Cell Culture Market worth $26.28 Billion by 2023

(IT-NEWSWIRE.COM, May 28, 2019 ) Cell Culture Market is expected to reach USD 26.28 Billion by 2023 from USD 15.32 Billion in 2018, at a CAGR of 11.4%. Growth in this market is driven by the growing number of regulatory approvals for cell culture-based vaccines, increasing demand for monoclonal antibodies (mAbs), funding for cell-based research, growing preference for single-use technologies, and the launch of advanced cell culture products.

Based on cell culture product, consumables segment is expected to dominate the market in 2017

Based on product, the cell culture market is segmented into equipment and consumables. The consumables segment accounted for the largest market share in 2017 and it is expected to register the highest CAGR during the forecast period. The repeated purchase of consumables for various cell culture applications is the major factor supporting the growth of the consumables segment during the forecast period.

The serum free media segment is expected to dominate the market in 2017

The cell culture media are segmented into classical media and salts, serum-free media, specialty media, and stem cell media. In 2017, serum-free media segment accounted for the largest share of the cell culture market as it overcomes all issues related to the use of animal-derived components for biopharmaceutical/biomedical production.

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North America to dominate the cell culture market

In 2017, North America is expected to dominate the market followed by Europe. The large share of this geographical segment is attributed to 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.

The cell culture market is fragmented with the presence of several large as well as emerging players. In 2017, Thermo Fisher Scientific (US), Merck KGaA (Germany), and GE Healthcare (US) were the leading players in the cell culture market. Other major players include Lonza (Switzerland), Becton, Dickinson and Company (US), Corning Incorporated (US), Eppendorf (Germany), HiMedia Laboratories (India), Sartorius AG (Germany), PromoCell GmbH (Germany), Pall Corporation [acquired by Danaher (US)], Irvine Scientific (US), InvivoGen (US), and CellGenix GmbH (Germany).

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Cell Culture Market worth $26.28 Billion by 2023