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Cell Culture Market Size, Share, Trends and Revenue | Thermo Fisher Scientific, Inc. (US), Merck KGaA (Germany), Danaher Corporation (US), Sartorius AG (Germany)

03-04-2024 05:13 PM CET | Health & Medicine

Press release from: MarketsandMarkets

Cell Culture Media Market worth $13.0 billion by 2028

Cell Culture Media Market worth $13.0 billion by 2028

Cell Culture Media Market in terms of revenue was estimated to be worth $6.2 Billion in 2023 and is poised to reach $13.0 Billion by 2028, growing at a CAGR of 16.0% from 2023 to 2028 according to a new report by MarketsandMarkets™. The growth of the market is majorly attributable to increased demand for biosimilars and mAbs globally, rising investment & funding for stem cell research, focus of key market players on launch of novel products in the market.

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In 2022, the serum-free media segment accounted for the largest share of the type segment in the cell culture media market.

On the basis of type, the cell culture media market is divided into serum-free media, classical media & salts, stem cell culture media, specialty media, chemically defined media, and other cell culture media. In 2022, the serum-free media segment holds for the bigest share of the market. Factors responsible for the growth of this segment includes various advantages or benefits of serum-free media over other types of cell culture media.

In 2022, the biopharmaceutical production segment accounted for the largest share of the application segment in the cell culture media market.

On the basis of application, the cell culture media market is categorized into biopharmaceutical production, diagnostics, drug discovery & development, tissue engineering & regenerative medicine, and other applications. The biopharmaceutical production segment is estimated to grow at the highest growth rate during the forecast period. Factors responsible for the growth include, the growing production of cell culture-based vaccines, and expansion of pharmaceutical industry. The biopharmaceutical production applications of cell culture media include the manufacturing of biologic-based products such as vaccines, monoclonal antibodies, and other therapeutic proteins (such as anticoagulants, enzymes, blood factors, hormones, interferons, growth factors, interleukins, engineered proteins, and thrombolytics, among others).

In 2022, the Asia Pacific region is the fastest-growing region of the cell culture media market.

On the basis of the region, the global cell culture media market has been segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. During the forecast period, the Asia Pacific market is estimated to register the highest CAGR during the forecast period. Increased focus of key market players on geographical expansion in emerging markets, favorable government policies and support for cell-based vaccines in the region and less manufacturing cost are some of the major factors anticipated to have positive impact on the market growth of Asia Pacific region.

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Cell Culture Media Market Dynamics:

Drivers:

Increasing demand for serum and animal component-free media

Restraints:

Expensive cell biology research products

Opportunities:

Increasing incidence of infectious diseases and outbreaks of pandemics

Challenges:

Survival of small players and new entrants

Key Market Players:

Key players in the cell culture media market include Thermo Fisher Scientific, Inc. (US), Merck KGaA (Germany), Danaher Corporation (US), Sartorius AG (Germany), Corning Incorporated (US), FUJIFILM Irvine Scientific, Inc. (Japan), Lonza Group AG (Switzerland), Becton, Dickinson and Company (US), Miltenyi Biotec (Germany), and among others.

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About MarketsandMarkets™:

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

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