The Cell Culture Media Market is predicted to grow from US$ 2.6 Bn in 2020 to over US$ 5.6 Bn by 2031.
NEW YORK, NEW YORK, UNITED STATES, May 10, 2022 /EINPresswire.com/ -- The Cell Culture Media Market is slated to grow on a decent note, i.e. witness a CAGR of 7.1% from 2021-2031, reaching US$ 5.6 Bn by the year 2031. Workflows are getting streamlined due to increased connectivity and quicker internet. This is an era of medical IoT, which goes on to implement wearable devices and several other integrated applications for catering to healthcare needs. This would continue shortly as well.
According to a recent study by Persistence Market Research, the global cell culture media market is anticipated to witness high growth over the coming years. The market is predicted to grow from US$ 2.6 Bn in 2020 to over US$ 5.6 Bn by 2031. This reveals a CAGR of around 7.1% for the forecast period (2021-2031).
Demand for cell culture media is increasing with rising production of biopharmaceuticals. Biopharmaceutical drugs are structurally similar to human compounds. This similarity in structure gives biopharmaceuticals the ability to cure diseases rather than only treat the symptoms. Also, biopharmaceuticals have fewer side effects because of their specificity, unlike conventional drugs that affect multiple systems. Biopharma is helping doctors in treating various diseases such as diabetes and cancer, because it allows clinicians to give specialized treatment to the specific medical problems of each patient.
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With increasing demand for regenerative medicines, sale of cell culture media also increases. It is because regenerative medicine is that branch of medicine that develops methods to regrow, heal or replace injured or unhealthy cells, organs, and tissues.
Thermo Fisher Scientific Inc.
STEMCELL Technologies Inc
MP Biomedicals, LLC
Becton, Dickinson and Company
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Key Takeaways from Market Study
By product, serum-free media holds a high share of 51.4% in 2021. Serum-free media is mainly used due to minimum risk of contamination.
By application, cancer research of cell culture media accounts for 43.7% market share.
By end user, biopharmaceutical companies account for 83.3% market share, indicating rising demand for stem cells and tissue engineering.
By region, North America holds the largest share of 32.6% of the global cell culture media market.
“Increasing production of antibodies for treatment of diseases and rising prevalence of cancer are expected to drive demand of cell culture media over the decade,” says a Persistence Market Research analyst.
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Who is Winning?
Some of the chief manufacturers of cell culture media are focusing on product launches, collaborations, and acquisitions for global expansion objectives, thereby enhancing their market presence.
In March 2021, PromoCell launched the improved 3rd generation melanocyte cell culture portfolio.
In May 2018, MP Biomedicals announced that it gained approval from the General Administration of Quality Supervision, Inspection and Quarantine of the People’s Republic of China (AQSIQ), to export bovine blood products to China.
In 2019, PAN Biotech announced its plan of expansion for export of fetal bovine serum globally.
Key market players covered in this research include GE Healthcare, Thermo Fisher Scientific, Merck KGaA, Lonza, Corning Incorporated, Irvine Scientific, STEMCELL Technologies Inc., and PAN Biotech.
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Persistence Market Research brings the comprehensive research report on forecasted revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2031. The global cell culture media Market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader.
The study provides compelling insights into the cell culture media market. The market is segmented into five parts based on product (serum containing media, serum-free media, protein free media, and chemically defined media) based on application (cancer research, biopharmaceuticals, regenerative medicine & tissue engineering, stem cell technologies, and others) based on the end user (biopharmaceutical companies, clinical research organizations, and academic research centers), and across seven major regions.
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