High Throughput Screening (HTS) Market Poised for Significant Growth, Technavio Reports
The global high throughput screening (HTS) market is projected to experience substantial growth, with a predicted increase of USD 19.9 billion from 2024-2028, according to the latest report from Technavio. This growth is attributed to a rise in research and development investments, driving the market at a CAGR of almost 12.12% during the forecast period.
The market is segmented based on applications, end-users, and geography. Target identification and validation are key drivers for the HTS market, especially in drug development for chronic diseases like cardiovascular diseases, cancer, and respiratory diseases. Factors such as an increasing pipeline for biological candidates and regulatory demands for analytical details are propelling market growth.
Pharmaceutical and biotechnology companies, academic and research institutes, and CROs are the primary end-users of HTS technologies. North America leads in market contribution at 40%, with key countries including the US, Japan, China, Germany, and France.
Thermo Fisher Scientific and Bio-Rad Laboratories are at the forefront of the HTS market, offering explanatory materials and workshops to increase awareness about the technology. The market is driven by the need for efficient drug discovery processes, with a focus on screening compounds in large quantities using automation and robotics.
Despite the market’s growth potential, challenges such as a shortage of skilled professionals in developing countries, inadequate healthcare infrastructure, and the need for advanced data management systems persist. However, the HTS market continues to evolve, leveraging advanced technologies like machine learning and artificial intelligence algorithms to enhance screening processes.
In conclusion, the High Throughput Screening (HTS) market is on a trajectory of significant growth, driven by the demand for efficient drug discovery and development processes. As the market evolves to address existing challenges, the adoption of advanced technologies and techniques will play a crucial role in shaping its future landscape.