Mjaor Growth Boosters for the Global Protein Binding Assays Market:
Rise in drug discovery activities:
The global shortage of novel drugs and the demand for advanced drug therapies have both increased the focus on drug discovery. Most pharmaceutical and biotechnology companies are striving to cater to the demand for new drugs, leading to an increase in drug discovery activities. According to Statista, around 7,493 drugs entered the preclinical stage in 2017; this number is expected to reach 8,040 in 2018. This is translating into an increase in the total number of drug candidates being screened every year. Protein binding studies, carried out during the early stage of drug development, are a major part of the preclinical process.
Growing pressure to reduce drug discovery and development costs:
The discovery and development of a drug is a very cost-intensive process as it requires major investments in terms of capital, human resources, and technological expertise. It also requires strict adherence to regulations on testing and manufacturing standards before a new drug can be prescribed to the general population. Moreover, if the drug fails in the later stages of development, the entire investment is lost. Thus, to avoid such late-stage attritions in drug development, pharmaceutical companies are investing extensively in early stage, preclinical testing methods.
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Expected Revenue Surge:
The global protein binding assays market is projected to reach USD 425.7 million in 2023 from USD 256.1 million in 2018, at CAGR of 10.7%.
Objectives of the Study:
# To define, describe, and forecast the protein binding assay market on the basis of technology, end user, and regions.
# To provide detailed information about factors influencing market growth (drivers, restraints, opportunities, and industry-specific challenges).
# To strategically analyze the micromarkets with respect to individual growth trends, prospects, and contributions to the overall market.
# To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players.
# To forecast the size of the market segments with respect to four major regional segments, namely, North America, Europe, Asia Pacific, and the Rest of the World (RoW).
# To profile the key players in the market and comprehensively analyze their market positions and core competencies.
# To track and analyze competitive developments such as partnerships, agreements, and joint ventures; mergers and acquisitions; product development; and research and development activities in the protein binding assays market.
Based on end user, Contract Research Organizations (CROs) segment is expected to grow at the highest CAGR in the market during the forecast period
On the basis of end user, the global protein binding assays market is divided into pharmaceutical and biotechnology companies, CROs, and other end users. In 2018, the CROs segment is expected to grow at the highest CAGR in the global protein binding assays market. This high growth can be attributed to the increase increased protein binding studies for drug discovery & development by pharmaceuticals and the growing focus of biotechnology companies on developing biologics.
Asia Pacific is expected to grow at the highest CAGR during the forecast period
The APAC market is projected to register the highest growth rate during the forecast period primarily due to factors such as, growth of clinical trial activities in several APAC countries. As a result of this, the pharmaceutical and biopharmaceutical companies are outsourcing their drug discovery and development activities to APAC-based CROs. This is one of the major factors driving the growth of the protein binding assay market in the Asia Pacific.
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The key players operating in the protein binding assays market are Thermo Fisher Scientific (US), GE Healthcare (US), Danaher (US), and Merck (Germany).
Growth Strategies Adopted by Them:
Most companies focus on agreements, collaborations, and partnerships to compete in the market. The players also focus on increasing their presence in high-growth markets through acquisitions and product launches. Thermo Fisher (US), Sovicell (Germany) and 3B Pharmaceutical focus on partnerships, collaboration and license agreements to strengthen their position in the market.
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