The cell culture market consists of sales of cell culture equipment and consumables for drug development and related services. Cell culture is the process by which cells are grown in suitable sterile environments under controlled conditions. Cell culture is one of the major tools used in molecular & cellular biology, manufacturing of medicines, and large-scale manufacture of biological compounds.
The global cell culture market is expected to decline from $15.78 billion in 2019 to $15.61 billion in 2020 at a compound annual growth rate (CAGR) of -1.04%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities resulting in operational challenges. The entire supply chain has been disrupted, impacting the market negatively. The market is then expected to recover and reach $23.55 billion in 2023 at a CAGR of 14.69%.
