Press release
The Growth Factors Market to look through AI-based genomics at a CAGR of 7.2%
The global growth factors market is expected to grow at a significant rate during the forecast period, owing to the increasing demand for growth factors in various applications, such as tissue engineering, drug development, and cell-based therapies. The market is also driven by the increasing demand for growth factors in the cosmetics industry, the growing research and development activities related to growth factors, and the increasing adoption of advanced technologies for the production of growth factors.
As per Persistence Market Research's latest revised industry analysis, the global growth factors market was valued at over US$ 1.7 Bn in 2020, and is expected to exhibit a CAGR of close to 7% over the forecast period (2021-2031).
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In terms of application, the growth factors market can be segmented into tissue engineering, drug development, cell-based therapies, and cosmetics. The tissue engineering segment is expected to hold a significant share of the market during the forecast period, owing to the increasing demand for growth factors in tissue engineering applications. The drug development segment is also expected to witness significant growth during the forecast period, owing to the increasing demand for growth factors in drug development. The cell-based therapies segment is expected to witness moderate growth during the forecast period, owing to the increasing adoption of cell-based therapies and the growing research and development activities related to growth factors. The cosmetics segment is expected to witness significant growth during the forecast period, owing to the increasing demand for growth factors in the cosmetics industry.
According to the World Health Organization (WHO), cancer caused around 9.9 million deaths worldwide in 2020. In addition, around 19.2 million people across the world were suffering from cancer. Also, increasing occurrence of autoimmune disorders is anticipated to drive demand for growth factors.
Rising prevalence of autoimmune diseases and cancer and the benefits of cytokine and growth factors therapy in the treatment of these diseases are expected to complement market growth over the coming years.
Growing research in the field of wound healing and skin regeneration is also expected to favor expansion of the global growth factors market. However, high cost associated with GMP grade growth factors is estimated to hamper market growth.
Acquisitions, collaborations, and partnership agreements are rife in this landscape:
PPD, Inc., a leading clinical research organization, was acquired by Thermo Fisher Scientific in April 2021, expanding the company's service offerings to pharma and biotech customers.
Merck and BioMed X Institute extended their collaboration to continue novel oncology and autoimmunity research in 2021.
In 2021, Lonza and ValenzaBio entered into a manufacturing agreement to rapidly advance VB421, an anti-IGF-1R antibody for autoimmune diseases.
Company Profiles:
Thermo Fisher Scientific
Lonza Group AG
Merck KGaA
General Electronics Company
F. Hoffmann-La Roche Ltd
Applied Biological Materials (abm), Inc.
Abcam plc.
Cell Signaling Technology, Inc.
Meridian Bioscience Inc.
Sartorius CellGenix GmbH
Bio-Techne.
Proteintech Group, Inc.
Miltenyi Biotec
Creative Bioarray
Akron Biotech
Sino Biological Inc.
Repligen corporation
LEADGENE BIOMEDICAL, INC.
PeproTech Inc.
Others
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Key Takeaways from Market Study
By grade, NON-GMP grade products hold around 70% market value share, globally, primarily due to increasing focus on oncology research and growing contract research activities.
Based on product, interleukins are leading with over 21% market share. Strong product pipelines by various key players are positively driving demand for interleukins among growth factor products.
Cell therapy and ex vivo manufacturing are estimated to dominate the market by application. This segment accounted for approximately 29% share of the market, primarily due to increase in acceptance of growth factors in cancer and autoimmune therapies
Pharmaceutical and biotechnology companies dominate with a market share of 48%. Growing number of R&D activities and increasing preference toward growth factors for gene therapy have had a positive impact on the market.
North America is set to dominate the global market with a value share of around 41%. Europe is slated to be the second-largest region with a value share of 30%.
"Rising prevalence of cancer, preference toward use of regenerative medicines, and new product launches & approvals are expected to drive market growth over the coming years," says an analyst of Persistence Market Research.
Demand-side Drivers:
Increasing focus on oncology research
Growing demand for growth factors and cytokines in stem cell biology
Increasing demand for growth factors in regenerative medicine
Market Opportunities:
Shift toward fast growing Asia Pacific market
Limited number of companies with sole focus on GMP grade products
Market Competition
New product approvals, launches, collaborations, agreements, and partnerships have emerged as the main growth strategy implemented by leading players. By focusing on these strategies, key market players are strengthening their existing product portfolios to expand their geographic footprints.
In 2020, the humankind human cell-expressed growth factor of Proteintech Group, Inc received an ISO 13485 Certificate.
In 2020, Akron Biotech signed an agreement to acquire Cytiva. This acquisition helps enhance its cGMP-compliant solutions and support the development of advanced therapy.
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What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the growth factors market in its latest study, presenting a historical demand assessment of 2016 - 2020 and projections for 2021 - 2031.
The research study is based on the product (transforming growth factors (TGF), epidermal growth factors (EGFs), platelet-derived growth factors (PDGFs), fibroblast growth factors (FGFs), insulin-like growth factors (IGFs), vascular endothelial growth factors (VEGFs), hepatocyte growth factors (HGFs), tumour necrosis factors (TNFs), interleukins, and others), grade (GMP grade and NON-GMP grade), application (oncology research, haematology research, wound healing research, dermatology research, cardiovascular disease & diabetes, cell therapy and ex vivo manufacturing, and others), and end user (pharmaceutical and biotechnology companies, research centres & academic institutes, and CMOs & CDMOs), across seven key regions of the world.
Know More:
https://www.medgadget.com/2022/05/growth-factors-market-report-projects-revenue-to-surpass-us-3-6-bn-by-2031-endthermo-fisher-scientific-lonza-group-ag-and-more.html
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About Us:
Persistence Market Research's Expertise in Life Sciences and Transformational Health
Our expert team of industry analysts comprising management graduates, medical professionals, engineers, and project managers provides insights on emerging therapy areas, diagnostic tools, medical devices and components, reimbursement and market access, biotechnology, and life science research products and services to equip decision-makers with sound inputs and strategic recommendations. Click here to learn more about how we zero in on the critical aspects of this industry.
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