Serum-Free Media Market Poised For Robust Growth In Forecast Period: Surge In Chronic Diseases To Be A Major Driver As Per The Business Research Company’s Serum Free Media Global Market Report 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Nov. 29, 2023 (GLOBE NEWSWIRE) — As per The Business Research Company’s Serum Free Media Global Market Report 2023, the global serum-free media market is set to experience substantial growth, escalating from $1.29 billion in 2022 to $1.45 billion in 2023 at an impressive compound annual growth rate (CAGR) of 12.6%. Despite global economic disruptions from the Russia-Ukraine war impacting the recovery from the COVID-19 pandemic, the serum-free media market is anticipated to reach $2.23 billion in 2027, reflecting a CAGR of 11.3%.
Drivers of Growth
The surge in chronic diseases is a pivotal factor propelling the growth of the serum-free media market. Chronic diseases, requiring prolonged medical care and impacting daily activities, have seen a significant rise. Serum-free media plays a crucial role in optimizing conditions for cell growth, aiding researchers in developing new therapies and treatments for chronic diseases. With projections indicating a substantial increase in individuals aged 50 years and older with at least one chronic illness by 2050, the demand for serum-free media is expected to soar.
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Trends and Innovations
Product innovation is a prominent trend in the serum-free media market. Major players like Thermo Fisher Scientific Inc. are focusing on creating groundbreaking products. Thermo Fisher’s Gibco CTS OpTmizer Pro Serum-Free Media, launched in March 2021, targets the metabolism of healthy donor cells, making it an ideal choice for developing allogeneic cell treatments. Additionally, strategic acquisitions, such as BSF Enterprise PLC’s acquisition of 3D Bio-Tissues LTD., are contributing to the expansion and development of serum-free media and skin care product portfolios.
Segments and Leading Regions
North America led the serum-free media market in 2022, with Asia-Pacific anticipated to be the fastest-growing region in the forecast period. The serum-free media market is segmented by media type (CHO cell media, protein expression media, etc.), application (biopharmaceutical production, tissue engineering), and end-users (biopharmaceutical companies, research organizations, academic centers).
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As the serum-free media market witnesses robust growth, industry players can capitalize on this trajectory by utilizing the insights provided in the Global Market Report. Understanding key drivers, such as the increasing prevalence of chronic diseases and the importance of product innovation, will empower businesses to make informed decisions. The serum-free media market report offers a comprehensive guide for industry stakeholders to navigate evolving trends, identify growth opportunities, and strategically position themselves in this dynamic serum-free media market. By leveraging these insights, businesses can scale effectively and contribute to the continued advancement of the serum-free media market.
Serum Free Media Global Market Report 2023 by The Business Research Company provides insights on the serum free media market size, serum free media market segments, serum free media market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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