Growth Factors Market
Global Market Study on Growth Factors: Demand Observed to Be Increasing in Regenerative Medicine
Growth Factors Market Segmented By Transforming Growth Factor, Epidermal Growth Factors, Platelet-Derived Growth Factors, Fibroblast Growth Factors, Insulin-like Growth Factors, Vascular Endothelial Growth Factors, Hepatocyte Growth Factors, Tumor necrosis factors, Interleukins Product with GMP Grade Growth Factors, NON-GMP Grade Growth Factors
As per Persistence Market Research’s industry analysis, global demand for growth factors experienced year-on-year growth of 6.8% in 2020, with an estimated market value of around US$ 1.8 Bn in 2021. NON-GMP grade holds a substantial share of over 71% in the overall market.
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- Thermo Fisher Scientific
- Lonza Group AG
- Merck KGaA
- General Electronics Company
- F. Hoffmann-La Roche Ltd
- Applied Biological Materials (abm), Inc.
- Abcam plc.
- Cell Signaling Technology, Inc.
- Meridian Bioscience Inc.
- Sartorius CellGenix GmbH
- Proteintech Group, Inc.
- Miltenyi Biotec
- Creative Bioarray
- Akron Biotech
- Sino Biological Inc.
- Repligen corporation
- LEADGENE BIOMEDICAL, INC.
- PeproTech Inc.
Key Insights Covered in Growth Factors Industry Survey:
- Market Estimates and Forecasts (2016-2031)
- Key Drivers and Restraints Shaping Market Growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Market Share Analysis By Key Players
- Key Product Innovations and Regulatory Climate
- COVID-19 Impact on Demand for Growth Factors and How to Navigate
- Recommendation on Key Winning Strategies
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Sales Analysis of Growth Factors from 2016 to 2020 Vs Market Outlook for 2021 to 2031
The global growth factors market expanded at 4.5% CAGR over the past 5 years.
Cytokines and growth factors are an important part of cancer research. Research on the use of growth factors in cancer therapy has created a better understanding as well as provided new objectives for chemotherapy.
Growth factors such as epidermal growth factors, vascular epithelial growth factors, platelet-derived growth factors, and fibroblast growth factors have an important role in cancer research. Moreover, increasing demand for growth factor in regenerative medicine and rising research & development funding in the field of cancer research are surging demand for growth factors across the world.
The market is expected to expand at a considerable growth rate over the next ten years at a CAGR of 7.2% and offer an absolute $ opportunity of US$ 118 Mn.
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A key factor for our unrivaled market research accuracy is our expert- and data-driven research methodologies. We combine an eclectic mix of experience, analytics, machine learning, and data science to develop research methodologies that result in a multi-dimensional, yet realistic analysis of a market.
What are the Key Opportunities on Offer for Growth Factor Product Manufacturers?
Growth factors have an important role in wound healing and skin regeneration. Growth factor deficiency has been seen in chronic dermal ulcers, chronic pressure ulcers, and acute wounds.
Recently, topical use of growth factors is found to be a promising strategy to promote wound healing. Therefore, researchers are focusing the development of new products to overcome the limitation of single growth factor-based products. Increasing research in the field of skin regeneration and wound healing is expected to create opportunities for suppliers of growth factors.
Other factors such as limited number of companies with a sole focus on GMP grade products and shift toward the fast-growing Asia Pacific region are also creating huge opportunities for growth factor product manufacturers.
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What is Restraining Demand for Growth Factor Products?
High costs and lack of skilled professionals are key factors hampering demand for growth factors.
Gradually complex requirements from researchers in the life science domain have directed the development of novel products that are costly. Due to uncertainties in the results expected from complex research activities, most researchers prefer to invest in less expensive products, and thus, they don’t go for expensive products, particularly for research groups with inadequate funding.
Some growth factors are very costly, which a limiting factor for most laboratories. Thus, high cost of growth factors limits their application in laboratory research.
Furthermore, there is a shortage of skilled professionals engaged in research & developmental activities. Low salary scales, inadequate laboratory training, and challenging roles are some of the main factors contributing to the lack of skilled professionals.
To handle cell culture, growth factors, and biologics-based research, and development skilled professionals are required. Thus, lack of skilled professionals and shortage of equipment & other accessories associated with research laboratories can negatively impact the use of growth factors, thereby hindering market growth.
What Makes the U.S. the Largest Market for Growth Factors?
The U.S. dominates the North American region with a total market share of 94% in 2021, and is projected to continue experiencing high growth throughout the forecast period.
Growing demand for growth factors and cytokines in stem cell biology and increasing government initiatives to encourage research activities in the U.S. are expected to drive demand for growth factors in the U.S.
Why is Germany Considered a Lucrative Market for Growth Factors in Europe?
Germany dominates the European market for growth factors with a share of 28%. Globally, per capita healthcare spending is increasing constantly. People's inclination and capability to spend on health and wellness has caused a significant shift in healthcare spending.
Furthermore, presence of manufacturing facilities of growth factor products leads to better availability in the country. Moreover, key players are entering into mergers and acquisitions to strengthen product portfolios for growth factors.
- For instance, in 2021, Sartorius AG acquired CellGenix to strengthen its product portfolio for cell and gene therapies.
Will the Emerging Market of South Korea for Growth Factors Catch the Eye of Market Participants?
