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Cell Culture Market Worth $29.2 Billion by 2024 - Exclusive Report by MarketsandMarkets™
CHICAGO, July 8, 2019 /PRNewswire/ -- According to the new market research report "Cell Culture Market by Product (Consumables (Media, FBS), Equipment (Bioreactor, Centrifuge, Incubator, Microscope, Autoclave)), Application (Stem Cell, Vaccines, Therapeutic proteins), End User (Pharma, Research Institutes) - Global Forecast to 2024", published by MarketsandMarkets™, 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.
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Growing awareness about the benefits of cell culture-based vaccines, increasing demand for monoclonal antibodies, rising funding for cell-based research, growing preference for single-use technologies, and increasing focus on personalized medicine are the major factors driving the growth of this market.
The biopharmaceutical production segment is expected to grow at the highest CAGR during the forecast period
On the basis of application, the Cell Culture Market is categorized into biopharmaceutical production, stem cell research, diagnostics, drug discovery & development, tissue engineering & regenerative medicine, and other applications. The high growth of this segment is attributed to the commercial expansion of major pharmaceutical companies, growing regulatory approvals for the production of cell culture-based vaccines, and increasing demand for monoclonal antibodies (mAbs). This segment is further divided into vaccine production and therapeutic proteins. Of these, therapeutic proteins accounted for the largest share of the Cell Culture Market for biopharmaceutical production.
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In 2018, pharmaceutical and biotechnology companies accounted for the largest share of the Cell Culture Market
Based on end user, the Cell Culture Market is segmented into pharmaceutical & biotechnology companies, research institutes, hospitals & diagnostic centers, and cell banks. The pharmaceutical and biotechnology companies segment accounted for the largest market share in 2018 and is projected to register the highest CAGR during the forecast period. The growing use of single-use technologies, increasing number of regulatory approvals for cell culture-based vaccines, and presence of a large number of pharmaceutical players in this market are driving the Cell Culture Market for this end-user segment.
North America was the largest regional market for cell culture in 2018
By region, the Cell Culture Market is segmented into North America, Europe, the Asia Pacific, and the Rest of the World (RoW). In 2018, North America accounted for the largest market share, followed by Europe. The growing regulatory approvals for cell culture-based vaccines, 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 Cell Culture Market in North America.
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The prominent players operating in the Cell Culture Market include Merck KGaA (Germany), GE Healthcare (US), Thermo Fisher Scientific (US), Becton, Dickinson and Company (US), Lonza (Switzerland), Eppendorf (Germany), HiMedia Laboratories (India), Corning Incorporated (US), Sartorius AG (Germany), PromoCell GmbH (Germany), Pall Corporation [acquired by Danaher (US)], CellGenix GmbH (Germany), Irvine Scientific (US), and InvivoGen (US).
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