SEATTLE, Sept. 20, 2021 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global bovine serum albumin market is estimated to be valued at US$ 291.7 million in 2021 and is expected to exhibit a CAGR of 3.1% during the forecast period (2021-2028).
Key Trends and Analysis of the Global Bovine Serum Albumin Market:
Key trends in the market include launch of new products, which is expected to drive the global bovine serum albumin market growth over the forecast period. For instance, in November 2017, Proliant Biologicals, LLC launched Standard Grade pH 7.0 (Fatty Acid-Free) BSA of New Zealand origin. The product is produced at Proliant's Feilding manufacturing facility, which was inaugurated in early 2016. In addition, mergers and acquisition agreements between key players is further expected to boost the market growth. For instance, in November 2019, Gemini Bioproducts LLC announced the acquisition of ORFLO Technologies, an innovative life sciences instrumentation company. ORFLO is a supplier of cell analysis instruments such as flow cytometers and cell counters, as well as the consumables and reagents that go with them.
Moreover, market players are focusing on distribution agreements, which is expected to expand the customer base, thus driving growth of the market over the forecast period. For instance, in October 2019, Gemini Bio announced an exclusive distribution agreement for Canada with Toronto-based FroggaBio Inc. Under this agreement, Canadian researchers have wider access to Gemini's human sera, fetal bovine sera, T-cell media, and other complementary products.
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Key Market Takeaways:
The global bovine serum albumin market is expected to exhibit a CAGR of 3.1% during the forecast period, owing to increasing prevalence of influenza, which is expected to drive growth of the market over the forecast period, as BSA is used in the production of influenza vaccine. For instance, according to the Centers for Disease Control and Prevention (CDC), in the span of years 2010 to 2020, CDC has estimated that influenza has resulted in between 9 million – 45 million illnesses due to influenza, between 140,000 – 810,000 hospitalizations and between 12,000 – 61,000 deaths annually since 2010 in the U.S.
Among form, dry segment is expected to witness highest growth in the global bovine serum albumin market over the forecast period. Drying allows to preserve perishable materials, to extend shelf life or make the material more convenient for transport. Manufacturer such as Prospec-Tany Technogene Ltd. is currently offering lyophilized freeze dry yellowish powder of bovine serum albumin. Hence owing to these factors, the dry segment is expected to witness highest growth during forecast period.
Based on grade, technical and diagnostic grade segment is expected to exhibit highest growth rate in the global bovine serum albumin market over the forecast period. This is attributed to technical & diagnostic grade of BSA, which is mostly used for biotechnology applications such as immunodetection as a blocking and saturating agent, enzyme-linked immunosorbent assay (ELISA), Western blotting, immunohistochemistry (IHC), and others.
On the basis of application, in vitro diagnostics segment is expected to account for largest market share in the global bovine serum albumin market over the forecast period. In vitro diagnostics (IVDs) are tests that can detect disease, conditions, and infections. The in vitro diagnostic tests can be performed on a variety of instruments ranging from small, handheld tests to complex laboratory instruments. It allow doctors to diagnose patients effectively and it also helps to provide appropriate treatments. Hence the segment is expected to account for largest market share.
On the basis of end user, life sciences industry segment is expected to account for largest market share in the global bovine serum albumin market over the forecast period. The life sciences industry include companies operating in the fields of pharmaceuticals, biotechnology, biomedical technologies, neutraceuticals, cosmeceuticals, food processing, and others that dedicate their efforts in developing products to improve the human healthcare. For instance, according to the Research America 2018 report, the U.S. government invested around 4.97% of country’s GDP in 2016, which increased to 5.03% in 2017, in the medical & health research & development sector.
On the basis of region, North America is expected to hold dominant position in the global bovine serum albumin market over the forecast period, owing to expansion of the R& D facilities in the U.S. For instance, in April 2021, Promega Corporation opened Kornberg Center, the biotech company's newly constructed research and development facility on its Fitchburg, Wisconsin campus, U.S. The three-story, 280,000-square-foot structure supports core product and technology development in life science research, cellular and molecular biology, genetic identity, clinical diagnostic and scientific applications, and training.
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Competitive Landscape:
Key players operating in the global bovine serum albumin market include LGC Group, Promega Corporation, Biological Industries, Serion GmbH, Life Sciences Group Ltd., Sisco Research Laboratories Pvt. Ltd., Bovogen Biologicals Pty Ltd., Biophyll GmbH, AusGeneX Pty Ltd., Gemini Bio, Bio-Rad Laboratories,Inc, Merck KGaA, Prolient Biologicals, LLC, Rockland Immunochemicals, Inc., Rockey Mountain Biologicals, LAMPIRE Biological Lab, Inc., Bio-Techne Corporation, Prospec- Tany Technogene Ltd., Kraeber and Co GmbH, Thermo Fisher Scientific Inc., and Canvax.
Market Segmentation:
- Global Bovine Serum Albumin Market, By Form:
- Dry
- Liquid
- Global Bovine Serum Albumin Market, By Grade:
- Technical and Diagnostic Grade
- Research/Reagent Grade
- Food Grade
- Global Bovine Serum Albumin Market, By Application:
- In Vitro Diagnostics
- Vaccine Production
- Biochemical Assay
- Others
- Global Bovine Serum Albumin Market, By End User:
- Life Science Industry
- Food Industry
- Research Institutes
- Others
- Global Bovine Serum Albumin Market, By Region:
- North America
- By Country
- U.S.
- Canada
- By Country
- Latin America
- By Country
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country
- Europe
- By Country
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country
- Asia Pacific
- By Country
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Country
- Middle East
- By Country
- GCC
- Israel
- Rest of Middle East
- By Country
- Africa
- By Country/Region
- South Africa
- Central Africa
- North Africa
- By Country/Region
- North America
Related Market Intelligence Reports:
Bovine Blood Plasma Derivatives Market, by Derivatives Type (Immunoglobulin, Fibrinogen, Serum Albumin, Fetal Bovine Serum, Thrombin, Transferrin, New Born Calf Serum, and Others), by Application (Pharmaceutical Industry, Diagnostics Industry, Cell Culture/ Biotechnology, Research and Development, Food Industry, and Cosmetic Industry), and by Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2018 – 2026
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