2016. Growing need to address several forms of ailments has been crucial in dictating the funding and R&D spending by governmental establishments as well as major market players and other research institutes. Increasing R&D investments and spending is anticipated to positively contribute to the growth of the global high throughput screening market.
Browse key industry insights spread across 150 pages with market data tables & figures & charts from the report, High Throughput Screening Market by Technology (Bioinformatics, Lab on a Chip, Cell-Based Assays) Application (Toxicology, Primary Screening, Target Identification & validation), End User (Academic and Government Institutes, Pharmaceutical and Biotechnology Companies, Contract Research Organizations, Others) and Region - Global Forecast to 2023 - Global Analysis & Forecast 2019-2030 in detail along with the table of contents: https://www.marketindustryreports.com/high-throughput-screening-market/22
High Associated Costs to Restrain the Market Growth
High throughput screening process incurs costs and is a time consuming procedure and is one of the major factors affecting the growth of the high throughput screening market. The entire process of high throughput screening in drug formulation is extremely tedious, requiring soaring investments both in terms of revenue as well as technology and man power. Thereby, increasing cost of the products, also various regulatory approvals are required accompanied with stringent government rules making this a process costly and is time consuming. Hence, limiting the use of high throughput screening studies and techniques and restraining the extensive growth of the market during the forecast period
Key players are looking for licensing with the other companies
The key players operating in the global high throughput screening market include Agilent Technologies, Thermo Fisher Scientific, Danaher Corporation, Corning Incorporated, Aurora Instruments Ltd., BioTek Instruments, Inc., PerkinElmer Inc., Merck KGaA, AXXAM S.p.A., and Tecan Trading AG
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