Dublin, May 31, 2024 (GLOBE NEWSWIRE) -- The "Global Fetal Bovine Serum Market Analysis & Forecast to 2024-2034" report has been added to ResearchAndMarkets.com's offering.
The global fetal bovine serum market accounted for USD 1.79 billion in 2023 and is expected to reach at USD 7.68 billion by 2034 with a CAGR of 14.16% during the forecast period 2024-2034.
The expanding biopharmaceutical sector, heightened research & development efforts, increased investments by major players, growing utilization of fetal bovine serum for drug discovery & vaccine manufacture, increased need for vaccine development, growing prevalence of both acute & chronic diseases, and increase in the launch of fetal bovine serum products are some of the key factors boosting the market growth.
The increase in the launch of fetal bovine serum products is predicted to boost the market growth during the forecast period. For instance, in April 2023, Multus has introduced its latest product: Proliferum LSR, a serum-free medium designed for the life sciences field. This innovation enables researchers to transition from traditional Fetal Bovine Serum (FBS) for cell growth to a more environmentally friendly alternative, ensuring consistent and reproducible outcomes.
By application, vaccine production was the highest revenue-grossing segment in the global fetal bovine serum market in 2023 owing to the rise in research efforts aimed at vaccine development, with Fetal Bovine Serum (FBS) frequently utilized as a supplement in vaccine production. Additionally, drug discovery is predicted to grow at the fastest CAGR during the forecast period owing to the technological advancements such as next-generation proteomics & cell-free DNA are being leveraged in the discovery and development of new oncology drugs.
By end-user, pharmaceutical & biotechnology companies was the highest revenue-grossing segment in the global fetal bovine serum market in 2023 owing to the rising trend in using fetal bovine serum for drug development, growing prevalence of chronic diseases such as cancer, increasing research activities, and surge in funding for such studies. Additionally, Contract Research Organizations (CRO's) is predicted to grow at the fastest CAGR during the forecast period owing to the factors such as having essential resources readily available, the ability to easily assign tasks and responsibilities to Contract Research Organizations (CROs), and enhanced global outreach contribute to the growing trend of manufacturers outsourcing research programs to CROs instead of conducting them internally.
North America is anticipated for the highest revenue share during the forecast period owing to the surge in spending on research & development activities by government agencies, growing emphasis on the development of biopharmaceutical products, robust healthcare infrastructure, and rise in the introduction of new products. Additionally, Asia Pacific is predicted to grow at fastest CAGR during the forecast period owing to the biopharmaceutical manufacturing sector is expanding, increasing presence of academic institutions & clinical research organizations, and growing emphasis on the development of novel products.
Report Scope
- Base Year: 2023
- Forecast Period: 2024-2034
- Market Forecast by Application and End-user
- Market Forecast for 5 Regions and 17+ Countries
- Exhaustive Company Profiles of the Top 10+ Market Players
Companies Featured
- HiMedia Laboratories
- Sartorius AG
- Biowest
- Danaher Corporation
- PAN-Biotech
- Atlas Biologicals Inc.
- Bio-Techne
- Thermo Fisher Scientific Inc.
- Merck KGaA
- Rocky Mountain Biologicals
Fetal Bovine Serum Market Segmentation
Application
- In-vitro Fertilization
- Cell-based Research
- Vaccine Production
- Drug Discovery
- Diagnostics
- Others
End-user
- Academic & Research Organizations
- Pharmaceutical & Biotechnology Companies
- Contract Research Organizations (CRO)
- Others
Region
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of LATAM
- Middle East & Africa
- South Africa
- GCC
- Rest of MEA
For more information about this report visit https://www.researchandmarkets.com/r/6s8e0j
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