ALBANY, New York, Feb.5, 2019 /PRNewswire/ -- The global culture media market is likely to grow from US$ 5.29 bn in 2016 to US$ 10.13 bn by the end of 2025. The market is likely to expand at robust CAGR 7.7% during the forecast period.
On the basis of media type, dehydrated culture media is expected to dominate owing to extensive usage in research and academic institutes. From a geographical point of view, North America is likely to dominate global culture media market. This is due to advancement in medical technology and significant increase in the culture media applications is stimulating growth in the North America market
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Prevalence of Chronic Disease to Drive Global Culture Media Market
The increasing case of chronic diseases and the growing demand for an indication-specific treatment line is one of the key factors fueling demand in the global culture media market. In addition, increasing research activities to develop new pharmaceutical products is expected to further drive growth of this market in the coming years.
The rising elderly population and high occurrence of infectious disease are some of the factors augmenting growth of the global culture media market. In addition, the culture media is utilized for environment analysis, food analysis, and industrial applications. These aspects further support growth of the global culture media market. In addition, culture media is utilized in the microbiological laboratories to cultivate and diagnose microbes.
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High Cost Associated with Various Type of Culture Media to Hamper Market Growth
On the other hand, the high cost associated with the preparation of several type of culture media is further hampering growth of the global culture media market in the coming years. Stringent process controls are some of the challenging factors faced by the vendors operating in this market. These are some of the factors negatively impacting overall growth of the global culture media market. However, the growing availability and accessibility of specialty media and customization is proving as relief for vendors.
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The global culture media market features a highly competitive structure, thanks to the presence of large and small players at the regional and international level, finds Transparency Market Research (TMR). The companies are largely focused towards new launch and consistent breakthrough to maintain their presence across the globe. However, the global culture media market demonstrates consolidated structure market.
The top five companies account for around 60% market share in the global culture media market. The key companies operating in the global culture media market are Merck KGaA (Merck Millipore), Bio-Rad Laboratories Inc., EIKEN CHEMICAL Co. Ltd., and HiMedia Laboratories Pvt Ltd. TMR observe that the prominent companies are largely focused towards mergers and acquisitions in order to gain foothold and to strengthen their presence across the globe.
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The study presented here is based on a report by Transparency Market Research (TMR) titled "Culture Media Market: (Media Type – Dehydrated Culture Media, Prepared Culture Media, and Chromogenic Culture Media; End User - Hospitals, Diagnostic Centers and Academic, and Research Institutes) - Global Industry Analysis, Size, Share, Volume, Growth, Trends, and Forecast 2017 – 2025."
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