ALBANY, New York, January 3, 2018 /PRNewswire/ --
Worldwide, increase in number of academic research institutes is driving the demand for fetal bovine serum. Various governments are collaborating with academic research institutes to support research activities. Fetal bovine serum is a key raw material used in pharmaceutical, biotechnology, diagnostics, and veterinary industries. Fetal bovine serum is important for ground-breaking research in drug development and has wide applications in cell-based pharmaceutical research. A by-product of the beef industry, fetal bovine serum is a crucial raw material for animal health, pharmaceutical industry, biotechnology, and diagnostic as well as various other research areas, due to its efficacy and safe nature for most experimental procedures.
A report by Transparency Market Research forecasts the global fetal bovine serum market to clock a healthy 8.0% CAGR for the forecast period from 2017 to 2025, for the market to be worth US$1,396.1 mn by 2025 from US$695.3 mn in 2016.
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The fraction of blood that remains after cattle fetus is centrifuged to remove RBCs is fetal bovine serum. Fetal bovine serum amplifies cell cycle and cell metabolism and is an important element of the nutrient media which consists vitamins, nutrients, and hormones.
Dependence on Climatic Conditions and Rising Demand of Dairy Leads Declines Product Availability
The global fetal serum bovine market is witnessing unparalleled dynamics. The average cost of fetal bovine serum globally has increased exponentially as the availability of fetal bovine serum is dependent on environmental factors. The fetal bovine serum industry is witnessing product shortage due to adverse environmental conditions, along with increased beef and dairy demand that has led to a drastic drop in cattle herd population lowest in 60 years. This, along with a mergers and product calls has led to reduced product availability and hike in product costs.
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Fetal bovine serum is commonly used as a supplement in cell culture media. It provides macromolecules, proteins, low molecular weight, enzymes protein, trace elements, hormones, and other chemical components for cell culture media.
The emergence of contract research organizations predominantly in emerging economies is anticipated to drive the fetal bovine serum market in these regions. The demand for fetal bovine serum is increasing from research institutes in Asia Pacific in the upcoming years.
In terms of application type, the cell culture media segment led the overall market in 2016, and the segment is anticipated to hold on to its lead position until the end of the forecast period. Geography-wise, North America held the leading share of the fetal serum bovine market in 2016 vis-à-vis revenue. This is due to a high consumption of fetal bovine serum in the region.
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Transparency Market Research (TMR), in one of its recent market study states the global fetal bovine serum market to be large consolidated with the presence of a few dominant players. Despite competition, Thermo Fisher Scientific Inc. dominated the market in 2016. Savvy players are engaged in partnerships and strategic collaborations to bolster their position, says the report.
Some other prominent players in the fetal bovine serum market are Merck KGaA, TCS Biosciences Ltd., Atlanta Biologicals Inc., Rocky Mountain Biologicals, Tissue Culture Biologicals, GE Healthcare, HiMedia Laboratories, PAN-Biotech, and Bovogen Biologicals Pty Ltd.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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SOURCE Transparency Market Research