New York, Aug. 08, 2023 (GLOBE NEWSWIRE) -- The global fibroblast growth factors market reached a valuation of US$ 261.1 million in 2022 and is forecasted to expand at a CAGR of 7.6% from 2023 to 2033.
The regenerative medicine field is experiencing a notable surge in the demand for growth factors, reflecting a growing recognition of their pivotal role in stimulating tissue repair and regeneration. Growth factors, such as fibroblast growth factors (FGFs) and platelet-derived growth factors (PDGFs), play a crucial role in orchestrating cellular activities that contribute to the healing and restoration of damaged tissues.
Increasing demand for fibroblast growth factors stems from their ability to enhance the body's natural healing mechanisms, leading to improved outcomes in various medical applications. These include wound care, tissue engineering, orthopedic and musculoskeletal treatments, and even potential interventions for chronic conditions such as diabetes and cardiovascular diseases.
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As the field advances, researchers and medical practitioners are actively exploring ways to optimize the delivery and efficacy of fibroblast growth factors. This involves innovative techniques such as controlled-release systems, tissue-specific targeting, and combination therapies to amplify their therapeutic potential.
- In June 2021, researchers from Petersburg State University made a remarkable discovery about a regenerative worm. The study demonstrated that the fundamental role of FGF (fibroblast growth factor) in both vertebrates and invertebrates remains unchanged, highlighting the conservation of this crucial mechanism across different organisms.
Collaboration between scientists, clinicians, and industry stakeholders is vital to harness the full potential of fibroblast growth factors in regenerative medicine, offering new avenues for enhancing patient care and improving the overall quality of life.
Growing demand for growth factors in regenerative medicine thus, reflects their pivotal role in accelerating tissue repair and regeneration. As research and technological advancements continue to unfold, growth factors are poised to play an increasingly significant role in reshaping the landscape of medical treatments and offering hope for patients seeking effective and innovative therapeutic solutions.
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Key Takeaways from Market Study
- The global fibroblast growth factors market is forecasted to reach a size of US$ 582.9 million by 2033-end.
- By product, worldwide sales of FGF2 reached US$ 55.5 million in 2022.
- By application, cell culture held 27.7% share of the global market in 2022.
- By end user, pharmaceutical and biotechnology companies led with 47.8% market share in 2022.
- North America led the global market with the United States enjoying 94.2% share of regional sales in 2022.
“Advancements in regenerative medicine are boosting the demand for fibroblast growth factors, benefiting diverse medical applications,” says an analyst at Persistence Market Research.
Market Competition
Manufacturers are addressing the competitive scenario and escalating demand for fibroblast growth factors through acquisitions, research and development collaborations, and innovative and cost-effective solutions. They are also focusing on new product launches and regulatory approvals to further enhance their offerings.
Among the industry's major participants are:
- Thermo Fisher Scientific
- Sigma-Aldrich (now part of Merck KGaA)
- PeproTech
- R&D Systems (a Bio-Techne brand)
- Abcam
- Cell Signaling Technology
- Novus Biologicals
Recent Developments
- In July 2023, Merck announced its intentions to enhance its Lenexa, Kansas facility in the United States. The expansion involves the incorporation of 9,100 square meters of laboratory space, aimed at increasing the production capacity specifically dedicated to manufacturing cell culture media.
- On January 5, 2022, Thermo Fisher Scientific Inc., a leading global provider of scientific solutions, completed its acquisition of PeproTech, Inc., a well-known company renowned for its innovation and production of recombinant proteins.
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What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the fibroblast growth factors market in its latest study, presenting a historical demand assessment for 2017 to 2022 and projections for 2023 to 2033.
The research study is based on product (FGF1, FGF2, FGF3, FGF4, FGF7, FGF10, FGF11, FGF12, FGF13, FGF14, FGF15, FGF18, FGF19, FGF20, FGF23, others), application (oncology, hematology, wound healing, dermatology, cardiovascular disease & diabetes, cell culture, others), and end user (pharmaceutical & biotechnology companies, research centers & academic institutes, CMOs & CDMOs), across seven key regions of the world.
For additional insights on how the growth of the fibroblast growth factors market will unfold over the decade, write to the analyst at media@persistencemarketresearch.com
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