Cell Culture Media Market Projected to Reach $13.0 Billion by 2028, Reports MarketsandMarkets
CHICAGO, July 24, 2023, (PRNewswire) - The cell culture media industry is forecasted to witness significant growth, driven by advancements in biotechnology, personalized medicine, and rising demand for cell-based therapies. The development of innovative cell culture media formulations customized to particular cell types and applications is expected to surge. This includes media optimized for stem cells, primary cells, and specialized cell lines. The integration of artificial intelligence and machine learning into media development processes is also anticipated to lead to more efficient and cost-effective solutions.
The Cell Culture Media Market, in terms of revenue, was worth $6.2 billion in 2023 and is projected to reach $13.0 billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 16.0% from 2023 to 2028, according to a new report by MarketsandMarkets™. This growth can be attributed to increased global demand for biosimilars and monoclonal antibodies (mAbs), increased investment and funding for stem cell research, and the focus of key market players on introducing novel products to the market.
The Asia Pacific market is expected to register the highest CAGR during the forecast period due to several factors, such as the increased focus of key market players on expansion in emerging markets, favorable government policies and support for cell-based vaccines in the region, and lower manufacturing costs.
The cell culture media market, integral to biopharmaceutical manufacturing and vital for the efficient and cost-effective production of therapeutic cells and products, has several advantages, such as versatility, reproducibility, customizability, scalability, safety and purity, reduced dependency on animal models, and technological advancements.
Despite the growth drivers, the market faces several challenges, such as the high cost of cell biology research products and the survival of small players and new entrants. Nevertheless, opportunities lie in the increasing incidence of infectious diseases and outbreaks of pandemics.
Prominent market players include Thermo Fisher Scientific, Inc. (US), Merck KGaA (Germany), Danaher Corporation (US), Sartorius AG (Germany), Corning Incorporated (US), FUJIFILM Irvine Scientific, Inc. (Japan), Lonza Group AG (Switzerland), Becton, Dickinson and Company (US), and Miltenyi Biotec (Germany).
For more information, download an illustrative overview at: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=97468536 or visit www.MarketsandMarkets.com
Source: MarketsandMarkets via PR Newswire
