Culture Media Market is Set to Experience a Significant Growth of 10.50% CAGR from 2023 To 2033

The global culture media market was estimated to be $2,975.6 million in 2019, growing at a CAGR of 7.7% from 2023 to 2033 to reach $ 5,398.6 million by 2033, according to Research Dive.

COVID-19 impact on Global Culture Media Market:

Before COVID 19 pandemic the global culture media market was expected to witness significant growth to reach $ 5,398.6 million by 2033. The novel coronavirus pandemic has a significant impact on the growth of the culture media market. The pandemic has affected the global supply chain owing to which the price of raw material has significantly increased. Furthermore, due to the stringent government regulation and COVID guidelines, companies have faced the problem with logistic and workforce management. Furthermore, owing to the disruption is supply chain and logistic, price of finish goods have skyrocketed, thereby putting the financial burden on the buyer.

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Market Dynamics:

The global market is driven by growing R&D investment for development of novel therapeutics to treat life threatening diseases. The growing prevalence of chronic and incurable diseases such as cancer, cardiovascular ailment, Parkinson’s diseases, diabetes, and Alzheimer disease has fostered need for advance and innovative medicine, owing to which companies are investing in development of advanced and innovative such cell and gene therapies.

The pharmaceutical and biopharmaceutical companies operating in the biologics market are investing in R&D activities to develop next-generation biologics such as antibody-drug conjugates, fusion proteins, biospecific, cell and gene therapy that will be more effective compare to existing biologics. These next-generation molecules are projected to have better efficacy against the target disease as well as have the ability to treat more than one aspect of the disease. Such factors are expected to fuel demand for the culture media in foreseeable future

The global culture media market is categorized into media type, application, end-user, and region.

Culture Media Market, Based on Media Type:

Based on media type, the global market has been segmented into dehydrated culture media, prepared culture media, and chromogenic culture media. The dehydrated media held major market share of 46.9% in 2019. Dehydrated culture media is cost-effective and easy to prepare owing to which it is widely used in most clinical and laboratory settings. The prepared culture media is expected to witness fastest growth over the forecast period. The growing demand for high-quality, as well as the volume and range of media required, led to the development of the ready-to-use prepared culture media.

Culture Media Market, Based on Application:

Based on application, the market is classified into cancer research, biopharmaceutical research, regenerative medicines, stem cell technologies, drug discovery, and others. Cancer research market was valued at $821.7 million in 2019, and is projected to reach $1,493.9 million by 2033, growing at a CAGR of 7.8% from 2023 to 2033. However, stem cell technologies segment is expected to grow at highest CAGR of 8.9% from 2023 to 2033 owing to the growing awareness related to the preservation of embryo cell.

Culture Media Market, Based on End User:

Based on end user, the market is segmented into biotech & pharmaceutical industry, academic institutes & research lab, hospitals & diagnostic centers, and others. The biotech and pharmaceutical segment was the highest contributor to the market, with $1,505.9 million in 2019, and is estimated to reach $2,752.3 million by 2033, at a CAGR of 7.8% during the forecast period. The biotech & pharmaceutical and academic & research lab media segments collectively accounted for around 85.0% market share in 2019, with the former constituting around 50.6% share.

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Culture Media Market, Regional Insights:

Geographically, the global culture media market was investigated across regions such as North America, Europe, Asia-Pacific and LAMEA. North America was the highest revenue contributor, accounting for $1,136.7 million in 2019, and is estimated to reach $470.39136 million by 2033, with a CAGR of 26.4%. North America is estimated to reach $1,927.3 million by 2033, at a significant CAGR of 6.8%. North America and Asia-Pacific collectively accounted for around 62.0% share in 2019, with the former constituting around 38.2% share.

Key Participants in the Global Culture Media Market:

The Key players operating in the global culture media market include BioMÉerieux SA, BD, Thermo Fisher Scientific Inc., HiMedia Laboratories Private Limited, Fujifilm Holdings Corporation, Merck & Co., Corning Incorporated, Lonza, CellGenix GmbH, and Sartorius AG. The players operating the market are focusing on partnership and acquisition to gain market share.