The Global Culture Media Market size is estimated to be USD 4.74 billion in 2019 and is predicted to reach USD 10.83 billion by 2030 with a CAGR of 7.8% from 2020-2030. Culture Media consist of vitamins, minerals, amino acids and other essential nutritional elements which help in microbial growth. These media are used in laboratories and research centers for the microbial, bacterial and fungal growth for various purposes such as drug development and others. Culture media is evolving over the period of time which has further simplifies the storage and reduction in storage cost is observed.
Market Dynamics and Trends
The developing infrastructure and technological advancement coupled with modernization the healthcare industry. Moreover, increase in research activities all overall the globe coupled with increase in diagnostics laboratories are further expected to promote the growth of culture media market.
The other factors include increase in research activities in different areas such as oncology, stem cells, biopharmaceuticals and others coupled with increased investments in research and development are expected to propel the market growth. However, lack of skilled professionals with ethical and scientific concerns is further expected to hamper the market growth. On the other hand, untapped potential in developing economies and innovation in the culture media are expected to create ample opportunities in the culture media market.
Market Segmentations and Scope of the Study:
The global culture media market share is analyzed on the basis of type, research type, application, end user and geography. On the basis of type, the market is segmented into Lysogeny, Broth, Chemically Defined Media, Classical Media, Serum-free Media, Specialty Media, Stem Cell Media, Custom Media Formulation, and Others. Based on research type, the market is fragmented into Cytogenetics, Cell Therapy, and Others. Based on application, the market is categorized into Cancer Research, Biopharmaceuticals, Regenerative Medicine & Tissue Engineering, Stem Cell Technologies, Drug Discovery, and Others. On the basis of end user, the market is divided into Biotechnology & Pharmaceutical Industry, Academic Institute, Research Laboratory, and Others. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.
North America is expected to hold the major market share over the forecast period owing to increased adoption of culture media. Moreover, increase in R&D activities coupled with technological advancement and presence of developed infrastructure is further expected to augment the growth of culture media market.
Asia Pacific is expected to show rapid growth over the forecast period with considerable growth in market share owing to the increase in diagnostics and research labs coupled with increased investment in research activities in different areas are further expected to accelerate the growth of culture media market.
The culture media market, which is highly competitive and fragmented in nature, consists of various market players. Some of the major market players include Becton, Dickinson and Company (BD), Avantor Performance Materials, LLC, Caisson Laboratories, Inc., Bio-Rad Laboratories Inc., Corning Incorporated, Cell Culture Technologies LLC, GE Healthcare, Fujifilm Holdings Corporation, Lonza Group Ltd., HiMedia Laboratories Pvt., Ltd, Sartorius AG, Merck & Co., Inc., Thermo Fisher Scientific Inc., Sera Scandia A/S, and Vitro Diagnostics, Inc. among others.
In the recent past there have been various developments taken place in the market and further expected to takes place in near future over the forecast period. For instance, in October 2019, Thermo Fisher Scientific Inc. has launched Gibco BenchStable Media are the latest offering in the Gibco product line from Thermo Fisher Scientific and provide a flexible alternative for biological researchers that also saves energy. The new culture media are shipped in sustainable packaging.