The global Cell Culture Market is expected to reach USD 26.28 Billion by 2023 from USD 15.32 Billion in 2018, at a CAGR of 11.4%. Growth in this market is driven by the growing number of regulatory approvals for cell culture-based vaccines, increasing demand for monoclonal antibodies (mAbs), funding for cell-based research, growing preference for single-use technologies, and the launch of advanced cell culture products.
This report segments the global Cell Culture market into product, application, end user, and region. Based on product, the cell culture market is segmented into equipment and consumables. The consumables segment accounted for the largest market share in 2017 and it is expected to register the highest CAGR during the forecast period. The repeated purchase of consumables for various cell culture applications is the major factor supporting the growth of the consumables segment during the forecast period.
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Based on application, the cell culture market is segmented into biopharmaceutical/therapeutic, stem cell technologies, drug screening and development, tissue engineering and regenerative medicine, cancer research, and other applications. The biopharmaceuticals/therapeutic applications segment is expected to register the highest CAGR during the forecast period. The high growth of this segment is attributed to the commercial expansion of major pharmaceutical companies, growing regulatory approvals for the production of cell culture-based vaccines, and increase in the demand for monoclonal antibodies (mAbs).
In 2017, North America accounted for the largest cell culture market share of followed by Europe and Asia. The growing regulatory approvals for cell culture-based vaccines, rising incidence of diseases such as cancer, strong government support, and conferences and symposiums that create awareness on the latest trends in cell culture technology are the key factors driving the growth of the cell culture market in North America. However, the market in Asia is expected to register the highest CAGR during the forecast period. The high growth in the Asian market is attributed to factors such as favorable regulatory guidelines, lower manufacturing costs, growing presence of market players in emerging economies, and favorable government investments in the life sciences sector.
The cell culture market is highly competitive with the presence of several small and big players. The players in the market include Thermo Fisher Scientific (US), Merck KGaA (Germany), GE Healthcare (US), Lonza (Switzerland), Becton, Dickinson and Company (US), Corning Incorporated (US), Eppendorf AG (Germany), HiMedia Laboratories (India), Sartorius AG (Germany), PromoCell GmbH (Germany), Danaher Corporation (US), Irvine Scientific (US), InvivoGen (US), and CellGenix GmbH (Germany).
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