The size of the High Throughput Screening Market in the Asia Pacific is anticipated to grow at 9.32% CAGR from 2022 to 2027, and it is estimated that the Asia Pacific market was valued at USD 2.83 billion in 2022 and is expected to reach USD 4.42 billion by 2027.
The significant factors which are fueling the growth of the Asia Pacific high throughput screening market are low raw material and labor costs, availability of government funding, advancements in liquid automation handling technology. Furthermore, the advancements in the high number of assay kits and reagents used in high throughput screening techniques, rise in several potential drug targets, rise in outsourced drug discovery services, intensifying competition between pharmacy companies leading to high investments in high throughput screening market. Increasing demand and a growing number in applications of high throughput screening devices in the pharmacy industry is also adding support to market growth.
Emerging economies of Asia Pacific countries like China and India and others are providing an enormous number of growth opportunities of the market due to significant push for research by governments of these countries in the life sciences industry, rise in the number of patients and elderly population, advancements in the clinical and pharmaceutical industry.
The challenges that are restricting the growth of the Asia Pacific high throughput screening market are costs, the requirement of extensive automation techniques, capital intensive nature, imposing regulatory, and accurate implantation of fluid handling in the pharmacy industry, which increases costs. High Maintenance costs, other indirect expenses, high requirement for instruments in biotechnological and pharmacy companies leading to a notable rise in capital costs of these companies are likely to hinder the high throughput screening market during the forecast period.
Asia Pacific is expected to register the highest CAGR during the forecast period. It can be attributed to the growing R&D spending, the rising trend of outsourcing drug discovery services, growing public-private partnerships, and increasing government funding.
The Top companies leading in the APAC High Throughput Screening Market profiled in the report are Agilent Technologies Inc., Danaher Corporation, Thermo Fisher Scientific Inc., PerkinElmer Inc., Tecan Group Ltd., Millipore, Bio-Rad Laboratories, Hamilton Company, Axxam S.p.A., and Aurora Biomed.
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