April 24, 2024
Adult Bovine Serum Market

Adult Bovine Serum Market Poised to Witness High Growth Owing to Rising Demand from Biopharmaceutical Industry

The adult bovine serum market has witnessed significant growth in recent years owing to its wide application in cell culture media formulations. Adult bovine serum acts as a protein growth supplement for cellular growth and is commonly used as a fetal bovine serum substitute in cell culture applications. It helps in the proliferation and maintenance of various mammalian cells and contains a broad range of growth factors and other supplements essential for cell culture.

The global adult bovine serum market is estimated to be valued at US$ 145.13 billion in 2024 and is expected to exhibit a CAGR of 10% over the forecast period between 2024 to 2031.

Key Takeaways

Key players operating in the adult bovine serum market are Flex, TE Connectivity, Sanmina, Jabil, Celestica, Plexus, and Tecomet, among others. The rising demand for cell culture media from biopharmaceutical companies engaged in vaccine production and drug discovery is expected to offer significant growth opportunities to players in the coming years. With increasing investments in biologics manufacturing, several key players are expanding their production facilities across major markets including North America, Europe, and Asia Pacific to cater to the rising global demand.

Key players operating in the Adult Bovine Serum Market Demand industry are focusing on expanding their production capacity to cater to the growing demand. Flex, TE Connectivity, Sanmina, Jabil, Celestica, Plexus, and Tecomet are among the major players in the market. The rising demand from biopharmaceutical companies engaged in vaccine production and drug discovery is anticipated to offer significant growth opportunities to manufacturers over the forecast period. With investments in biologics manufacturing witnessing a surge, leading market players are expanding their production facilities across major regions including North America, Europe, and Asia Pacific to tap the growing demand globally.

The adult bovine serum market is expected to witness high growth over the forecast period attributed to several key drivers. The significant growth of the biopharmaceutical industry has highly driven the adoption of adult bovine serum in cell culture media formulations. Further, the growing demand for adult bovine serum from research laboratories and academic institutes is also propelling the market growth. An increase in research activities pertaining to developing novel therapeutics such as cell and gene therapies is estimated to augment the demand.

PEST Analysis

Political: Government regulations on import and export of biological materials will impact the availability and price of serum products in certain markets. Harmonization of quality standards across regions positively impacts the trade.

Economic: Growth in biopharmaceutical industry, cell therapy and tissue engineering will drive the demand for serum products and bolster the market value. Adoption of serum-free media may restrain the market to some extent.

Social: Rising awareness about the need for animal welfare and alternatives to animal derived products, especially after COVID-19, will steer the demand towards plant-derived and serum-free options. However, animal serum continues to be the gold standard in many research applications.

Technological: Advanced cell culture techniques like microcarrier cultures and perfusion systems allow scaled-up production using less serum volume. Continuous bioprocessing helps reduce operation costs.

The North American region currently holds the largest share of the global adult bovine serum market owing to large biopharma industry and research ecosystem. Asia Pacific region is expected to witness the fastest growth during the forecast period driven by increasing biosimilars production, stem cell research, and biotech investments in China, India, and Japan. Countries like China, Japan and South Korea are emerging as key contributors to the APAC serum market growth.

The demand for adult bovine serum is concentrated in United States and European countries like United Kingdom, Germany, France and Italy where majority of large pharmaceutical companies and contract manufacturing organizations are located. Growing biopharma clusters in China, India and South East Asian countries are making the Asia Pacific region as the fastest growing market for adult bovine serum globally during the forecast period.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it