New York, USA, Oct. 12, 2022 (GLOBE NEWSWIRE) -- According to the latest report published by Research Dive, the global fetal bovine serum market is predicted to rise at a tremendous CAGR of 6.4%, thereby garnering a revenue of $1,568,586.4 thousand in the 2021-2028 timeframe. This integrated report presents a brief outlook of the current framework of the fetal bovine serum market including its cardinal features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2021-2028. All the necessary market figures are also provided in this report to help new entrants analyze the market easily.
Dynamics of the Market
Drivers: Increasing research and development activities in the scientific sectors like biotechnology is anticipated to be the primary growth driver of the fetal bovine serum market in the forecast period. Along with these, technological advancements in the field of cell culture and biopharmaceuticals are expected to push the market forward.
Opportunities: The expansion of serum portfolio by various companies is estimated to provide numerous growth opportunities to the market in the forecast period.
Restraints: Market analysts are however skeptical about the full-paced growth of this market owing to the growing availability of fetal bovine serum supplements, which might prove to be a restraint for the fetal bovine serum market.
Impact of Covid-19 on the Market
The novel coronavirus had wreaked havoc in the world. The lockdowns put in place to curb the virus affected various industries and their production cycles. The fetal bovine serum market faced a moderate impact of the pandemic. Since many of the fetal bovine serum research institutes were shut down due to the pandemic, there was a massive fall in the growth rate of the market. However, since a vaccine was needed to be developed to curb the spread of the virus, many research institutes in the biotechnology and biopharmaceutical industry worked full-time which helped in the growth of the market despite the pandemic.
Segments of the Market
The report has divided the fetal bovine serum market into certain segments based on application, end-user, and region.
Application: Cell Culture Sub-segment to be the Most Profitable
By application, the cell culture sub-segment is expected to be the most dominant and is predicted to gather $758,839.10 thousand by 2028. Increased use of fetal bovine serum in the cell culture owing to its properties like the presence of necessary growth factors, minerals, proteins, vitamins, etc. is further expected to boost the growth of this sub-segment.
End-User: Research Laboratory Sub-segment to be the Most Lucrative
By end-user, the research laboratory sub-segment is expected to be the most lucrative and is predicted to gather $244,829.00 thousand by 2028. Increasing research and development activities to develop potent drugs and medicines against various diseases is predicted to boost the growth rate of the sub-segment in the forecast period.
Region: Market in the North America Region to Have the Highest Market Share
By regional analysis, the fetal bovine serum market in North America region is predicted to be the most dominant and garner $566,259.70 thousand by 2028. The presence of well-established companies in the market and their high investments in research and development activities related to drug development is expected to boost the growth of this sub-segment in the forecast period.
Prominent Market Players
Some of the prominent players of the fetal bovine serum market are
- GE Healthcare
- Rocky Mountain Biologicals
- Tissue Culture Biologicals
- HiMedia Laboratories Pvt., Ltd.
- PAN-Biotech
- Cell Culture Technologies LLC
- Biowest
- Thermo Fisher Scientific Inc
- Nucleus Biologics and Biological Industries
These players are adopting various business strategies like mergers, acquisitions, and collaborations to gain a prominent position in the market.
Finally, the report also summarizes many crucial aspects of the fetal bovine serum market including SWOT analysis, latest strategic developments, financial performance of the key players, and product portfolio.
Post COVID-19 Impact Insights on Fetal Bovine Serum Market. Ask an Analyst or Schedule a call
More about Fetal Bovine Serum Market:
- Why is Fetal Bovine Serum Gaining Popularity in Recent Years?
- Fetal Bovine Serum (FBS) Market to Observe Widespread Growth Due to Widespread Applications of FBS in Various Pharmacological Researches
