Bovine Serum Market Size, Share & Trends Analysis Report By Types (Charcoal Stripped, Stem Cells, Inactivated, Exosome depleted, Dialyzed fetal bovine serum, Chromatographic, Other), By Application (Drug Discovery, Immunoassay, Cell culture media, Human and animal vaccine production, Drug discovery, Cell-based research, Other applications, Others), By End-User (Research and Academic Institutions, Diagnostics Labs, Pharmaceuticals, Biotechnology and Pharmaceutical Industries, Academic Institutes, Others) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2024-2032

Market Overview

The global bovine serum market size was valued at USD 1 billion in 2023 and is projected to reach a value of USD 1.59 billion by 2032, registering a CAGR of 5.29% during the forecast period (2024-2032). The increase in bovine serum market share during the forecast period is related to their use in different products and industries.

Bovine serum, also known as bovine serum albumin (BSA) or Fraction V, is a globular protein derived from cows. It is produced by manipulating plasma protein pH, concentrations, salt levels, and temperature by the Cohn fractionation method. Bovine serum is a multifunctional protein with exceptional ligand binding capacity and gelling properties. It carries a diverse range of drugs, nutrients, metabolites, metals, and other molecules in the body. BSA’s exceptional properties and biological reaction stability drive its clinical, pharmaceutical, and biochemical applications.

BSA is extensively used in the healthcare and life science sectors as it carries fatty acids, hormones, metabolites, and vitamins in the blood circulation system. It also helps maintain osmotic pressure in an organism's fluid by controlling salt and water concentrations, which makes it a reliable source of material for protein chemistry, immunoassay, and cell culture applications. These applications drive the demand for BSA in various end-use industries such as food and beverage and husbandry.

Highlights

• Stem Cells dominate the global market in type segment.
• Cell culture media leads the market by application.
• Pharmaceutical and Biotechnology leads the global market by End-User.

Market Dynamics

Bovine serum market drivers

Use of bovine serum in life sciences

BSA is produced in various formats for immunology, biochemistry, and biotechnology. In immunology, BSA is used for conducting multiple biological tests, including ELISA (Enzyme-Linked Immunosorbent Assay), immunocytochemistry (immunohistochemistry and immunofluorescence microscopy), and immunoblots (western blot and dot blot). In molecular biology, BSA stabilizes enzymes and is considered a blocking reagent. This is because it doesn’t affect the function of the proteins that do not need stabilization. For instance, it is frequently used in stabilizing solubilized proteins such as labile enzymes, and it is also effective in removing toxic substances, including pyrogens, from the blood.

Additionally, the ability of BSA to increase the stability of proteins in biological testing procedures and the lack of effect in many biochemical reactions have increased the use of the product in the healthcare sector. Moreover, BSA can be easily extracted in large quantities after the purification of bovine blood, owing to which the product is available quickly and at a low cost in the market, which is further expected to boost the demand for BSA in the market. For instance, a hybridoma cell line is plated at low density in a 96-well plate containing media supplemented with 5 – 10 % FBS.

Use of bovine serum in supplements

Increasing health and hygiene concerns propel the nutrition and supplement industry. Rising issues related to the ill-health effects associated with the consumption of synthetic proteins have shifted consumer preference to natural protein sources in the last few years. This change in consumer preference has spurred a shift in the nutrition industry from protein powders to a wide range of natural nutritional supplements. 

In addition, in human anatomy, Insulin-Like Growth Factors (IGFs) are primarily growth-promoting peptides. In the bloodstream, these peptides are bound to IGF-binding protein (IGFBP), of which six different types exist. These IGFBPs can be obtained from bovine serums; highly purified bovine serum has the IGFBP-3, one of the six binding proteins that help provide the necessary proteins to the body and cell culture applications. Several research institutes and life science companies are focusing on developing a product from BSA to meet the rising demand for these products among various end-uses.

Bovine serum market restraints

Increasing price of bovine serum

The rising cost of bovine serum represents a substantial impediment to expanding the worldwide bovine serum market. The principal factor contributing to this surge in price is the utilization of bovine serum production, which necessitates more significant expenditures on cattle and consequently elevates market prices. A combination of increased demand and decreased production has led to a scarcity of bovine serum, which has exacerbated the price surge. This trend impedes the expansion of the market by reducing the accessibility of bovine serum, which may restrict its utility in numerous sectors, including research, pharmaceuticals, and regenerative medicine.

Moreover, welfare concerns and ethical considerations about the utilization of cattle in bovine serum production compound the difficulties encountered by the worldwide bovine serum industry. For instance, due to increased demand and limited availability, fetal bovine serum prices have risen by over 300% in the past few years.

Bovine serum market opportunity

Increasing demand in regenerative medicine

The increasing need for bovine serum, which is an essential constituent in regenerative medicine, offers a substantial prospect for market expansion. The anticipated rise in market participants' investments in regenerative therapies will stimulate greater demand for bovine serum, stimulating market growth and attracting venture capital funding. For instance, according to AABB, current estimates indicate that approximately 1 in 3 Americans could benefit from regenerative medicine. Due to this trend, manufacturers can capitalize on the increasing demand for bovine serum in regenerative medicine applications. 

