Albany, NY -- (SBWIRE) -- 09/14/2017 -- The global culture media market stood at US$5,296.8 mn in 2016 and is projected to be worth US$10,138.6 mn by the end of 2025 expanding at a CAGR of 7.7% between 2017 and 2025.
High investments for innovative products is a key growth strategy that companies in the culture media market are focused on. A case in point is Thermo Fisher Scientific. The company invested a hefty sum of US$396 mn in 2013 to strengthen its research and development program.
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Transparency Market Research's (TMR) new report on the global culture media market says the degree of competition in this market is high as companies are engaged in consistent breakthroughs and new discoveries for culture media. Nevertheless, the culture media market exhibits a fairly consolidated vendor landscape with top five companies holding close to 60% of the market in 2016.
North America Accounts for Significant Share in Global Market
In terms of media type, the culture media market is segmented into dehydrated culture media, chromogenic culture media, and prepared culture media. The segment of dehydrated culture media dominated the market in 2016 and is anticipated to retain its position until the end of 2025. Prepared culture media stood as the second-leading media type segment of the market in the same year. These segments offer benefits of faster because of which they are extensively used in diagnostic laboratories and research institutes.
In terms of end-user, hospitals dominated holding 43.5% of the culture media market in 2016. This was followed by the segment of academic and research institutes and is expected to maintain its second-leading position over the forecast period between 2017 and 2025. On the other hand, the diagnostic centers segment is expected to display a declined market share between 2016 and 2025.
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In terms of geography, the global culture media market is divided into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. North America, among these accounts for the leading contribution to the global culture media market. Between 2016 and 2025, the share of this region is expected to increase from 39.3% to 43%. Advances in medical technology with a corresponding increase in application of culture media are key factors for the dominance of North America in the global market. The U.S. accounts for the major share of North America culture media market.
Europe is the second-leading regional segment in the culture media market. The significant position of this region is mainly due to substantial investments from top players for research and development pursuits for disease diagnosis.
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Mounting Research and Development for Customized Line of Treatment for Diseases Boosts Demand
Increasing demand for antibiotics is the primary factor propelling the culture media market. The increasing resistance of bacteria to antibiotics is necessitating the development of new antibiotics for treating disease indication. Research and development initiatives for newer pharmaceutical products for application in disease diagnosis is further benefitting the growth of this market.
On the downside, high cost associated for the preparation of various types of culture media and stringent process controls are challenging the market's growth.
"Leading companies in the culture media market are focused on mergers and acquisitions and strategic alliances with businesses with complementary strengths," says a lead analyst at TMR. An excellent example is Thermo Fisher Scientific. In February 2014, the company acquired Life Technologies Corporation to strengthen its biosciences and bioprocessing businesses, thereby accelerating its drug discovery, development, and production capabilities.
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