HCS Software and Services Market to Rise with a Strong CAGR of 6.9% by 2022
The global HCS software and services market is anticipated to witness a surge in demand according to a market report published by Transparency Market Research (TMR). The market is predicted to grow due to leading players acquiring technology and regional players. For example Olympus Corporation, which is one of the leading player in the market is planning to acquire lithotripsy systems from Cybersonics, Inc. Introduction of several new products due to expansive research and development from these players is foreseen as to provide a lucrative approach for the growth of the market. For example Thermo Fisher Scientific, Inc., which is a major player in the global market recently showcased innovations for research and clinical labs. Some of the other players in the market are General Electric Company, Danaher Corporation, Merck & Co., Inc., PerkinElmer, Inc., and Becton.
According to Transparency Market Research, the global market for HCS software and services market is envisaged to expand at 6.9% CAGR during the forecast time 2017- 2022. During this period the market is anticipated to be worth at US$1164.8 mn. HCS services based on the publication has dominated the segment and will be valued at US$0.8 bn the end of 2022. It is expected to hold a major share of 71.6% of the total market share by the end of 2022. Geographically, North America accounts for a major share in the market and is expected to expand at a 7.5% CAGR in the region during the assessed period.
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Technological Advancements to Bolster the Growth of the Market
The global market for HCS software and services market is driven by the fact that in future there will technological expansions in HCS advancement, cellular research funding, accompanied with constraint cost in research and development of pharmaceutical industry. HCS software and services are anticipated to find its application in assessment of bioavailability, qualitative assays, and lead specificity, thus attracting more consumers. The market is expected to see a strong presence of the secondary screening of cells for studies. Educational and research institutions are predicted to play a significant role in the growth of the market. Major players are foreseen to receive a hefty amount of opportunities for separation analysis and cell scalability.
High Cost of HCS Instrument to Deter the Market Growth
Demand for cell analysis is anticipated to push the global market for HCS software and services. Large scope in discovery of drugs and enhanced toxicity studies will burgeon the growth of the market. Rise in number of new diseases and prevalence of old ones is making the demand for HCS software and services to discover drugs. Thus rise in awareness among the consumers is prognosticated to cause a positive impact on the market. However, high cost is likely to bring down the growth of the market. Other factors such as few numbers of implementation of HCS instruments throughout the world due to lack in skilled and financial support is said to deter the growth of the market. Rise in growth of effective purification protocols are expected to hamper the growth of the market during the forecast period.
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The information presented in this review is based on TMR report, titled "HCS Software and Services Market (Product – HCS Services and HCS Software; Industry – Bio, Educational Institutions, Government Organizations, Independent Contract Research Organizations, and Pharmaceutical and Healthcare; Application – Compound Profiling, Primary and Secondary Screening, Target Identification and Validation, and Toxicity Studies) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2022".
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