Fetal Bovine Serum Market to Expand at a CAGR of 6.4% From 2021 to 2031, Increasing Application in Cell Culture, Drug Discovery and Vitro Fertilization to Drive the Market
Albany NY, United States: According to the report, the global fetal bovine serum market was valued at US$ 842.73 Mn in 2020 and is projected to expand at a CAGR of 6.4% from 2021 to 2031. Fetal bovine serum (FBS) is a supplement for cell culture media that provides an undefined mixture of macromolecules, including transport proteins, hormones, lipids, growth factors, elements, minerals, and detoxifying factors that function to maintain cell viability and facilitate cell metabolism, proliferation, growth, and spreading in culture.
Applications of fetal bovine serum are drug discovery, cell media culture, in vitro fertilization, human & animal vaccine production, diagnostics, and others. The global fetal bovine serum market is driven by rise in demand for fetal bovine as a raw material by number of pharmaceutical & biotech companies for vaccines for human and animals.
North America dominated the global fetal bovine serum market in 2020 and the trend is anticipated to continue during the forecast period. Highly structured healthcare industry, increase in the number of pharma & biotechnological companies, early adoption of new products, increase in number of research institutes, and presence of major players are expected to propel the fetal bovine serum market in North America.
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Cell Media Culture to Dominate Fetal Bovine Serum Market
In terms of application, the global fetal bovine serum market has been classified into drug discovery, cell media culture, human & animal vaccine production, diagnostics, and others. The cell media culture segment dominated the global fetal bovine serum market in 2020 and the trend is expected to continue during the forecast period. The segment is driven by rise in awareness about the benefits of cell-based vaccines, increase in demand for monoclonal antibodies (mAbs), fund raising for cell-based research, launch of some advanced cell culture products, and rise in focus on personalized medicines.
Human & animal vaccine production was the second largest segment in terms of market share in 2020. Government funding for vaccine production, increase in emphasis on immunization, and rise in prevalence of infectious disease are major factors boosting the growth of the segment.
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Industry to be Highly Lucrative Segment
Based on end-user, the global fetal bovine serum market has been divided into research & academic institutes, industry (pharma, biotech, etc.), and healthcare facilities.
The industry (pharma, biotech, etc.) segment led the global market, in terms of revenue, in 2020, and the trend is projected to continue during the forecast period. Favorable government initiatives and rapid growth of the industry sector in developing countries drive the segment. Governments are taking initiatives in these sectors for modernizing the drug regulatory pathways, standardizing clinical studies, and boosting up the product approval process.
The healthcare facilities segment held the second largest share of the global market in 2020. Increase in the number of healthcare facilities in developed countries is likely to augment the segment during the forecast period. Awareness about health & wellness is increasing.
For instance, the fertility rates have declined among men and women. Moreover, first time pregnancy age in women has also increased and women suffer from a number of disorders and complications during pregnancy. Hence, they prefer in-vitro fertilization. Therefore, demand for fetal bovine serum is increasing IVF culture media, which, in turn, is likely to boost the growth of the segment in the near future.
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North America to Dominate Fetal Bovine Serum Market
In terms of region, the global fetal bovine serum market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global market in 2020, followed by Europe. Increase in research & development spending in the U.S. and high consumption of fetal bovine serum by research & industry end users are major factors boosting the growth of the market in the region.
Europe was the second largest market for fetal bovine serum in 2020 due to high consumption of fetal bovine serum by research and industry end-users. The fetal bovine serum market in Asia Pacific is anticipated to expand at a high CAGR from 2021 to 2031. Japan accounted for 31.34% share of the market in the region in 2020, as demand for fetal bovine serum in the pharmaceutical & biotechnology industries is increasing in the country.
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Competition Landscape of Fetal Bovine Serum Market
The global fetal bovine serum market is fragmented due to presence of large number of players. Key players operating in the global market include ANZCO Foods (Bovogen Biologicals Pvt. Ltd.) ATCC, Bio-techne (Atlanta Biologicals, Inc.), Captivate Bio, Danaher (Cytiva), HiMedia Laboratories, Merck KGaA, Pan Biotech GmbH, Rocky Mountain Biologicals, TCS Biosciences Ltd., Thermo Fisher Scientific Inc., and Zen- Bio, Inc.
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