Increase in investments and funding for R&D interventions, rise in production of biopharmaceuticals, and untapped potential in developing countries are expected to propel the growth of the global biotechnology media, sera and reagents market
PORTLAND, Oregon, March 4, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Biotechnology Media, Sera and Reagents Market by Type (Media, Sera and Reagent), Application (Cancer Research, Biopharmaceuticals, Regenerative Medicine & Tissue Engineering, and Others), and End User (Biotechnology & Pharmaceutical Companies, Academic Institute, Research Laboratory): Global Opportunity Analysis and Industry Forecast, 2018 – 2025". According to the report, the global biotechnology media, sera, and reagents market accounted for $18.79 billion in 2017 and is projected to reach $32.98 billion by 2025, registering a CAGR of 7.3% during the period from 2018 to 2025.
Increase in production of biopharmaceuticals and rise in investments and funding for R&D interventions in both developed and emerging countries have boosted the growth of the global biotechnology media, sera and reagents market. However, dearth of skilled personnel and ethical & scientific concerns associated with the misuse of biotechnology research practices hamper the market growth. On the contrary, untapped markets in the developing countries and rise in preference for specialty media are expected to create lucrative opportunities in the coming years.
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Media segment to manifest fastest growth by 2025
The media segment is expected to manifest the fastest CAGR of 8.1% during the forecast period. However, the reagents segment held the largest market share in 2017, contributing nearly three-fourths of the total market share. The report also includes analysis of the sera segment.
Cancer research dominates the market
The cancer research segment held the largest share in 2017, contributing nearly one-third of the total market. However, the biopharmaceuticals segment is projected to manifest the fastest CAGR of 8.2% through 2025. The report analyzes other segments such as regenerative medicine and tissue engineering among others.
Biotechnology and pharmaceutical companies: Most lucrative segment
The biotechnology and pharmaceutical companies segment held the largest share in 2017, contributing nearly half of the total market. Moreover, the segment is projected to register the fastest growth with a CAGR of 8% during the study period. The report includes other segments such as research laboratories and academic institutes.
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Asia-Pacific segment to portray fastest growth through 2025
The Asia-Pacific region is estimated to portray the fastest CAGR of 8.9% through 2025, owing to increased penetration of leading biotech companies such as Thermo Fischer, Bio-Rad and others in the region. However, the North America region held the largest share in 2017, contributing about 46% of the total market, owing to well-established biotechnology research companies as well as research laboratories in the region. The report includes analysis of the other regions such as Europe and Latin America, Middle East and Africa (LAMEA).
Major market players
The report includes analysis of the major market players such as GE Healthcare, Merck KGaA (Sigma Aldrich), HiMedia Laboratories Pvt., Ltd, Merck & Co., Inc., Corning Incorporated, Dickinson and Company, Bio-Rad Laboratories Inc., Sartorius AG, Lonza Group Ltd, Thermofisher Scientific, and Becton.
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SOURCE Allied Market Research