Cell Culture Media, Sera, and Reagents Market is Anticipated to Clock a CAGR of 7.1% Between 2015 - 2023
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According to Transparency Market Research, the global cell culture media, sera, and reagents market is expected to register a steady CAGR of 7.1% during the forecast period from 2014 to 2022. The market value by the end of 2022 is valued to reach around worth US$11.3 bn. In year 2013, the market value was around US$6.0 bn.
In terms of application, the global cell culture media, sera, and reagents market is dominated by bio-pharmaceuticals segment. The segment held the highest share in terms of revenue. Owing to increasing demand for non-traditional drugs, the segment is foreseen to experience a substantial growth in demand within the forecast period. On the basis of geography, North America region is anticipated to lead the global cell culture media, sera, and reagents market. The region is prognosticated to be valued around worth US$3.7 bn by 2022. Whereas, in 1024, the region was valued around worth US$2.2 bn. The region is growing due to rise in number of people suffering from tumor and other chronic diseases related to metabolism.
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Lack of Competition from Generic Drug Makers to Propel Market Demand
One of the major growth factors propelling the world cell culture media, sera, and reagents market is the way of treating illness that have become irresponsive of conventional methods of treatment. The thinning difference between pharmaceutical and biotechnology firms are expected to promote the emergence of biotech companies. These firms develop specialized way of treatment through personalized medications by focusing on stem cell research.
Moreover, owing to low competition from generic or bio-similar drugs, the market growth in the world cell culture media, sera, and reagents market is foreseen to improve. This is expected to be due to the incapability of bio-similar drug manufacturers to recreate unique processing of microorganisms in a controlled environmental scenario.
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High Precision Could be A Restraining Factor for Market Growth
However, the global cell culture media, sera, and reagents market are likely to face a few drawbacks in its demand, for example, precision-driven cell culture processes. In addition, keeping a check on each parameters comprising of humidity, temperature, aeration, and nutrients appears comparatively difficult.
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Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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