Fetal Bovine Serum Market Recorded Hyper Growth in the Upcoming Year
Increase in research and development activities related to cell culture in scientific fields such as biopharmaceuticals and biotechnology is a major factor contributing to the growth of the market. Additionally, increasing use of FBS in primary cell cultures for in-vitro testing and drug screening are key factors expected to drive market growth.
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By application, biopharmaceutical segment accounted for the maximum market revenue in 2020 and is expected to dominate the forecast period. The introduction of new biopharmaceuticals to treat various diseases worldwide has led to a significant increase in biotech R&D activities.
By end-user, the biotechnology and pharmaceutical industries segment accounted for the maximum market revenue in 2020 and is expected to dominate over the forecast period. This segment is expected to exhibit high growth rate due to significant increase in R&D for biopharmaceutical drug development and cancer research.
North America was the leading revenue contributor to the global market in 2020 due to increase in healthcare investments by manufacturers and increase in R&D spending for various biotechnology research purposes. Asia-Pacific is expected to witness the highest growth during the forecast period owing to the increase in biotech R&D and the presence of major market players in the region.
Key Players:
· Danaher (Cytiva),
· Merck KGaA (Sigma Aldrich),
· HiMedia Laboratories Pvt., Ltd,
· Bio-Techne,
· Sera Scandia (Biowest),
· Sartorius (Biological Industries),
· Rocky Mountain Biologicals,
· PAN-Biotech
· Thermo Fisher Scientific Inc.
