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.
Some of the major drivers of global cell and tissue culture supplies market are increasing investments on R&D for cell-based research and tissue engineering, growing demand for artificial organs, rising need for serums and vaccines, and among others. Though, complexity of cell culture techniques and moral concern over mismanagement of animals could limit the adoption of cell and tissue culture. Besides, increasing demand for customized media solutions and third-party contracts would provide several market scopes in forecasted period.
The global cell and tissue culture supplies market has been categorized into type, application, and geography. The type segment is bifurcated into consumable products (media, reagent, sera, contamination detection kits, cryoprotective agents) and instruments (culture systems, incubators, biosafety cabinets, cryostorage equipment, roller bottle equipment, pipetting instruments and others). Furthermore, applications are categorized into vaccine production, biopharmaceutical production, toxicity testing, gene therapy, drug screening & development, cancer research and others.
By type, instruments accounted for the largest market share in 2016, while, consumable products are anticipated to attain fastest CAGR during the forecast period 2016 - 2024. Moreover, biopharmaceutical dominated the applications segment by largest market share, followed by vaccine production in 2016. In terms of growth, vaccine production is expected to dominate in the forecast period.
Geographically, the global cell and tissue culture supplies market is categorized into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America held the major portion in the total global market share with 49.4% in 2016, followed by Europe with 25.9%. Whereas, Asia-pacific is anticipated to dominate with fastest CAGR during the forecast period 2016 to 2024, due to, rising need for automated cell culture process, increasing demand for drug discovery and increasing number of people suffer from chronic diseases.
The key players considered in this market are STEMCELL Technologies Inc., VWR International, Wheaton Industries, Inc., Corning, Inc., Thermo Fisher Scientific, Inc., Merck KGaA, Lonza Group AG, Promocell GmbH, Eppendorf AG, and GE Healthcare, among others.