Fetal Bovine Serum Market
Number of pages: 100 | Report Format: PDF | Published date: July 04, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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Market Size Value in 2022 |
US$ 1.75 billion |
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Revenue Forecast in 2031 |
US$ 4.45 billion |
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CAGR |
10.9% |
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Base Year for Estimation |
2022 |
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Forecast Period |
2023 to 2031 |
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Historical Year |
2021 |
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Segments Covered |
Application, End User, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global fetal bovine serum market was valued at US$ 1.75 billion in 2022 and is expected to register a revenue CAGR of 10.9% to reach US$ 4.45 billion by 2031.
Fetal Bovine Serum Market Fundamentals
Fetal bovine serum (FBS) is the most commonly used supplement in animal cell culture media. It contains several nutritive and macromolecular components that are crucial for cell proliferation. In addition, it includes hormones, carbohydrates, lipids, fatty acids, amino acids, and modest levels of gamma globulin. As a result, it has a wide range of uses, including supplying vital nutrients and promoting cell survival and proliferation in eukaryotic cell culture. It is also employed in biotech medication production, research, manufacturing, and overseeing human and animal vaccinations.
Fetal bovine serum can be used to create stem cells to treat patients with acute and chronic lung damage brought on by the coronavirus illness (COVID-19). It also plays a crucial part in several scientific studies since it includes growth factors and antibodies that may be used in labs to maintain cells alive so they can divide, develop, and evolve. This is accelerating the global demand for fetal bovine serum, combined with a notable increase in research and development (R&D) efforts because of increased financing by governmental and commercial entities to offer innovative biopharmaceuticals. The market is expanding due to the rising frequency of acute and chronic disorders and the rising demand for biopharma products. In addition, the growing popularity of nuclear families and rising income levels favor pet ownership and humanization, leading to a rise in the adoption of companion animals worldwide. This is expected to increase the need for fetal bovine serum in veterinary diagnostics and vaccines to fight infectious illnesses throughout the world, along with the increased consumption of items originating from animals.
Fetal Bovine Serum Market Dynamics
Fetal bovine serum (FBS) demand is anticipated to increase in the upcoming years due to factors including the growth of the biopharmaceutical sector in both developed and emerging economies. Increasing R&D efforts and spending by leading players for the launch of new goods on the market are also some of the main factors fueling the industry's expansion. The demand for fetal bovine serum products is also rising since fetal bovine serum is increasingly used in developing vaccines and drugs. The COVID-19 pandemic had a favorable effect on the world economy.
Supplemental fetal bovine serum is utilized in the growing medium for vaccinations. Many nations are struggling due to the pandemic's effects and continue to burden their economy and healthcare systems heavily due to the high transmission rate and lack of treatment. Numerous nations were and still are in lockdown. They halted commerce with other nations and imposed travel restrictions, which caused a drop in the market capitalizations of significant firms throughout the globe. However, things are progressively getting better. As biopharmaceutical innovators lead in vitro research and development for the hunt for vaccines and antiviral, the present COVID-19 epidemic positively affects market growth. A culture medium where the targeted virus or bacterium is cultivated and the response is determined is often needed for the in vitro assessment of vaccines and antivirals. The demand for culture medium and fetal bovine serum is fueled by the pharmaceutical industry’s increased emphasis on research and development.
According to a study publication titled "Role of Viral Transport Media in Sustaining COVID-19 Testing," released in October 2020, most viral transport media is made of fetal bovine serum. Samples are preserved and transported using a viral transport medium. The COVID-19 virus may be preserved in a viral transport media (VTM), chosen over other varieties because it is a non-toxic combination of antimicrobials and buffered solutions that can do so while eradicating potentially contaminating flora.
Fetal bovine serum is further employed as an extra media supplement for cell culture due to the high concentration of substances that promote embryonic development. For most cell culture systems, the serum is regarded as one of the most efficient growth promoters compared to the other animal-based serums available; this indicates a rise in fetal bovine serum usage, which is anticipated to drive market expansion.
As an alternative, the potential abuse of biotechnology research procedures is linked to ethical and scientific problems. A need for more competent workers further constrains the expansion of the fetal bovine serum industry. The price of fetal bovine serum has significantly increased over the past several years, which is a major limitation. As a result, the market is also undergoing a substantial change.
