Jan 25, 2021   SOURCE: PR NewsWire

Cell Culture Market to Reach $36.92 Bn, Globally, by 2027 at 10.9% CAGR, Says Allied Market Research

PORTLAND, Ore., Jan. 25, 2021 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Cell Culture Market by Product (Instrument and Consumables), Application (Stem Cell Technology, Cancer Research, Drug Screening & Development, Tissue Engineering & Regenerative Medicine and Others), End User (Research Institutes, Pharmaceutical & Biotechnology Companies, and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027". As per the report, the global cell culture industry generated $16.10 billion in 2019, and is anticipated to reach $36.92 billion by 2027, growing at a CAGR of 10.9% from 2020 to 2027.

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Major determinants of the market

Increase in adoption of cell culture techniques, rise in research funding, and surge in prevalence of cancer drive the growth of the global cell culture market. However, the high capital investment and lack of infrastructure of cell-based research hamper the market growth. On the contrary, increase in demand for advanced technologies is expected to open lucrative opportunities for the market players in the future.

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Covid-19 scenario:

    --  The Covid-19 outbreak has increased the demand for cell culture products
        to understand the disease and develop therapeutic interventions.
    --  Moreover, cell culture offers an opportunity to understand lung disease
        mechanisms at a cellular level and target pathogenic processes. This has
        increased the demand for cell culture products.

The consumables segment held the largest share

By product, the consumables segment dominated the market in 2019, accounting for more than two-thirds of the global cell culture market. Moreover, the segment is expected to portray the highest CAGR of 11.7% during the forecast period, due to the repeated purchase of consumables and increased funding for cell-based research. The report includes an analysis of the instruments segment.

The tissue engineering & regenerative medicine segment dominated the market

By application, the tissue engineering & regenerative medicine segment held the largest share in 2019, contributing to nearly two-fifths of the global cell culture market, due to advancement in technologies to develop and culture tissue from cells and increasing advances in biotechnology and its implementation in the biopharmaceutical sector. However, the cancer research segment is expected to manifest the highest CAGR of 13.2% during the forecast period, as cell culture could help in elimination of poor drug candidates and identification of physiologically relevant targets.

North America held the lion's share

By region, the market across North America held the largest share in 2019, accounting for more than two-fifths of the market, due to easy availability of cell culture instruments and consumables with presence of the majority of key players and rise in cancer-related research. However, the global cell culture market across Asia-Pacific is estimated to register the highest CAGR of 12.8% during the forecast period, owing to surge in awareness related to use of cell culture techniques, development of the R&D sector, and surge in research funding.

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Major market players

    --  Becton, Dickinson and Company
    --  Corning Incorporated
    --  Eppendorf
    --  Sartorius AG
    --  Merck KGaA
    --  Lonza Group AG
    --  PromoCell GmbH
    --  Danaher Corporation
    --  Thermo Fisher Scientific
    --  HiMedia Laboratories

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