The global cell culture media market was valued at US$3.7 bn in 2014 and is estimated to reach US$7.1 bn by 2023 at a CAGR of 7.6% from 2015 to 2023.
Albany, NY -- (SBWIRE) -- 08/18/2016 -- The top three players leading the global cell culture market are Thermo Fisher Scientific, BD Biosciences, and EMD Millipore and their cumulative share in the market amounted to 52% in 2014, states Transparency Market Research in its new research report. The groundbreaking work towards developing vital biomolecules and therapeutics using cell culture techniques has put these companies on the much-deserving pedestal. In the coming years, companies will focus on manufacturing and research activities that will be driven by growing investments in a specific type of biomanufacturing process.
"High degree of product differentiation will play a key role in determining the winning strategies of the companies in the global market," says the lead author of this research report. Currently, companies are engaged in the development of 3D cell culture technology that delivers even more accurate results than 2D cell culture. New product launches, collaborations, and the expansion of product portfolios will be the key focus areas for players to expand their businesses in the near future.
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Customization of Treatments Drives Global Market
The blurring lines between pharmaceutical and biotechnology companies have given birth to biotech companies that focus on stem cell research to design specialized treatments by personalizing medicine. The angle of specificity in treating ailments that are no longer responsive to conventional treatments has been the biggest driving factor for the global cell culture market. Additionally, the market has its hopes pinned on the growing trend of contract manufacturing, which is proving to be economically beneficial to several companies.
The lack of competition from generic drugs, known as biosimilars, is also fostering the growth of the global market as it is nearly impossible for generic drug manufacturers to recreate unique processing of living organisms in controlled environmental conditions. The growing demand for artificial organs that are biologically engineered and used in replacement surgeries to restore the impaired parts is also spurring the growth of cell culture market.
Difficulty in Adhering to Parameters Hampers Market
The precision-driven cell culture processes are a major hindrance to the global cell culture market. Getting all the parameters such as temperature, nutrients, humidity, and aeration is exceptionally tough. Thus, the difficulty in adhering to these clauses is hampering the expansion potential of this market. Additionally, the development of alternative technologies instead of in vitro cell and tissue culture for biomanufacturing processes is likely to restrain the market size in the near future.
North America to Lead the Market during Forecast Period
According to the research report, the opportunity in the global cell culture market was worth US$6 bn in 2013 and is expected to reach a valuation of US$11.3 bn in 2022, expanding at a CAGR of 7.1% between 2014 and 2022. The cell culture media segment is anticipated to be the fastest-growing segment of the global market at a CAGR of 8.8% between 2014 and 2022. Regionally, North America led the overall market and is expected to contribute a revenue worth US$3.7 bn by 2022. Analysts predict that Asia Pacific is will be the emerging regional segment during the forecast period.
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