Newark, NJ, Sept. 09, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global fetal bovine serum market is expected to grow from USD 702.3 million in 2019 to USD 1,177.08 million by 2027, at a CAGR of 5.3% during the forecast period 2020-2027.
There are certain key factors that are driving the growth of this market, such as increasing consumption of the serum in emerging markets like Indonesia & Vietnam, growth in R&D activities in biopharmaceuticals, expanding biopharmaceutical industry and rising funding for research interventions.
Fetal bovine serum is the liquid fraction by-product of clotted blood from fibrin, fetal calves, and clotting factors that comes from the beef industry. It is a valuable material that is used in biotechnology, animal health, pharmaceutical research, and other research areas. It is the most popular serum-supplement for cell culture research of eukaryotic cells due to its high level of embryonic growth-promoting factors. The serum provides a broad range of low molecular weight nutrients, macromolecular proteins, carrier proteins for water-insoluble substances, and other compounds required for in vitro growth of cells, like attachment factors & hormones. Moreover, the fetal bovine serum also adds buffering properties to the medium & neutralizes/binds toxic components.
With the outbreak of a global pandemic, many have faced salary cuts and job losses. Covid-19 has become a threat to the entire world's economy and has negatively impacted all kinds of markets, including the fetal bovine serum market. With less disposable income and broken supply chains, the market's growth is expected to slow down. Ethical & scientific issues associated with the possible abuse of biotechnology testing methods and the scarcity of professional staff, limit the market growth. Furthermore, ease of availability of substitutes such as serum-free media, chemically-based media, and others hinders the development of the industry.
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Key players operating in the global fetal bovine serum market include Merck KGaA, Thermo Fisher Scientific Inc., HiMedia Laboratories, PAN-Biotech, Bovogen Biologicals Pty Ltd., Tissue Culture Biologicals, Rocky Mountain Biologicals, Atlanta Biologicals, Inc., TCS Biosciences Ltd., and GE Healthcare, among others. To gain a significant market share in the global fetal bovine serum market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. Merck KGaA and Thermo Fisher Scientific Inc. are some of the biggest manufacturers and suppliers in the global market.
- For instance, Bio-Techne announced in January 2018 that it was moving forward with the acquisition of Atlanta Biologicals, with the move aimed at broadening the company's product range and service capabilities.
Cell culture dominated the market and held the largest market share of 34.86% in the year 2019
The application segment is divided into cell culture, biopharmaceuticals, human & animal vaccine production, and others. Cell culture dominated the market and held the largest market share of 34.86% in the year 2019. The large share of this segment can be attributed to the fact that fetal bovine serum is frequently used as a supplementary substance during cell culture protocols in order to give cultured cells optimum growth factors. This segment is projected to continue dominating during the forecast period due to the increasing use of cell culture media.
Biotechnology & pharmaceutical companies dominated the market and valued at USD 324.20 million in the year 2019
Based on end-user, the market has been segmented into research laboratories, biotechnology & pharmaceutical companies, and academic institutes. Biotechnology & pharmaceutical companies dominated the market and valued at USD 324.20 million in the year 2019. This is mainly due to growing R&D activities and increasing production of vaccines. In addition, the demand for biopharmaceutical development continues to increase, using mammalian cell culture coupled with bovine fetal serum.
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Regional Segment Analysis of the Fetal Bovine Serum Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global fetal bovine serum market has been classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. The North America region accounted for the major market share of 47.36% in the year 2019 and is anticipated to grow throughout the projected period. The large share of this segment is attributed to the expanding focus to develop biopharmaceuticals in the region and increasing expenditure by government agencies as well as private firms. This trend is expected to continue over the upcoming years. On the other hand, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period. This growth is owing to factors like growing adoption of advanced technology, clinical research, R&D activities, rapid economic growth and rising healthcare funding & government initiatives for research & development. Emerging economies like India, Indonesia, Vietnam, Philippines, South Korea, and China are especially lucrative, considering their growth potential. Increasing the presence of key players like Hi-Media, Thermo Fisher, and others in this area also fuels the market growth.
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About the report:
The global fetal bovine serum market is analyzed on the basis of value (USD Million). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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