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Serum-Free Media Market Innovations and Insights 2024
Serum-Free Media Market Innovations
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According to The Business Research Company's, The serum free media market size has grown rapidly in recent years. It will grow from $1.45 billion in 2023 to $1.63 billion in 2024 at a compound annual growth rate (CAGR) of 12.3%. The growth in the historic period can be attributed to cell culture advancements, regulatory restrictions, demand for biopharmaceuticals, reduction in contamination risk.
The serum free media market size is expected to see rapid growth in the next few years. It will grow to $2.49 billion in 2028 at a compound annual growth rate (CAGR) of 11.1%. The growth in the forecast period can be attributed to bioprocessing expansion, cell therapy advancements, regulatory support, stem cell research, demand for vaccine production. Major trends in the forecast period include technological innovations, animal component-free solutions, customized media formulations, microcarrier culture systems, continuous bioprocessing.
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Market Drivers and Trends:
The increasing prevalence of chronic diseases is expected to propel the growth of the serum-free media market going forward. Chronic diseases last for a year or longer and necessitate continuing medical care, restricting everyday activities, or both. Serum-free media allows researchers to optimize the media for the specific cell type used and to ensure that the cells grow under optimal conditions. Further, Researchers use serum-free media to produce cell types or perform specific applications without serum, which helps develop new therapies and treatments for chronic diseases. For instance, in January 2023, according to the National Center for Biotechnology Information (NCBI), a US-based National Library of Medicine, it was projected that by the year 2050, the number of individuals aged 50 years and older who have at least one chronic illness will surge by 99.5%, rising from 71.522 million in 2020 to 142.66 million. Therefore, the increasing prevalence of chronic diseases is driving the growth of the serum-free media market.
Product innovation has emerged as a key trend gaining popularity in the serum-free media market. Major companies operating in the serum-free media market are concentrating on creating innovative products to strengthen their position in the market. For instance, in March 2021, Thermo Fisher Scientific Inc., a US-based medical equipment provider, launched Gibco CTS OpTmizer Pro Serum-Free Media (SFM). It is a first-of-its-kind media solution targeting the metabolism of healthy donor cells, making it the ideal choice for developing allogeneic, over-the-counter cell treatments. Using allogeneic processes, Gibco CTS OpTmizer Pro generates and multiplies human T lymphocytes (T-cells) for cell therapy developers.
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Major Key Players of the Market:
Thermo Fisher Scientific Inc., Danaher Corp., Merck KgaA, FUJIFILM Irvine Scientific Inc., GE HealthCare Technologies Inc., Corning Inc., Lonza Group AG, Illumina Inc., Cytiva, Sigma-Aldrich, Bio-Techne Corporation, Serumwerk Bernburg AG, STEMCELL Technologies Inc., MP Bio medicals LLC, Gemcell Electrical Group., InVitria Inc., Takara Bio Inc., HiMedia Laboratories Pvt. Ltd., PAA Laboratories GmbH, PromoCell GmbH, Cellgenix Gmbh, Biochrom AG, Biological Industries, Pan Biotech GmbH, Biowest SAS, Bovogen Biologicals Pty Ltd, Athena Environmental Sciences Inc., Cell Culture Technologies LLC., BioSpherix Ltd., ZenBio Inc.
Serum Free Media Market 2024 Key Insights:
• The serum free media market size is expected to see rapid growth in the next few years. It will grow to $2.49 billion in 2028 at a compound annual growth rate (CAGR) of 11.1%.
• Serum-Free Media'S Vital Role In Chronic Disease Research
• Product Evolution Steers The Serum-Free Media Market
• North America was the largest region in the serum-free media market in 2023
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