The global fetal bovine serum market is presumed to soar high during the forecast period 2018-2023 owing to the advancements in research and academic initiatives by the private and governmental sector. Market Research Future Reports published their latest report on the global Fetal Bovine Serum Market Size was valued at USD 0.9 billion in 2022 and is projected to grow from USD 0.95 Billion in 2023 to USD 1.3 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.60% during the forecast period (2023 - 2030).
Fetal bovine serum is a by-product from the beef industry and is a crucial raw material for animal health, biotechnology, pharmaceutical research, and diagnostic as well as other research areas.
Global Fetal Bovine Serum Market: Drivers & Trends
Increase in academic research institutes globally is driving the demand for fetal bovine serum. There have been various governments bodies who are collaborating with academic research institutes to support research activities in pharmaceutical, biotechnology, diagnostics, and veterinary industries as the fetal bovine serum is an essential element for the development of drug and having wide applications in cell-based pharmaceutical research.
Also, fetal bovine serum (FBS) is also considered to be the most widely used in the growth of cell culture media owing to its high content of embryonic procedures. These abilities of fetal bovine serum are driving to the growth of global fetal bovine serum market. Thus, when it is used at appropriate concentrations, it tends to supply many defined and undefined components that satisfy specific metabolic requirements for the culture of cells.
On the other hand, the advancement in research and academic initiatives by researches is also expected to drive the market growth in positive ways. There has also been observed that the surge in demand from traditional users of serum is also encouraging the market to operate in the years to come. Even the government bodies are investing in more extensive ways to promote and support research activities. This, in turn, is motivating to accelerate the growth of the global fetal bovine serum market in the years to come.
Global Fetal Bovine Serum Market Segmentation
According to the reports published by Market Research Future Reports has mentioned that the global fetal bovine serum market insights has been segmented by product type, application, and end user.
Wherein, the fetal bovine serum market, by product type is segmented into charcoal stripped, chromatographic, Dialyzed Fetal Bovine Serum (FBS), exosome depleted, stem cell, and others. Added to this, the stem cell is further segmented into embryonic stem cells qualified, and mesenchymal stem cell qualified.
By the mode of application, the fetal bovine serum market has been segmented into drug discovery, cell culture media, in-vitro fertilization, human & animal vaccine production, diagnostics, and others.
By the mode of end user, the market is segmented into research & academic institutes, pharmaceutical, biotechnology, and others.
Region wise, the global fetal bovine serum market has covered the main regions such as Americas, Europe, Asia-Pacific, and the Middle East and Africa.
It has been observed that North America leads the global fetal bovine serum market owing to the growth of the market in rapid pace attributing to the factors such as an increase in funding events for research, and growing awareness about the high-end fetal bovine serum among medical professionals.
Whereas, Europe currently owes a considerable amount of market share in the fetal bovine serum market. It is observed that, in the near future, the region will predict with exhibiting declination in growth due to emerging ethical issues and religious sentiments about animal-derived products. Such a situation would result in a low market share over the forecast period.
Asia-Pacific is also projected to be the fastest growing region for the global fetal bovine serum market owing to the infrastructural development and increase in outsourcing of research activities to the contract research organizations (CROs) at relatively low cost.
On the other hand, the Middle East and Africa grasp the least share in the global fetal bovine serum market owing to the presence of economically diverse countries, and scarcer initiatives from the government.
Market Research Future Reports have listed the names of some of the crucial market players of the global fetal bovine serum market. The names are as follows, HiMedia Laboratories, Merck KGaA, Bovogen Biologicals Pty Ltd, Atlanta Biologicals Inc., TCS Biosciences Ltd, Tissue Culture Biologicals, Rocky Mountain Biologicals, GE Healthcare, Thermo Fisher Scientific, Bio-Techne, PAN-Biotech, Access Biologicals, Animal Technologies Inc., Nucleus Biologics, Biological Industries, Corning Incorporated
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