Fetal Bovine Serum Market Ecosystem
The global fetal bovine serum market is analyzed from the following perspectives by application, end user, and region.
Fetal Bovine Serum Market by Application
Based on the application, the global fetal bovine serum market is segmented into drug discovery, in-vitro fertilization, vaccine production, cell-based research, diagnostics, and others.
The vaccine production segment led the global market in 2022, and the production of vaccines, FBS, is a typical additive. It is a rich supply of nutrients and growth factors which support cell development and proliferation and are crucial for creating certain vaccines. The COVID-19 pandemic brought forward increased research efforts for vaccine development. As a result, there was a dramatic rise in the need for FBS in vaccine production and research. The most lucrative market is anticipated to be in-vitro fertilization. From 2023 to 2031, the market is anticipated to expand at a CAGR of 15.5%. For the growth and development of embryos, FBS offers vital nutrients, hormones, and growth factors. It is frequently used with other supplements, such as human serum albumin, to increase the quality of the embryos and optimize the circumstances of embryo culture. With more IVF cycles being performed globally, the need for FBS is anticipated to rise in the upcoming years.
Fetal Bovine Serum Market by End User
Based on the end user, the global fetal bovine serum market is segmented into pharmaceutical & biotechnology companies, contract research organizations, academic and research organizations, and others.
With a market share of 35.4% in 2022, pharmaceutical and biotechnology firms had the largest share. This results from fetal bovine serum being used in medication development more often. The expanding use of fetal bovine serum by pharmaceutical and biotechnology industries is fueling the sector expansion. The rising prevalence of chronic illnesses like cancer needs increased research efforts.
The Contract Research Organizations (CROs) segment is predicted to see the fastest CAGR between 2023 and 2030, at 13.8%. Using a CRO provides several advantages that will aid the manufacturer in running a successful clinical development program, opening up significant growth prospects for this market throughout the projection period. The category is expanding due to improved worldwide reach, the availability of essential resources, and the simplicity of delegating tasks and responsibilities to the CRO. Due to these benefits, more manufacturers are choosing to outsource their research programs to CROs rather than conducting them internally, which is seeing considerable growth in the market sector.
Fetal Bovine Serum Market by Region
Based on the region, the global fetal bovine serum market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
North America is the leading region as a result of the existence of significant market participants; The regional market was fueled by rising government funding, the existence of top clinical diagnostics firms, and the increasing attention being paid to the development of biopharmaceuticals in North America.
The major market in the area is anticipated to be the United States. The U.S. government has spent more than USD 134.1 billion on research and development (R&D), according to a study by the Congressional Research Service (2020). In the United States, the federal government sponsors research and development initiatives resulting in new technology and scientific discoveries. Additionally, the United States benefits from major market participants such as Merck KGaA, R&D Systems Inc., Rocky Mountain Biologicals, and TCS Biosciences Ltd, which have well-known portfolios of FBS products.
The greatest market in the area is the United States. The U.S. government has spent more than USD 134.1 billion on research and development (R&D), according to a study by the Congressional Research Service (2020). The federal government of the United States generously supports research and development, which has led to advancements in science and new technologies. The nation's biopharmaceutical industry is growing quickly. As a result, more research projects are being conducted, raising the need for fetal bovine serum because it is utilized to create and grow cell lines.
Maximum growth is projected in the Asia Pacific region between 2023 and 2031, with a CAGR of 13.8%. This is because there are more and more biopharmaceutical producers in emerging nations like South Korea, China, and India. By serving their home and local customers, these businesses are expanding quickly. Expanding academic institutions and clinical research companies are further contributing factors.
Fetal Bovine Serum Market Competitive Landscape
Some of the prominent market players in the global fetal bovine serum market include,
Fetal Bovine Serum Market Strategic Development
Fetal bovine serum (FBS) is the most commonly used supplement in animal cell culture media. It contains several nutritive and macromolecular components that are crucial for cell proliferation.
The estimated market size of the fetal bovine serum Market in 2031 is US$ 4.45 billion.
The revenue CAGR of the fetal bovine serum market during the forecast period is 10.9%.
Some prominent global fetal bovine serum market players include Thermo Fisher Scientific Inc., HiMedia Laboratories, and Sartorius AG.
The pharmaceuticals & biotech firms segments led the global fetal bovine serum market in 2022.
*Insights on financial performance are subject to the availability of information in the public domain