The Fetal Bovine Serum Market Anticipated to Generate a Revenue of $1,568,586.40 Thousand in 2021, Growing at a CAGR of 6.4% from 2021 to 2028Download Sample Reports Overview
The fetal bovine serum market is estimated to be valued at $1,568,586.4 thousand by 2028, surging from $969,033.5 thousand in 2020, at a healthy CAGR of 6.4%.
Impact Analysis of COVID-19 on the Fetal Bovine Serum Market
The emergence of COVID-19 pandemic has moderately impacted the fetal bovine serum market. Due to complete lockdown across the world, the academic institutes and colleges were closed for more than a year, because of which the demand for fetal bovine serum is severely impacted. The serum is majorly used in the eukaryotic cell culturing experiments conducted in the academic institutes. This decrease in the demand for fetal bovine serum is likely to hinder the market growth in future. However, as the infection rate and its transmission has increased, more people are being infected by the corona virus. This has resulted in the people suffering from adverse complications. To control this, many biotechnological and biopharmaceutical companies have initiated their research and development activities to develop vaccine for the treatment of the infection. This factor is likely to fuel the market growth of fetal bovine serum in the future.
Fetal Bovine Serum Market Analysis
As research and developmental activities in scientific fields like cell culture and vaccine production have increased, the use of fetal bovine serum as a growth medium has grown tremendously. This rising demand is expected to accelerate the growth curve of fetal bovine serum in the anticipated years. Fetal bovine serum is loaded with impressive growth factors, minerals, vitamins and other valuable nutrients which make it a perfect choice for the growth of the mammalian and other eukaryotic cells in the laboratory. This factor is expected to drive the market of fetal bovine serum in the coming years. Also, expanding application areas of fetal bovine serum like biopharmaceuticals, vaccine production & cell culture and research experiment in academic institutes is further expected to generate a huge revenue for fetal bovine serum in the future.
Factors such as high cost of fetal bovine serum is likely to impede the growth of fetal bovine serum market. For instance, according to a research paper, ‘Long-term growth comparison studies of FBS and FBS alternatives in six head and neck cell lines’, published in PLOS ONE, a scientific journal, on June 7, 2017, increased demand for fetal bovine serum and its limited availability have resulted in rise of the price of serum by greater than 300% in the last few years. The rising cost of the fetal bovine serum is due to the use of expensive techniques like gamma irradiations and filtration required to purify the serum after collection and before distribution. This factor is likely to hinder the growth of the market in the future.
Top serum manufacturing companies are focusing on developing and manufacturing animal derived medicinal products. For this, they have increased their research activities in cell culturing using fetal bovine serum. Such factors are expected to open various opportunities for the biopharmaceutical countries in the forecast time period.
Fetal Bovine Serum Market, Segmentation
The patient monitoring device market is segmented based on application, end-user, and region.
Based on application, the market has been divided into biopharmaceuticals/drug discovery, cell culture, human & animal vaccine production, and others sub-segments. Among these, the biopharmaceuticals/drug discovery sub-segment is predicted to have the fastest growing market share in the global market and register a revenue of $212,045.60 thousand, with an increase from $123,699.20 thousand in 2020. The growth of the sub-segment is due to the fact that the production of various biopharmaceutical products like artificial hormones and interferons, in vitro, involves cell culturing on a growth media which is rich in fetal bovine serum. The demand for biopharmaceutical products is gaining pace as these medicines are cheap and their mass production is conducted easily.
Based on the end-user, the market is divided into biotechnology & pharmaceutical company, academic institute, and research laboratory. The biotechnology & pharmaceutical companies sub-segment of market is projected to have the dominating share and reach $807,173.70 thousand by 2028 in a time frame of 2021-2028. The growth of the sub segment is projected to continuous expanding product portfolio of biopharmaceutical & biotechnological companies with medicines produced in animals in large quantities. Due to occurrence of diseases, the demand for drugs have increased. Thus, many companies have expanded their research and developmental activities involving fetal bovine serum. This factor is further likely to drive the sub-segment market in the future.
The fetal bovine serum market for the North American region is projected to witness rapid growth. This market generated a revenue of $374,046.90 thousand in 2020 and is further projected to reach up to $566,259.70 thousand by 2028. The regional growth is attributed to the establishment of major companies in the market and their constant efforts to develop highly efficient serum for research activities. Also, the region is highly concentrated with cattle rearing, due to which there is good supply of fetal bovine serum as the fetal bovine serum is extracted from the slaughtered cows in the slaughter homes.
Key Players in the Fetal Bovine Serum Market
The companies involved in the fetal bovine serum market are –
- GE Healthcare
- HiMedia Laboratories Pvt., Ltd.
- Biological Industries
- Rocky Mountain Biologicals
- Thermo Fisher Scientific Inc
- Tissue Culture Biologicals
- Cell Culture Technologies LLC
- Nucleus Biologics.
Porter’s Five Forces Analysis for the Fetal Bovine Serum Market
- Bargaining Power of Suppliers: Since the number of suppliers are limited in number, they demand a large amount for the raw material and the products from the customers.
Hence, the bargaining power of suppliers is high.
- Bargaining Power of Buyers: Buyers are high in number but since the raw material and the product availability is less, they have to pay for the products asked by the suppliers or manufacturers.
Thus, the bargaining power of the buyers is low.
- Threat of New Entrants: New companies entering the market have great opportunity to introduce alternative and less controversial serum product at a less price.
Thus, the threat of the new entrants is high.
- Threat of Substitutes: In case of fetal bovine serum, various new alternatives are available in the market that prove to be equally efficient.
Thus, the threat of substitutes is high.
- Competitive Rivalry in the Market: The competitive rivalry among industry leaders is very high as the opportunity to expand their business is vast, especially between the global players.
Therefore, competitive rivalry in the market is high.