PORTLAND, Oregon, May 9, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "Fetal Bovine Serum Market by Application (Biopharmaceuticals, Cell Culture, Human & Animal Vaccine Production, and Others) and End User (Biotechnology & Pharmaceutical Company, Academic Institute, and Research Laboratory): Global Opportunity Analysis and Industry Forecast, 2018-2025." According to the report, the global fetal bovine serum market garnered $695 million in 2017, and is expected to generate $1.03 billion by 2025, registering a CAGR of 5.1 % from 2018 to 2025.
Increase in R&D activities for producing novel biopharmaceuticals along with the expansion of biopharmaceutical industry drives the global fetal bovine serum market growth. Moreover, rise in investments and funding for research activities in developed and developing countries supplement the market growth. However, ethical & scientific issues related to the misuse of biotechnology research practices and scarcity of skilled personnel hinder the growth in the market. Contrarily, untapped potential in emerging geographies would offer new opportunities in the near future.
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Cell culture segment to continue its leadership in terms of revenue by 2025
Based on application, the cell culture segment contributed for nearly two-fifths of the total market share, and is estimated to continue its leadership in terms of revenue during the forecast period. This is due to surge in government funding and increase in R&D activities. However, the biopharmaceuticals segment is expected to grow at the highest CAGR of 5.9% from 2018 to 2025, owing to rise in biotechnology research for the development of human & animal vaccines.
Biotechnology and pharmaceutical company segment to be lucrative
Based on end user, the biotechnology and pharmaceutical company segment accounted for nearly half of the total market share in 2017, and is expected to maintain its dominance during the forecast period. Moreover, it is expected to register the highest growth rate, with a CAGR of 5.5% from 2018 to 2025. It is a lucrative segment, owing to increase in research activities related to biotechnology by the key players along with rise in small scale players. The research also analyzes academic institutes and research institutes.
North America to its dominance in terms of revenue by 2025
North America accounted for more than two-fifths of the total market share in 2017, and will maintain its dominance in terms of revenue by 2025. This is due to the well-established companies related to biotechnology research and presence of well-equipped research laboratories. On the other hand, Asia-Pacific is estimated to grow at the largest CAGR of 6.3% during the forecast period. This is attributed to penetration of leading biotech companies including Bio-Rad, Thermo Fischer, and others in the region and surge in government initiatives for biotech research.
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Frontrunners of the industry
Leading market players analyzed in the research include GE Healthcare, HiMedia Laboratories Pvt., Ltd., Merck KGaA (Sigma Aldrich), Biowest, Bio-Techne, Atlas Biologicals, Biological Industries, PAN-Biotech, Rocky Mountain Biologicals, and Thermo Fisher Scientific Inc.
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