High Throughput Screening Market to cross USD 49.5 billion by 2032, Says Graphical Research Powered by GMI
High throughput screening industry is predicted to witness a robust CAGR of 8.4%, driven by surging adoption of open innovation models in pharma and biotech companies.
Selbyville, Delaware, June 12, 2023 (GLOBE NEWSWIRE) —
High Throughput Screening Market size is estimated to accrue more that USD 49.5 billion by 2032. The increasing demand for drug discovery across the world will positively impact the industry outlook. The pharmaceutical sector is continually searching for new drugs to address various diseases and medical conditions. High throughput screening (HTS) simplifies drug discovery by rapidly testing large numbers of chemical compounds or biomolecules for their potential as drug candidates.
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The escalating demand for more efficient and cost-effective drug discovery processes has led to an increased adoption of HTS technologies. Furthermore, governments, academic institutions, and pharmaceutical companies are investing heavily in R&D programs to develop new drugs and therapies.
Preference for personalized drugs to augment consumables demand
The high throughput screening market is classified into consumables, software & services, and instruments. The consumables segment is projected to depict remarkable development over 2023-2032 because of significant technological advancements in recent years. HTS consumables are widely utilized in newer and more efficient screening methods such as label-free and cell-based assays. Also, many pharmaceutical and biotechnology companies are increasingly outsourcing their drug discovery and screening processes to CROs and academic research institutions, stimulating product uptake for personalized drug discovery.
Biochemical screening to attain the high revenue share
The high throughput screening market is divided into biochemical screening, life sciences research, drug discovery, and others. The report further cites that biochemical screening segment will garner substantial gains by 2032 owing to increasing focus on precision medicine. By utilizing biochemical screening in HTS, researchers can identify compounds that interact with targets or biomarkers, facilitating the development of personalized therapies. The increasing focus on precision medicine is contributing to the gains of the biochemical screening segment in the HTS industry.
Europe to contribute significantly to high throughput screening industry
Europe high throughput screening market will witness significant progression through 2032 attributed to strong presence of pharmaceutical, biotechnology, and academic institutions engaged in extensive R&D programs. In addition, supportive measures and incentives implemented by the European governments in the life sciences sector are pushing drug development. These include funding and grants to promote innovations & scientific advancements which encourage the adoption of HTS technologies by pharmaceutical companies.
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Major High Throughput Screening Industry Players
Some of the top players profiled in the high throughput screening industry report include Danaher Corporation, Agilent Technologies Inc., PerkinElmer Inc., Thermofisher Scientific Inc., Bio-Rad Laboratories, and Merck KGaA, Tecan Group Ltd., among others. These firms engage in the development of open innovation models, acquisitions, mergers, and regional expansion to boost their market position.
High Throughput Screening Market News
- In January 2023, Agilent Technologies Inc., a life sciences and diagnostics company, announced acquisition of Avida Biomed, a manufacturer of high-throughput NGS (Next Generation Sequencing) target assay for cancer treatment. With this, the company aimed to propel its SureSelect portfolio and extend clinical research & diagnostics business.
- In February 2023, Tecan Group Ltd., a Swiss laboratory instruments and solutions provider, joined hands with Oxford Nanopore Technologies plc to drive simple high throughput nanopore library preparation with Tecan’s DreamPrep NGS solutions.
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Partial Table of Contents (ToC) of the report:
Chapter 3 High Throughput Screening Industry Insights
3.1 Industry ecosystem analysis
3.2 Industry impact forces
3.2.1 Growth drivers
220.127.116.11 Increasing number of drug targets for screening
18.104.22.168 Technological Advancements in HTS
22.214.171.124 Rise in overall funding and capital investments
126.96.36.199 Surging adoption of open innovation models in pharma and biotech companies
3.2.2 Industry pitfalls & challenges
188.8.131.52 Complexities in assay development process
184.108.40.206 High cost of HTS instruments
3.3 Growth potential analysis
3.3.1 By products and services
3.3.2 By technology
3.3.3 By application
3.3.4 By end-use
3.4 COVID-19 impact analysis
Chapter 4 Competitive Landscape, 2022
4.2 Company matrix analysis, 2022
4.3 Competitive positioning matrix
4.4 Vendor matrix analysis
4.5 Strategy dashboard, 2022
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