WELLESLEY, Mass., July 26, 2018 (GLOBE NEWSWIRE) -- Growing demand for cell culture products for the production of biologics and biosimilars and the expansion of cell cultures across a wide array of applications are factors helping to boost global growth of the media, sera and reagents market, according to a report by BCC Research.
The industry expects to see a compound annual growth rate (CAGR) of 6.0% through 2023, when it could be worth $5.5 billion, according to the report Global Markets for Media, Sera and Reagents in Biotechnology.
Major players in the market include Thermo Fisher Scientific, Merck GE Healthcare, Corning, Lonza and BD Bioscience.
Research Highlights
- Reagents will lead the market by size and growth, with a 2023 estimated value of $2.4 billion and a CAGR through the period of 6.5%. Media will have a 2023 value of $2.1 billion and a CAGR of 6.3%.
- Production will lead end users with a 2023 value of $3.1 billion and a CAGR of 6.4%, followed by research at $1.7 billion and a CAGR of 5.8%.
- Growth will be led by the Asia-Pacific region, with a CAGR through 2023 of 7.6%, while North America will lead the market by size, with a 2023 estimated value of $2.4 billion.
“Media, sera and reagents provide favorable environmental conditions for the in vitro growth of cells,” the report notes. “Technological developments coupled with innovative product launches of media for cell cultures, such as chemically-defined media/serum-free media and culture media based on advanced granulation technology, are likely to increase productivity with reduced costs and drive the cell culture media market in coming years.”
Market Restraints Include Ethical Issues, Regulatory Constraints and a Lack of Skilled Technicians
A number of factors are combining to restrain growth in the market, the report adds. Chief among those are ethical issues, which include consent, destruction of embryos and conflicting legal standards. The industry is subject to a host of regulatory guidelines as well, including the necessity that researchers submit proposals to government agencies. Further, the industry’s growth in emerging markets such as India is straining local talent pools, which lack sufficient numbers of skilled technicians to culture cells under in vitro conditions.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.