PORTLAND, Oregon and PUNE, India, April 12, 2018 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, "Culture Media Market by Type, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023,"the global culture media market was valued at $3,775 million in 2016, and is projected to reach $6,532 million by 2023, growing at a CAGR of 8.1% from 2017 to 2023. North America is anticipated to be the highest revenue contributor throughout the forecast period.
Culture media are nutrient growth substances provided in laboratory and research settings for growth, proliferation, maintenance, and storage of microorganisms and other cell types such as stem cells, mammalian, and other cell lines. Different culture media are available in the market for various cell cultures to survive and grow in their incubation environment.
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The culture media market is anticipated to grow considerably in the near future, owing to different factors such as increase in investments and funding for R&D and innovation in life sciences, especially biopharmaceutical products. In addition, the development of the biosimilar industry is instrumental in growth of the culture media market.
However, scientific and ethical constrains with respect to use of animal-derived products in culture media and dearth of skilled professionals restrict the market growth. On the contrary, the emerging markets such as India and China are anticipated to provide lucrative growth opportunities to the market players.
By type, lysogeny broth accounted for nearly one-fourth share of the global culture media market in 2016. In terms of application, cancer research accounted for a global revenue of nearly one-third share in 2016, and is projected to exhibit prominent growth rate, owing to its crucial role in drug development and surge in prevalence of cancer globally.
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In the culture media market, biotechnology and pharmaceutical industry generated revenue of $1,511 million in 2016, highest amongst all end users. This segment is anticipated to exhibit prominent growth rate, due to rise in demand for culture media and reagents required in this industry. By region, North America generated the highest revenue in the global culture media market in 2016.
Key Findings of the Culture Media Market:
- Research laboratories accounted for nearly one-third of the share of the culture media market in 2016.
- Biopharmaceuticals application is anticipated to grow with the highest CAGR throughout the forecast period.
- North America accounted for more than 40% of the global culture media market in 2016.
- The Asia-Pacific region is anticipated to grow at the highest rate in the culture media market during the analysis period, followed by LAMEA.
The report provides extensive competitive analysis and profiles of key market players such as Thermo Fisher Scientific, Inc., Merck & Co., Inc., GE Healthcare, The Sartorius Group, Corning Inc., Lonza Group, Becton, Dickinson and Company, HiMedia Laboratories, Vitro Biopharma, and Bio-Rad Laboratories, Inc. The other players in the value chain (not included in the report) include Irvine Scientific, Takara Bio, Inc., Caisson Laboratories, Inc., and Cyagen Biosciences, Inc.
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SOURCE Allied Market Research