The fetal bovine serum market is experiencing robust growth, advancing from $1,095.25 billion in 2023 to $1,176.47 billion in 2024, with a CAGR of 7.4%. The growth is driven by the expanding biopharmaceutical industry and increased adoption of cell-based therapies. By 2028, the market is expected to reach $1,644.06 billion at a CAGR of 8.7%, driven by the rise in cell therapies, advanced therapeutic modalities, and a focus on ethical sourcing. Key trends include global collaborations, regulatory compliance, and the development of animal-free alternatives.
Major Driver In The Fetal Bovine Serum Market
The growth of the farm tractor rental market is linked to the increasing trend of farm mechanization. Farm mechanization involves the adoption of advanced machinery and technology in agricultural operations, leading to enhanced efficiency, higher crop yields, and increased profitability for farmers. According to the Farm Production Expenditure report from the United States Department of Agriculture in July 2022, the expenditure for tractors and self-propelled farm machinery in US agriculture practices reached $17,600 million in 2021. On average, the cost of tractors and self-propelled farm machinery expenditure per farm in the US stood at $8,784. This rise in farm mechanization stimulates the demand for farm tractor rental, influencing market sizes for 2023, 2024, and 2028.
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Fetal Bovine Serum Market Competitive Landscape
Thermo Fisher Scientific Inc., Merck KGaA, GE Healthcare, Corning Incorporated, Cytiva, VWR International, Sartorius AG, Bio-Techne Corporation, Atlas Biologicals Inc., R&D Systems Inc., Atlanta Biologicals Inc., Cyagen Biosciences, GenClone Inc., Gemini Bio-Products, Access Biologicals LLC, Nucleus Biologics, ZenBio Inc., Biowest, Wellington Laboratories Inc., Bovogen Biologicals Pty Ltd., TCS Biosciences Ltd., J R Scientific Inc., Rocky Mountain Biologicals Inc., Tissue Culture Biologicals, Moregate Biotech, Cell Applications Inc., Altogen Biosystems, Axil Scientific Pte Ltd., Animal Technologies Inc., PAN- Biotech, PAA Laboratories GmbH, Peak Serum Inc., Biochrom GmbH
Key Fetal Bovine Serum Market Trend
Increasing collaborations between companies and research institutions are a notable trend in the fetal bovine serum (FBS) market. These partnerships aim to boost production capabilities, expand market share, and develop new products. For example, GE Healthcare, a US-based company, partnered with New Zealand-based Oritain to create an independent test that verifies the country of origin of FBS. This test assists biomanufacturing entities by addressing different risk levels of virus contamination associated with FBS from various countries.
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Fetal Bovine Serum Market Segmentation
The fetal bovine serum market covered in this report is segmented –
1) By Product: Charcoal Stripped, Chromatographic, Dialyzed Fetal Bovine Serum, Exosome Depleted, Stem Cell, Other Products
2) By Application: Drug Discovery, Cell Culture Media, In Vitro Fertilization, Human and Animal Vaccine Production, Diagnostics, Other Applications
3) By End-User: Research and Academic Institutes, Biotechnology and Pharmaceutical Industry, Other End-Users
By Geography:The regions covered in the fetal bovine serum market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the fetal bovine serum market in 2023.
The Fetal Bovine Serum Global Market Report 2024 furnishes information about the global fetal bovine serum market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
