Pune, India, August, 2018 /press release/- Market Research Future Published a Half-Cooked Research Report on Global Cell Culture Media Market Research Report.
The developments in biotechnology have catapulted the adoption of cell culture media in the healthcare sector, and the trend is likely to continue over the next couple of years. Market Research Future (MRFR) has revealed in its latest report that the global cell culture media market will expand saliently at a robust CAGR of 9.1% during the forecast period 2017 to 2023. The valuation of the market is projected to reach USD 1290.1 Mn by the end of 2023.
The increased product offerings of natural and chemical media for the growth of cells have increased the demand for cell culture media across different treatments in the healthcare sector. Furthermore, the technological advancements in the market coupled with high returns on investments have fuelled the market proliferation, and the trend will continue over the review period.
The factors that will be responsible for holding the growth of the global cell culture media market across the assessment period include presence of heavy trace elements, high cost of final products, contamination of cell culture media, lack of scientific understanding of natural media, issues of reproducibility, scarcity of serum and animal components, ethical issues regarding use of animal components, and, quality and specificity, especially, of natural media among others.
By type, the global cell culture media market is segmented into lysogeny broth, chemically defined media, protein free media, serum free media, classical media, custom media, and others. The lysogeny broth segment will hold the maximum market share of 22.5% growing at 9.5% CAGR during the forecast period. The market value of the segment is poised to reach USD 298.6 Mn by the end of 2023.
By applications, the cell culture media market has been segmented into drug discovery and drug development, toxicity testing, cancer research, genetic engineering, tissue engineering & biochemistry, stem cell research, and others. The drug discovery and drug development segment held 23.8% market share in 2016, and the valuation of the segment is expected to reach USD 315.3 Mn by 2023 growing at 9.5% CAGR.
By end-users, the global cell culture media market is segmented into biotechnology & pharmaceutical companies, research laboratories, academic institutes, pathology labs, and others. The biotechnology & pharmaceutical companies segment is expected to capture the most significant market share accounting for 29.3% of the market size growing at 9.4% CAGR. The market value of the segment is likely to reach USD 386.5 Mn by the end of the projection period.
By region, the global cell culture media market has been segmented into North Americas, Europe, Asia Pacific, and the Middle East & Africa. North America accounted for the largest market share of 36.1% in 2016, and it is likely to continue exercising its dominance over the assessment period. The market will thrive at 9.5% CAGR reaching a valuation of USD 478.7 Mn by 2023.
The growth in Europe is attributable to the rising healthcare expenditure coupled with developed healthcare sector in the region. It will hold the second spot in the global cell culture media market growing at 9.3% CAGR. The valuation of Europe market is likely to reach USD 374.3 Mn by the end of 2023.
Asia Pacific will register the steepest market growth at 9.6% CAGR during the forecast period. The favorable government policies, the booming healthcare sector and developing medical tourism will complement the growth of the market in the region.
The key players profiled by MRFR in its report are Corning Incorporated, Thermo Fisher, Lonza, GE Healthcare, BD, HiMedia Laboratories, and Merck KGaA among others. The players strategize acquisitions & mergers, product developments, research & development, clinical trials, etc. for staying ahead of the curve.
In July 2018, Irvine Scientific, an industry leader in cell culture media, has launched PRIME-XV® NK Cell CDM. It is the first commercially available chemically-defined (CDM), animal component-free (ACF) medium for the ex vivo expansion of Natural Killer (NK) cells.