The global culture media market displays a highly consolidated landscape with a few companies holding huge market’s share, notes Transparency Market Research (TMR). The market is fairly competitive as the major companies increasingly engaging in new discoveries and innovations in culture media. Prominent companies in the culture media market include Bio-Rad Laboratories Inc., Dickinson and Company, Merck KGaA (Merck Millipore), HiMedia Laboratories Pvt Ltd., Becton, and Neogen Corporation. These companies are emphasizing on strategic mergers and acquisitions and alliances to gain a stronghold in the global culture media market.
As per expert analysts, the global culture media market is expected to burgeon at a promising 7.7% CAGR during the forecast period which is 2017 to 2025. The market valued at US$5,296.8 mn in 2016 and is anticipated to reach a valuation of US$10,138.6 mn by the end of the forecast period.
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In terms of end user, the global culture media market is segmented into diagnostic centers, hospitals, and academic and research institutes. Out of these, the hospital segment leads the market and is perceived to account for 43.5% of the market’s share by 2025. This is owing to the advancements in the hospital care systems.
Based on geography, the global culture media market is bifurcated into North America, Asia Pacific, Europe, Middle East and Africa, and Latin America. Out of these, North America dominates the market on account of recent advancements in medical technology. It is expected to hold 43% of the market’s share between 2016 and 2025.
Emerging Stem Cell Research to Underpin Growth
Ongoing research and development activities are key factors driving the growth of global culture media market. There have been significant developments in the life sciences industry pertaining to biopharmaceutical products. These developments have created a stir in the market, thereby widening its consumer base. Moreover, it has supported the proliferation of the global culture media market in other emerging industries, thus fortifying its growth.
Furthermore, a rise in emphasis on stem cell research has resulted in the emergence of biotech startups. This has supported the culture media market positively, thereby mushrooming its growth. In addition, increasing applications of cell culture media in contract research organizations have impacted the culture media market favorably, thus underpinning growth. Extensive use in academic research and environmental analysis are other factors fuelling the culture media market’s growth.
Stringent Regulatory Process to Impede Growth
On the downside, there are a few restraints that may impede the growth of global culture media market. High costs associated with manufacturing culture media and stringent regulatory process may cause a shortfall in the market. Nonetheless, rising incidence of chronic diseases and increasing penetration in the end use industry may offset the effects of the restraints. Additionally, high investment in research activities pertaining to disease diagnosis may create new avenues for the global culture media market.
Rising Demand for Regenerative Medicine to Present New Opportunities
With the recent technological developments in the culture media market, there has been a surge in demand for regenerative medicines. This has led to the development of new biomedical approaches such as directed differentiation to develop regenerative medicines. Additionally, new techniques of revitalizing worn-out body parts through the infusion of new cells have led to wide adoption of regenerative medicines. It also finds several applications in the treatment of cardiovascular diseases. Such developments have aided the global culture media market strengthen its growth ground, thereby creating new avenues.