The cell culture market is expected to reach USD 29.2 billion by 2024 from USD 16.0 billion in 2019, at a CAGR of 12.7% during the forecast period. This market is experiencing significant growth due to the increasing demand for monoclonal antibodies, rising funding for cell-based research, growing preference for single-use technologies, growing awareness about the benefits of cell culture-based vaccines, and increasing focus on personalized medicine.
North America to account for the largest regional share in 2019
The market is segmented into North America, Europe, the Asia Pacific, and the Rest of the World. In 2019, North America is expected to account for the largest market share, followed by Europe. The growing regulatory approvals for cell culture-based vaccines, technological advancements, growth in the biotechnology and pharmaceutical industries, higher investments in cell-based research, rising incidence of diseases such as cancer, strong government support, and conferences and symposiums that create awareness on the latest trends in cell culture technology are the key factors driving the growth of the market in North America.
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Key Market Players
The prominent players operating in this market include Becton, Dickinson and Company (US), Thermo Fisher Scientific (US), Merck KGaA (Germany), HiMedia Laboratories (India), GE Healthcare (US), Lonza (Switzerland), Corning Incorporated (US), Sartorius AG (Germany), Eppendorf AG (Germany), PromoCell GmbH (Germany), Danaher Corporation (US), Irvine Scientific (US), InvivoGen (US), and CellGenix GmbH (Germany).
Merck KGaA (Germany) was one of the leading players in the cell culture market in 2018. The company is innovation-centric and focuses on R&D to develop and introduce new enhanced products in the market. The company has a strong portfolio of cell culture products, including cell culture equipment, cell culture media, reagents, and sera. Thermo Fisher Scientific is another leading player in the market. The company’s strong brand recognition and extensive product portfolio in this market are its key strengths. To maintain its leading position in the market, the company adopts organic as well as inorganic growth strategies such as expansions and acquisitions.
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