Global Cell and Tissue Culture Supplies Market Report, published by Variant Market Research, forecast that the global market is expected to reach $36,744 million by 2024 from $17,863 million in 2016, growing at a CAGR of 9.4% from 2016 to 2024.
Global Cell and Tissue Culture Supplies Market Report, published by Variant Market Research, forecast that the global market is expected to reach $36,744 million by 2024 from $17,863 million in 2016, growing at a CAGR of 9.4% from 2016 to 2024. By geography, Asia-Pacific and Europe are expected to grow at a CAGR of 10.5% and 10.0%, respectively, during the forecast period.
Major drivers of global cell and tissue culture supplies market are increasing demand for artificial organs, increasing investments on R&D for cell-based research and tissue engineering, and growing need for serums and vaccines, among others. Although, complexity of cell culture techniques and moral concern over mismanagement of animals may hamper the growth of the market. Moreover, growing demand for customized media solutions and third-party contracts would provide several market scopes in the coming years.
Type, application, and geography are the major segments of the global cell and tissue culture supplies market. Type segment comprises instruments (culture systems, incubators, biosafety cabinets, cryostorage equipment, roller bottle equipment, pipetting instruments and others), and consumable products (media, reagent, sera, contamination detection kits, cryoprotective agents). Instruments expected to dominate the market with highest market over the forecast period 2016 – 2024. Additionally, application segment is further bifurcated into biopharmaceutical production, vaccine production, toxicity testing, drug screening & development, gene therapy, and cancer research, among others. Biopharmaceutical held the highest market share in 2016.
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Geography segment is further categorized into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America accounted the highest market share in 2016 and expected to continue its dominance over the forecast period 2016 – 2024. Asia-Pacific is anticipated to grow at a fastest CAGR from 2016 to 2024, driven by increasing need for automated cell culture process, and growing demand for drug discovery.
Major players of cell and tissue culture supplies market are Thermo Fisher Scientific, Inc., STEMCELL Technologies Inc., Wheaton Industries, Inc., Corning, Inc., Merck KGaA, Lonza Group AG, VWR International, Promo cell GmbH, Eppendorf AG, and GE Healthcare, among others.
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