Global Cell Culture Market, by Product Type (Instruments and Consumables), by Application (Vaccine Production, Gene Therapy, Cancer Research, Tissue Culture, Drug Development, and Others), by End User (Academic & Research Institutions, and Pharmaceutical and Biotechnology Companies), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 19,198.0 Million in 2022 and is expected to exhibit a CAGR of 7.2 % during the forecast period (2022-2030), as highlighted in a new report published by Coherent Market Insights.
The increase in product launches by key market players is expected to drive growth of market over the forecast period. For instance, on January 14, 2021, Captivate Bio, a custom cell culture service provider, announced launch of a portfolio of cell culture tools to assist in the fight against COVID-19 and other emerging diseases as well as to help address the gaps exposed by supply chain issues and delays in cell culture media manufacturing in the U. S.
Moreover, the increasing adoption of inorganic strategies such as collaborations by key players is expected to drive the market growth over the forecast period. For instance, in June 2020, Lonza, a Sweden-based multinational manufacturing company for the pharmaceutical, biotechnology and nutrition sectors and CELLINK (now part of BICO), a bioconvergence startup that designs and supplies technologies and services to enhance biology research, jointly collaborated to offer a 3D bioprinting solution designed to advance complete 3D cell culture workflows.
Global Cell Culture Market– Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic and lockdowns in various countries across the globe have impacted the financial status of businesses across all sectors, including the private healthcare sector. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry, mainly due to strict lockdown in several regions. Private healthcare is one such sector that has been impacted significantly by the COVID-19 pandemic.
However, the COVID-19 pandemic had a positive impact on market, owing to the increasing funding by various government organizations to develop COVID-19 antibody. For instance, in September 2021, the Australian Government provided US$ 5 million to Walter and Eliza Hall Institute of Medical Research (Melbourne), an Australia's oldest medical research institute, to find a new, effective, safe antibody treatment to combat COVID-19. As of September 2021, the Government had invested US$ 96 million from the Medical Research Future Fund (MRFF) in COVID-19 research. This included diagnostics, vaccine development, antiviral development, clinical trials, digital health research infrastructure, and human immune response to COVID-19 infection.
Global Cell Culture Market: Key Developments
For instance, in February 2022, KromaTiD, a pharmaceutical and cell and gene therapy company, expanded its service offerings with the launch of cell and blood culture isolation, processing, and quality control services.
Browse 34 Market Data Tables and 31 Figures spread through 160 Pages and in-depth TOC on “Global Cell Culture Market”- Forecast to 2030, Global Cell Culture Market, by Product Type (Instruments and Consumables), by Application (Vaccine Production, Gene Therapy, Cancer Research, Tissue Culture, Drug Development, and Others), by End User (Academic & Research Institutions, and Pharmaceutical and Biotechnology Companies), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/cell-culture-market-116
Growth in the prevalence of chronic diseases, such as cancer and cardiovascular diseases, has led to an increased focus on cytological studies, leading to rising demand for culture systems and media products. For instance, according to the WHO (World Health Organization), On 11 June 2021, cardiovascular diseases lead to over 17.9 million deaths each year.
Key Takeaways of the Global Cell Culture Market:
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