CHICAGO, Dec. 10, 2019 /PRNewswire/ -- According to the new market research report "3D Cell Culture Market by Product (Hydrogel, Hanging Drop, Bioreactor, Microfluidics, Magnetic Levitation), Application (Cancer, Stem Cell, Toxicology, Tissue Engineering), End User (Pharmaceutical, Biotech, Cosmetics), Region - Global Forecast to 2024", published by MarketsandMarkets™, is projected to reach USD 1,846 million by 2024 from USD 892 million in 2019, at a CAGR of 15.7%.
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The growth in this market is primarily driven by the increasing focus on developing alternatives to animal testing, growing focus on personalized medicine, increasing incidence of chronic diseases, and the availability of funding for research. On the other hand, the lack of infrastructure for 3D cell-based research and the high cost of cell biology research are expected to limit market growth during the forecast period.
"Microfluidics-based 3D cell cultures segment is projected to grow at the highest CAGR during the forecast period."
Based on product, the 3D Cell Culture Market is segmented into scaffold-based 3D cell cultures, scaffold-free 3D cell cultures, microfluidics-based 3D cell cultures, and magnetic & bioprinted 3D cell cultures. The microfluidics-based 3D cell cultures segment is expected to register the highest CAGR during the forecast period. Funding initiatives from various government and private investors are among the key factors driving the growth of this market.
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"Based on end user, the pharmaceutical & biotechnology companies segment is projected to grow at the highest CAGR during the forecast period."
Based on end user, the market is segmented into pharmaceutical & biotechnology companies, research institutes, the cosmetics industry, and other end users. In 2018, the pharmaceutical & biotechnology companies segment accounted for the largest share of the 3D Cell Culture Market share. This segment is also projected to grow at the highest CAGR in the forecast period. Strong manufacturing and R&D activity in pharmaceutical & biotechnology companies, the increasing R&D expenditure, and growing focus on alternatives to animal testing models are the key factors driving the growth of this segment.
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"North America dominates the global 3D Cell Culture Market."
Based on region, the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). In 2018, North America commanded the largest share of the market. The increasing incidence of cancer and the presence of a well-established pharmaceutical & biotechnology industry are some of the key factors supporting the growth of the North American market.
The 3D Cell Culture Market is marked by the presence of several big and small players. Some of the prominent players offering 3D cell culture products include Thermo Fisher Scientific (US), Corning Incorporated (US), Merck KGaA (Germany), Lonza AG (Switzerland), REPROCELL Incorporated (Japan), TissUse (Germany), InSphero (Switzerland), Synthecon (US), 3D Biotek (US), CN Bio (UK), Hamilton Company (US), MIMETAS (Netherlands), Emulate (US), HìREL Corporation (US), QGel SA (Switzerland), SynVivo (US), Advanced BioMatrix (US), Greiner Bio-One International (Austria), and PromoCell (Germany).
These players adopted various growth strategies, such as product launches & upgrades, expansions, acquisitions, partnerships, agreements, and collaborations to further expand their presence in the global market.
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