Global Statistics Representing Fetal Bovine Serum Market Scenario
A fetal bovine serum (FBS) is the liquid fraction extracted from a fetal calves, depleted cells, fibrin and clotting factors. FBS contains a large number of nutritional and macromolecular factors which are essential for cell growth. It is primarily used in eukaryotic cell culture, in which it provides several essential nutrients and growth factors which facilitate cell survival and proliferation.
Growing initiatives in research and development by the government and private sector specifically in drug development of both private and government entities and increasing prevalence of several chronic diseases and rare diseases are the vital factors driving the market. According to the U.S. Food & Drug Association (FDA), in low and middle income countries around 70% of deaths occurs due to cancer. Moreover, cancer is the leading cause for death worldwide accounting around9.6 million deaths in 2018.
Rapid technological advancements in emerging countries such as India, and China and vast technological advancements in the field of fetal bovine serums in developed nations are contributing significantly to the market growth.
Global fetal bovine serum market accounted for over USD 731.6 million in 2017 and is expected to grow at a CAGR of 8.2% during the forecast period 2019–2026.
Global fetal bovine serums market is segmented by product, end-users, temperature range, and region.
By product, the market is segmented into charcoal stripped, chromatographic, dialyzed fetal bovine serum (FBS), exosome depleted, stem cell and others. Stem cell is further segmented into embryonic stem cells qualified and mesenchymal stem cell qualified.
Based on application, fetal bovine serums market is segmented into drug discovery, cell culture media, in vitro fertilization, human and animal vaccine production, diagnostics, others. Drug discovery and cell culture media are expected to grow at the fastest CAGR owing to the increasing cell culture applications and increasing prevalence of rare and chronic diseases.
By end-users, the fetal bovine serums market is segmented into research & academic institutes and industry. The industry is further segmented into pharma, biotech and other industry. The industry segment is expected to register highest CAGR during the forecast period 2019–2026 on account of increasing demand for fetal bovine serum from pharmaceutical and biotechnology industry.
Geographically, the global metal Bovine Serums market is segmented into four regions: North America, Europe, Asia Pacific, and Latin America and the Middle East & Africa (LAMEA).
North America is likely to dominate the fetal bovine serum market. It is expected to witness significant growth owing to highly developed economies and availability of superior technology. Fetal bovine serums are widely used to insulate infrastructures used for storage of volatile chemicals, and high volume of chemical trading, especially in the U.S. is expected to provide a significant boost to the Fetal Bovine Serums sector. For instance, in 2016, the U.S. exported chemicals to Canada, Mexico, China, Belgium, and Brazil, which valued at USD 20billion, USD 19billion, USD 10billion, USD 7billion, and USD 6billion respectively.
Europe is likely to emerge as the second largest fetal bovine serums market globally. This can be attributed to the significant presence of pharmaceutical and biotech manufacturers such as Daimler, Volkswagen, and Jaguar in the region.
Asia Pacific is likely to emerge as the fastest growing region for fetal bovine serum market due to growing population and rising industrialization in various economies such as China, India, Japan, and South Korea.
LAMEAis expected to witness steady growth in the healthcare industrial sector. As per the report by the United Nations (UN), there have been significant and heavy investments in the healthcare industrial sector in countries such as Argentina, Brazil, and South Africa.
Some of the key players in the global Fetal Bovine Serums market are Thermo Fisher Scientific Inc., Merck KGaA, Atlanta Biologicals Inc., Tissue Culture Biologicals, HiMedia Laboratories, Bovogen Biologicals Pty Ltd., Rocky Mountain Biologicals, TCS Biosciences Ltd., PAN-Biotech and GE Healthcare.
Fetal Bovine Serums Market Segmentation
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