Global Fetal Bovine Serum Market: Snapshot
The global market for fetal bovine serum is gaining momentum on the back of rising demand for fetal bovine serum for research studies. Fetal bovine serum is important for ground-breaking research in drug development and finds wide applications in cell-based pharmaceutical research. Fetal bovine serum is a key feedstock in pharmaceutical, diagnostics, biotechnology, diagnostic, and veterinary industries. Fetal bovine serum, a by-product of the beef industry is a crucial raw material for animal health, biotechnology, pharmaceutical research, and diagnostic as well as other research areas.
However, in the past few years, the fetal bovine serum industry is witnessing product shortage due to climatic uncertainties along with increased beef and dairy demand that has led to a drastic drop in cattle herd population lowest in 60 years.
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As per projections of a market study by Transparency Market Research (TMR), the global fetal bovine serum market is anticipated to clock a healthy 8.0% CAGR for the forecast period between 2017 and 2025, for the market to be worth US$1,396.1 mn by the end of 2025 from its value of US$695.3 mn in 2016.
Cell Culture Media Application Segment to Continue to Remain in Lead
The report divides the global fetal bovine serum market based on a few parameters, viz. application, end-user, and region. Based on application type, the fetal bovine serum market is segmented into drug discovery, in vitro fertilization, cell culture media, diagnostics, human and animal vaccine production, and others. Vis-à-vis value and volume, the cell culture media segment led the market in 2016 and is anticipated to maintain its leading position over the forecast period owing to increasing cell culture applications of fetal bovine serum.
Based on end-user type, the fetal serum bovine market is segregated into research and academic institutes and industry (pharma, biotech, etc.). The industry segment held the leading market share of the fetal bovine market in 2016 in terms of both value and volume. This is mainly because of increasing demand for fetal bovine serum from pharmaceutical and biotechnology industry.
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Emergence of Contract Research Organizations to Make Asia Pacific Prominent Market
The global fetal bovine serum market has been segmented into five key regions, namely North America, Asia Pacific, Latin America, Europe, and the Middle East and Africa. Of them, in 2016, North America led the fetal bovine serum market vis-à-vis value due to the high consumption and high pricing of fetal bovine serum in the region. Europe is currently a significant market for fetal bovine serum; going forward, the region is anticipated to display declined growth because of religious sentiments and ethical issues pertaining to animal-derived products. Low pricing of fetal bovine serum also accounts for a low market share of Europe.
The Asia Pacific market for fetal serum bovine is anticipated to witness notable growth rate over the forecast period. The rapid emergence of contract research organizations in the region, especially in India and China is a key factor behind the growth of this regional market. Infrastructural development along with the presence of a large educated population pool are key factors behind the emergence of these countries as favored destinations for research pursuits. Large research organizations in the West are increasingly outsourcing research activities to these countries for relatively low cost without compromising on the quality of research.