APAC is projected to witness the highest growth during the forecast period.

Northrook, IL -- (SBWire) -- 03/03/2020 --The High Throughput Screening Market was valued at USD 13.87 Billion in 2017 and is expected to reach USD 21.69 Billion in 2023, at a CAGR of 7.8% during the forecast period. The major factors driving the growth of the HTS market include initiatives undertaken by pharmaceutical and biotechnology companies, increasing R&D spending, technological improvements in HTS, and the availability of government funding and venture capital investments.

Software segment is expected to register the highest CAGR during the forecast period.

On the basis of products & services, the high-throughput screening market is segmented into instruments, reagents & assay kits, consumables & accessories, software, and services. Of all these segments, reagents and assay kits accounted for the largest share of the HTS market in 2017. The large share of this market segment can primarily be attributed to factors such as the large numbers of reagents and assay kits used in HTS techniques, rising prevalence of a number of diseases, increasing pharmaceutical R&D, and increased government funding for life science research.

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The global high-throughput screening market is categorized into four major end-user segments, namely, pharmaceutical and biotechnology companies, academic and government institutes, contract research organizations (CROs), and other end users (hospitals and food, agriculture, & environmental industries). In 2017, the pharmaceutical and biotechnology companies segment accounted for the largest share of the global HTS market.

North America accounts for a major share of the market, primarily due to the large spending on pharmaceutical R&D and the growing adoption of HTS and availability of government funding in this region. However, the market in Asia-Pacific is expected to grow at the highest rate from 2018 to 2023. Increasing R&D spending; growing trend of outsourcing drug discovery services; growing public-private partnerships; and increasing government funding are some factors driving this growth.

In addition, this region has shown strong commercialization of pharmaceutical and biotechnology research. The generic manufacturers need HTS platforms for hit identification and target validation in drug discovery and development. According to the US Food and Drug Administration (FDA), the total number of generic drug approvals in 2014 was 409, which increased to 763 in 2017. The increased focus on generic medicines is also expected to aid the growth of the HTS market in this region.

In recent years, the pharmaceutical and biotechnology industries have adopted open innovation approaches for collaborating on drug discovery processes with academic and research institutions. In this open innovation approach, academic organizations carry out target identification and validation research, while pharmaceutical companies conduct HTS assay development and specialized screening campaigns. This approach is beneficial for both pharmaceutical companies as well as the academia. A collaborative approach covers the determination of basic biology of targets of therapeutic value, new target identification, and replacement stem cell therapies.

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Key Market Players:

Agilent (US), Danaher (US), Thermo Fisher Scientific (US), PerkinElmer (US), Tecan Group (Switzerland), Axxam (Italy), Merck Group (Germany), Bio-Rad (US), Hamilton Company (US), Corning Incorporated (US), BioTek Instruments (US), and Aurora Biomed (Canada).