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Fetal Bovine Serum Market to Grow by 2028 Due to Rising Research and Development Activities in Biotechnology Sector
Fetal Bovine Serum Market
According to the latest report published by Research Dive, the global fetal bovine serum market is predicted to rise at a tremendous CAGR of 6.4%, thereby garnering a revenue of $1,568,586.4 thousand in the 2021-2028 timeframe.
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Market Dynamics
Drivers: Increasing research and development activities in the scientific sectors like biotechnology is anticipated to be the primary growth driver of the fetal bovine serum market in the forecast period. Along with these, technological advancements in the field of cell culture and biopharmaceuticals are expected to push the market forward.
Opportunities: The expansion of serum portfolio by various companies is estimated to provide numerous growth opportunities to the market in the forecast period.
Restraints: Market analysts are however skeptical about the full-paced growth of this market owing to the growing availability of fetal bovine serum supplements, which might prove to be a restraint for the fetal bovine serum market.
Impact of COVID-19 on the Market
The novel coronavirus had wreaked havoc in the world. The lockdowns put in place to curb the virus affected various industries and their production cycles. The fetal bovine serum market faced a moderate impact of the pandemic. Since many of the fetal bovine serum research institutes were shut down due to the pandemic, there was a massive fall in the growth rate of the market. However, since a vaccine was needed to be developed to curb the spread of the virus, many research institutes in the biotechnology and biopharmaceutical industry worked full-time which helped in the growth of the market despite the pandemic.
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Segments of the Market
The report has divided the fetal bovine serum market into certain segments based on application, end-user, and region.
By application, the cell culture sub-segment is expected to be the most dominant and is predicted to gather $758,839.10 thousand by 2028. Increased use of fetal bovine serum in the cell culture owing to its properties like the presence of necessary growth factors, minerals, proteins, vitamins, etc. is further expected to boost the growth of this sub-segment.
By end-user, the research laboratory sub-segment is expected to be the most lucrative and is predicted to gather $244,829.00 thousand by 2028. Increasing research and development activities to develop potent drugs and medicines against various diseases is predicted to boost the growth rate of the sub-segment in the forecast period.
By region, the North America fetal bovine serum market is predicted to be the most dominant and garner $566,259.70 thousand by 2028. The presence of well-established companies in the market and their high investments in research and development activities related to drug development is expected to boost the growth of this sub-segment in the forecast period.
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Prominent Market Players
Some of the prominent players of the fetal bovine serum market are GE Healthcare, Rocky Mountain Biologicals, Tissue Culture Biologicals, HiMedia Laboratories Pvt., Ltd., PAN-Biotech, Cell Culture Technologies LLC, Biowest, Thermo Fisher Scientific Inc Nucleus Biologics and Biological Industries, among others. These players are adopting various business strategies like mergers, acquisitions, and collaborations to gain a prominent position in the market.
Finally, the report also summarizes many crucial aspects of the fetal bovine serum market including SWOT analysis, latest strategic developments, financial performance of the key players, and product portfolio.
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Research Dive
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Research Dive is a market research firm offering actionable insights and extensive analysis of various markets across different verticals. Maintaining the integrity and authenticity of the services, the firm provides services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With unprecedented access to several paid data resources, a team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive delivers the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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