Expansion in pharmaceutical industries

The bovine serum market is poised to flourish due to the escalating investments in healthcare research and the swift growth of the pharmaceutical industries. Pharmaceutical and biotechnology enterprises constitute significant consumers of bovine serum, employing it for many purposes, including cell therapy, diagnostics, drug discovery, and vaccine manufacturing. Suppliers and manufacturers of bovine serum can capitalize on growth opportunities presented by the expanding pharmaceutical sector to satisfy the rising demands of these industries.

Regional Analysis

The global bovine serum market analysis is conducted in North America, Europe, Asia-Pacific, the Middle East and Africa, and Latin America.

North america dominates the global market

North America is the most significant market shareholder and is estimated to grow at a CAGR of 5% over the forecast period. North America, specifically the United States and Canada, maintains the most significant market share in the bovine serum market. The high concentration of academic and research institutions, significant R&D investments, and critical industry companies such as Merck and Thermo Fisher contribute to this dominance. The market expansion is also facilitated by the region's robust infrastructure for biopharmaceutical research and development.

Europe is estimated to grow at a CAGR of 5.5% over the forecast period. Germany, the United Kingdom, and France are among the countries that are dominating the demand for bovine serum in Europe, which is another significant market. The market is driven by the region's robust biotechnology and pharmaceutical sectors and extensive academic research activities. Regulatory frameworks and a commitment to high-quality standards further expand the European market.

The Asia-Pacific region is anticipated to experience substantial development due to the expansion of research activities, the increase in biopharmaceutical investments, and the support of government policies. Key contributors to the market include Australia, Japan, China, and India. Substantial opportunities are presented by Australia's substantial cattle population and government support for research and development. Furthermore, the market is driven by the expanding biotechnology sectors and the increasing healthcare requirements in China and India.

The Middle East and Africa region has a smaller market share; it is progressively expanding. The primary contributors are South Africa and the GCC countries, which are driving the expansion of healthcare infrastructure and increased investments in biopharmaceutical research. The region's market potential is being realized due to the increasing awareness of advanced biomedical research and the improvement of healthcare access.

Segmental Analysis

The global bovine serum market is segmented based on type, application, and end-user.

The market is further segmented by type into Charcoal Stripped, Stem Cells, Inactivated, Exosome depleted, Dialyzed fetal bovine serum, Chromatographic, Other.

The stem cells segment dominates the global bovine serum market and holds the largest market share. These classifications delineate distinct variations and therapies of bovine serum, which finds utility in many contexts. By removing lipids and hormones, charcoal-stripped serum is appropriate for particular cell culture applications. Stem cell serum is specifically formulated for use in stem cell culture, delivering the essential nutrients and growth factors that promote the expansion of stem cells. By undergoing a process to deactivate components such as complement, inactivated serum decreases the likelihood of unintended immune responses.

Furthermore, the processing of exosome-depleted serum eliminates exosomes, which may disrupt particular cell culture experiments. A fetal bovine serum that has been dialyzed is utilized to eliminate minute molecules, thereby establishing a more regulated environment for cell culture. The chromatographic serum is purified by isolating particular components via chromatography. 

The "Other" category presumably encompasses further specialized varieties of bovine serum customized for particular research endeavors or industrial purposes. This reflects the wide-ranging demands and progressions within cell culture and biotechnology.

The market is further segmented by application into Drug Discovery, Immunoassay, Cell culture media, Human and animal vaccine production, Drug discovery, Cell-based research, and Other applications.

Cell culture media leads the market by application. Bovine serum, specifically fetal bovine serum (FBS), is utilized in various disciplines. Bovine serum contains FBS, an integral component of cell culture systems critical for drug development and testing, and is employed in drug discovery processes. Bovine serum is used in immunoassays, which are analytical procedures that utilize antigen-antibody interactions to detect and quantify specific substances in biological samples.

Moreover, bovine serum is an indispensable constituent of cell culture media, supplying growth factors and nutrients critical for cell proliferation and development. This classification will likely comprise further specialized implementations of bovine serum customized to suit particular research undertakings or industrial objectives. This underscores the wide-ranging utility of this indispensable constituent across diverse domains.

The market is further segmented by end-users into Research and Academic Institutions, Diagnostics Labs, Pharmaceuticals, Biotechnology and Pharmaceutical Industries, Academic Institutes, and Others.

The pharmaceutical and biotechnology industries segment is expected to dominate the global bovine serum market. Research and academic institutions, diagnostic laboratories, pharmaceutical companies, biotechnology and pharmaceutical industries, educational institutes, and others are the end-users of bovine serum. Bovine serum albumin's (BSA) multifunctional properties, including its ability to transport fatty acids, hormones, metabolites, and vitamins through the bloodstream, are widely employed in these industries. 

Furthermore, bovine serum albumin (BSA) is essential in preserving osmotic pressure and finds application in protein chemistry, immunoassay, and cell culture. Additionally, its utilization in analyzing protein concentrations in solutions, particularly in laboratories and research institutions in North America, contributes to the demand for BSA. 

Recent Developments

• March 2024 - Scientific Reports article detailing the use of differential scanning fluorimetry to evaluate PFAS binding to bovine serum albumin protein. The objective of this research is to assess the adsorption of PFAS (perfluoroalkyl and polyfluoroalkyl substances) to bovine serum albumin protein via differential scanning fluorimetry.