by The global adult bovine serum market is estimated to be valued at US$ 119.3 million in 2022 and is expected to exhibit a CAGR of 5.6% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights. Adult bovine serum is widely used in cell culture applications across various industries such as pharmaceutical, biotechnology, and research. It provides essential nutrients, growth factors, and proteins required for the growth and proliferation of cells. The rising demand for cell culture-based research and biopharmaceutical production is driving the growth of the adult bovine serum market.
Market Dynamics:
The two major drivers for the growth of the adult bovine serum market are increasing investments in cell culture research and advancements in biopharmaceutical production.
The investments in cell culture research have been increasing significantly in recent years. Universities, research institutions, and companies are investing heavily in developing innovative cell culture models and techniques for studying disease mechanisms, drug efficacy, and toxicity testing. The use of adult bovine serum in these research applications provides optimal conditions for cell growth and differentiation, which propels the demand for this product in the market.
Advancements in biopharmaceutical production, specifically in the development of monoclonal antibodies, have also contributed to the growth of the adult bovine serum market. Monoclonal antibodies are widely used in the treatment of various diseases, including cancer and autoimmune disorders. The production of these antibodies requires large-scale cell culture systems, where adult bovine serum plays a crucial role in providing the necessary nutrients and growth factors for cell growth. The increasing demand for monoclonal antibodies is driving the market for adult bovine serum.
Segment Analysis:
The biotechnology and pharmaceutical segment dominates the adult bovine serum market. This segment includes companies involved in drug discovery, cell culture research, and biopharmaceutical production. The demand for adult bovine serum in this segment is driven by its widespread use in cell culture applications for drug screening, target identification, and therapeutic protein production. The biotechnology and pharmaceutical segment is expected to continue dominating the market due to ongoing research and development activities and the growing demand for novel therapies.
PEST Analysis:
Political: The export and import regulations for animal-derived products, including bovine serum, vary across different countries. Stricter regulations related to animal welfare and biosecurity measures may impact the supply and cost of adult bovine serum in certain regions.
Economic: The increasing investments in biopharmaceutical production and cell culture research are driving the economic growth of the adult bovine serum market. The growing demand for biologics and the expansion of the biotechnology and pharmaceutical industries are contributing to the market’s economic prosperity.
Social: The rising prevalence of chronic diseases, such as cancer and autoimmune disorders, has increased the demand for innovative therapies. Adult bovine serum plays a crucial role in the production of biopharmaceuticals, including monoclonal antibodies, which are used in the treatment of these diseases. Thus, the social factors driving the market include the need for more effective therapies and personalized medicine.
Technological: Advancements in cell culture technologies, such as the development of serum-free and animal component-free cell culture media, are reducing the dependency on adult bovine serum. However, these alternatives have limitations in supporting certain cell types and applications. The technological advancements in cell culture techniques and the ongoing research for serum-free supplements are expected to impact the adult bovine serum market.
Key Takeaways:
The global Adult Bovine Serum Market Growth is expected to witness high growth, exhibiting a CAGR of 5.6% over the forecast period. The increasing investments in cell culture research and advancements in biopharmaceutical production are the major drivers for this growth.
In terms of regional analysis, North America is the fastest-growing and dominating region in the adult bovine serum market. This can be attributed to the presence of major biotechnology and pharmaceutical companies, extensive research activities, and government initiatives supporting biomedical research.
Key players operating in the global adult bovine serum market include HiMedia Laboratories, Sartorius AG, Thermo Fisher Scientific, Auckland BioSciences Ltd., Moregate Biotech, Bovogen Biologicals, Merck KGaA, Capricorn Scientific GmbH, Gemini Bio, ROCKY MOUNTAIN BIOLOGICALS, Otto Chemie Pvt. Ltd, CellSera Australia, Serana Europe GmbH, TRINA BIOREACTIVES AG, and WISENT BIOPRODUCTS. These companies are investing in research and development activities, strategic collaborations, and product launches to maintain their market position and meet the growing demand for adult bovine serum.
