New York, USA, Oct. 28, 2020 (GLOBE NEWSWIRE) -- The global culture media market forecast will surpass $5,398.6 million by 2027, at a CAGR of 7.7%, increasing from $2,975.6 million in 2019, according to a recent report published by Research Dive. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market from growth factors, challenges, other market dynamics, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
Market Dynamics
Increasing R&D investment for innovation in life science are the major driving factors for the growth of the global culture media market. According to the Pharmaceutical Research and Manufacturers of America, in the last decade alone, biopharmaceutical companies invested about half-trillion dollars in R&D activities for complex and difficult-to-treat diseases. This factor is predicted to enhance the growth of the market during the forecast period.
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Lack of skilled professionals and ethical & scientific concerns associated with culture media is expected to hinder the market growth in upcoming years.
Favorable government policies and easy availability of raw material has encouraged biopharmaceutical companies to invest in R&D activities. This factor is expected to create many opportunities for the market during forecast period.
The report has bifurcated the market into different segments based on media type, application, end-user, and regional outlook.
Prepared Culture Media Segment Will Be the Most Lucrative
Prepared media is expected to be the fastest growing product segment owing to the growing demand for high-quality media in industrial and clinical microbiology. Furthermore, the increasing use of automation in clinical and industrial microbiology labs has facilitated the need for prepared culture media.
Cancer Research Sub-Segment Will Become the Most Profitable
The cancer research sub-segment accounted for the largest revenue share of 27.6% in 2019. Increasing R&D spending for the development of novel and advanced medicine for the treatment of various types’ cancer is the major factor driving the demand for culture media in cancer research.
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Biotech & Pharmaceutical Segment Will Earn the Highest Market Share
The biotech & pharmaceutical sub-segment accounted for the largest revenue share of 50.6% in 2019. Growing demand for novel vaccines and drug has fueled the number of biotechnology companies across the world.
North America Will Dominate the Market
North America accounted for the largest market share in 2019. Increasing prevalence of chronic and incurable disease has propelled demand for advanced and novel medicines in the region. To meet this augmenting demand, companies operating in the sector have shifted their focus on innovation and development of biologics.
Key Players and Business Strategies
Top 10 leading players of the global culture media market include -
- BioMÉerieux SA
- BD
- Thermo Fisher Scientific Inc.
- HiMedia Laboratories Private Limited
- Fujifilm Holdings Corporation
- Merck & Co.
- Corning Incorporated
- Lonza
- CellGenix GmbH
- Sartorius AG
The report also recapitulates many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report
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