Press release
Medical Foods Market Trend, CAGR Status, Growth, Analysis and Witness a Sustainable Growth
Precision medicine is actually a product of the digital transformation that the healthcare vertical is going through. As such, genetic testing is readily available with wearable technology to offer. This kind of data does help the providers for creating personalized treatment plans. Things like immunotherapy for cancer, drugs for cystic fibrosis patients with specific gene mutations also come through precision medicine. This would be the trend with Cell Culture Media Market going forward.
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).
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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.
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.
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.
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.
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Key Segments Covered in Cell Culture Media Industry Survey
Product
• Serum-Containing Media
• Serum-Free Media
• Protein-Free Media
• Chemically-Defined Media
Application
• Cell Culture Media for Cancer Research
• Cell Culture Media for Biopharmaceuticals
• Cell Culture Media for Regenerative Medicine & Tissue Engineering
• Cell Culture Media for Stem Cell Technologies
• Others
End User
• Biopharmaceutical Companies
• Clinical Research Organizations
• Academic Research Centers
• Middle-East & Africa
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