Growth Outlook: Culture Media Market Expected to Garner a Revenue of $5,398.6 million by 2027, at a CAGR of 7.7% during the Forecast Period

According to a new study conducted by Research Dive, the global culture media market forecast will surpass $ 5,398.6 million by 2027, at a CAGR of 7.7%, increasing from $2,975.6 million in 2019.

COVID-19 impact on the Global Culture Media Market:

The COVID 19 pandemic has had an unprecedented impact on the global culture media market. To curb the spread of the novel coronavirus, governments of most countries have implemented stringent regulations and guidelines for movement of people and essential goods. Owing to the stringent regulations and guidelines, pharmaceutical companies have faced a problem of staff management.

This affected the normal functioning of biopharmaceutical industries, thereby affecting global logistics and supply chain. The disruption in supply chain and logistics led to increase in shortage of raw material owing to which prices of essential raw materials have skyrocketed.

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Culture media is a solid, liquid, or semi-solid medium designed to support growth of microorganisms or cells, thereby playing a vital role in vaccine production. The unprecedented situation of the pandemic has fostered the development of vaccines and biologics for the treatment of the novel coronavirus. The growing demand for vaccine and novel treatment options will spur the demand for culture media during the COVID 19 Pandemic.

Culture Media Market Drivers: The market for culture media is driven by growing R&D spending for development of medicines and therapies to treat chronic illnesses. The unprecedented COVID 19 pandemic has fostered the need for novel vaccines and biologics. Growing demand for vaccines and biologics will have a positive impact on the growth of culture media market over the foreseeable period. Moreover, biopharmaceutical companies focusing on development of next-generation biologics such as antibody-drug conjugates, fusion proteins, biospecific, and cell and gene therapy will be more effective compared to existing biologics. These next-generation molecules are projected to have better efficacy against the target disease as well as better ability to treat more than one aspect of the disease.

Major players in the pharmaceutical industry are also focusing on the development of antibody-drug conjugates to manufacture medicines for cancer treatment. Antibody-drug conjugates (ADCs) are being used to treat diseases such as inflammatory, oncology, and respiratory diseases. ADCs are also being used in cancer treatment by attaching them to cancer-killing drugs that kill cancerous cells, leaving healthy tissues unaffected.

Dehydrated culture media dominated the global culture media market in 2019 and is expected to grow at a CAGR of 7.3% from 2020 to 2027 to reach $2,454.7 by 2027. This media type is easy to prepare and store, as well as has longer shelf life, owing to which it is widely used in clinical and industrial microbiology. In coming years, patent of most biologics will expire, owing to which concentration of generic version of biologics will increases in the market, thereby fueling the demand for dehydrated culture in coming years.

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Cancer research sub-segment held the largest market share of 27.6% in 2019. The market for culture media in cancer research is driven by increasing R&D activities for development of novel therapies for treatment of cancer. However, stem cell technologies segment is expected to grow at fastest CAGR of 8.7% from 2020 to 2027. Growing awareness related to the importance of preserving embryo stem cell is the major factor driving the demand for culture media market over the forecast period.

In terms of end user, biotech & pharmaceutical industry segment was valued at $1,505.9 million in 2019, growing at a CAGR of 7.8% over the forecast period, thereby reaching $2,752.3 million by 2027. The academic institute & research lab segment is expected to witness growth during the forecast period. Increasing number of pharmaceutical institutes coupled with the rising number of contract research organizations in Asia Pacific is the major factor driving the segment growth in the foreseeable future.

North America dominated the global culture media market in 2019. High concentration of biopharmaceutical R&D facilities in the U.S., is the major factor driving the demand for the culture media in the region. Asia Pacific is expected to grow at highest CAGR of 8.4% over the forecast period. The market is mainly driven by growing number of contact research and manufacturing organization especially in India and China.

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The global culture media is characterized by partnership, acquisition and capacity expansion strategies. For instance, Merck, a leading science and technology company, invested Euro 2.7 million to expand its Irvine biopharmaceutical production facility. The site is Merck’s only locations where both liquid and powder cell culture media are manufactured.

Top 10 Key players operating in the global culture media market include:

1. BioMÉerieux SA
2. BD
3. Thermo Fisher Scientific Inc.
4. HiMedia Laboratories Private Limited
5. Fujifilm Holdings Corporation
6. Merck & Co.
7. Corning Incorporated
8. Lonza
9. CellGenix GmbH
10. Sartorius AG

Porter’s Five Forces Analysis for Culture Media Market:

• Bargaining Power of Suppliers: The global market is characterized by the presence of few established players such as include BioMÉerieux SA, BD, Thermo Fisher Scientific Inc., HiMedia Laboratories Private Limited. Most player have wide range of product offerings. However owing to the low product differentiation Bargaining Power of Supplier is LOW

• Bargaining Power of Consumer: Owing to the growing demand for novel vaccines and medicine to treat chronic number of contract research and manufacturing organization are steadily increasing. Owing to the high concentration of buyer the bargaining power of buyer is HIGH.

• Threat of New Participants: The global market is characterized by stringent regulation and high competition. Furthermore, global market is capital intensive owing to the increasing adoption of automation in the process. owing to which Threat of New participants is Moderate

• Threat of Substitutes: The global market is characterized by presence of subsequent number of products. Furthermore, most biopharmaceutical manufacturer have unique requirement owing to which Threat of Substitute is Low.

• Competition Among Rivals: The market is characterized by larger players such as BioMÉerieux SA, BD, Thermo Fisher Scientific Inc., Fujifilm Holdings Corporation, Merck & Co., Corning Incorporated, Lonza. Low product differentiation along low switching cost has resulted in High industry Rivalry.

Mr. Abhishek Paliwal
Research Dive
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Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.

This release was published on openPR.