Live Cell Imaging Market to be Worth USD 2.9 Billion by 2023

The live cell imaging market is expected to reach USD 2.9 billion by 2023 from an estimated USD 1.9 billion in 2018, at a CAGR of 8.9 percent during 2018–2023. The growing adoption of high-content screening techniques in drug discovery, rising incidence of cancer, and the growth in funding for research are the major factors driving the growth of the global live cell imaging market. However, factors such as the high cost of high-content screening systems and the shortage of skilled professionals are expected to restrain the growth of this market.

The instruments segment accounted for the largest share of the market in 2018

On the basis of product and service, the global live cell imaging market is segmented into instruments, consumables, software, and services. In 2018, the instruments segment accounted for the largest share of the live cell imaging market. Factors such as the launch of new and advanced instruments, increasing incidence of diseases, and rising government initiatives and awareness programs for promoting cell-based research are the major factors driving the demand for live cell imaging instruments.

The academic & research institutes segment is expected to grow at the highest CAGR

On the basis of end user, the live cell imaging market is segmented into pharmaceutical & biotechnology companies, academic & research institutes, and contract research organizations (CROs). The academic & research institutes segment is expected to grow at a higher CAGR. The high growth in this segment can be attributed to the increasing focusing of academic and research institutes on strengthening their own drug discovery research programs coupled with rising government funding to support research and advancing scientific goals.

North America dominated the live cell imaging market in 2018

North America is expected to dominate the live cell imaging market in 2018. The large share of the North America live cell imaging market can primarily be attributed to the availability of government funding for life science research, drug development regulations, advances in live cell imaging techniques, growth in the biotechnology and pharmaceutical industries, and the rising incidence of cancer.

The key players in the live cell imaging market are Danaher Corporation (US), Carl Zeiss AG (Germany), Nikon Corporation (Japan), Olympus Corporation (Japan), PerkinElmer, Inc. (US), GE Healthcare (US), Bruker Corporation (US), Thermo Fisher Scientific Inc. (US), Sartorius AG (Germany), BioTek Instruments (US), Etaluma, Inc. (US), CytoSMART Technologies (Netherlands), and NanoEnTek Inc. (Korea). – MarketsandMarkets