South Korea holds an 18% share in the East Asia market and is projected to expand at a CAGR of over 11%.
Despite the market having numerous key players as well as several smaller manufacturers, there are very few companies that have complete focus on GMP grade growth factors. A limited number of companies with sole focus on GMP grade products in the country is creating opportunities in South Korea.
What is the Outlook for China Regarding Growth Factors?
In 2020, China dominated the East Asia market with a 46% share, and is projected to expand at a CAGR of 12.1 % from 2021 to 2031.
China has been witnessing an upward COVID-19 trajectory since its outbreak. Growth factors play a significant role in the immune reaction to fight against COVID-19 infection. Some of the larger players in China are focusing on the development of growth factor-based therapies to deal with the outbreak of coronavirus.
Thus, growing research on growth factor-based therapies is creating a lucrative market in China.
Which Product is Driving Market Expansion of Growth Factors?
By product, interleukins will lead the market with a share of 21% over the forecast period. Growing prevalence of autoimmune diseases and increasing adoption of interleukin growth factors for treatment are expected to surge demand for interleukin growth factors.
Why is Cell Therapy & Ex Vivo Manufacturing Increasing Demand for Growth Factors?
Cell therapy and ex vivo manufacturing dominate the market with 31% revenue. This trend is expected to continue during the study period as well.
High share of this segment is attributed to growing demand for growth factors, and increasing usage of growth factors and cytokines in stem cell biology and gene therapy manufacturing.
Which End User is Most Preferred for Growth Factor Products?
Based on end user, pharmaceutical and biotechnology companies lead the way with more than 47% market share.
Pharmaceutical and biotechnology companies will provide lucrative opportunities for market growth owing to maximum usage of growth factors for the development of regenerative medicines and growing focus on oncology research.
What is the Impact of COVID-19 on the Growth Factors Industry?
The COVID-10 pandemic has affected the global economy. Some business sectors were affected due to the supply chain crisis. COVID 19 had both, negative and positive impacts on the healthcare industry, depending upon the demand and need for certain healthcare products.
For life science research, research that was ongoing during the pandemic had seen a halt. Before COVID-19, research and studies were rapid. However, the pandemic curtailed the progress of most research and academic institutes, clinical research, and government basic science. Majority of clinical trials, except those for life-saving therapies, were paused during the pandemic.
Companies such as Thermo Fisher experienced a pause in business due to supply chain crisis; however, that impact was short-lived and recovered without affecting the business. Thermo Scientific mentioned that it was continuously working with government agencies and researchers to ensure access to consumables, instruments, and other products related to COVID testing and research.
The growth factors market did not see any long-term adverse effect. A short-lived impact was faced due to halted supply chains and research activities during lockdowns. However, the market recovered as growth factors were in demand owing to increase in stem cell research for COVID treatment.
What is the Impact of Market Consolidation on the Growth Factors Business Space?
Major companies are focusing on mergers, acquisitions, and collaborations with suppliers and small players for extension of market presence. Key players are adopting this strategy to expand their sales footprint in the market. Moreover, manufacturers are focusing on research & development activities on the application of growth factors in various clinical and research fields.
- In 2021, Repligen Corporation entered into an Agreement to Acquire Polymem S.A.
- In July 2021, Abcam opens a new US facility in Boston, MA which Supports accelerated growth of R&D, manufacturing, and commercial activities with a new 100,000 sqft state-of-the-art facility.
- In 2020, Bio-techne announced the release of GMP proteins to support cell and gene therapy manufacturing workflows.
- In 2018, Thermo Fisher Scientific acquired the Advanced Bioprocessing business of Becton Dickinson and Company to add cell culture products that expand the bio-production offerings of the company.
Companies are following the strategy of new product launches, expansion, and approvals, partnerships, agreements, collaborations, and developed distribution channels such as online sales to strengthen their global market presence.
- In March 2019, Thermo Fisher Scientific announced its agreement to acquire Brammer Bio, a world leader in viral technologies. The company will bolster its position in viral vector manufacturing through this acquisition.
- In 2021, Sartorius AG strengthened its product portfolio for cell and gene therapies by acquiring a majority stake in CellGenix.
Similarly, recent developments related to companies manufacturing growth factor products have been tracked by the team at Persistence Market Research, which are available in the full report.
Growth Factors Market Report Scope
Historical Data Available for
US$ Mn for Value
Key Regions Covered
Key Countries Covered
Key Market Segments Covered
Key Companies Profiled
Available upon Request
Key Segments Covered in Growth Factors Industry Research
- Transforming Growth Factors (TGF)
- Bone Morphogenetic Proteins (BMPs)
- TGF-beta Proteins
- Epidermal Growth Factors (EGFs)
- Platelet-Derived Growth Factors (PDGFs)
- Fibroblast Growth Factors (FGFs)
- Insulin-like Growth Factors (IGFs)
- Vascular Endothelial Growth Factors (VEGFs)
- Hepatocyte Growth Factors (HGFs)
- Tumour Necrosis Factors (TNFs)
- GMP Grade Growth Factors
- NON-GMP Grade Growth Factors
- Growth Factors for Oncology Research
- Growth Factors for Hematology Research
- Growth Factors for Wound Healing Research
- Growth Factors for Dermatology Research
- Growth Factors for Cardiovascular Disease & Diabetes
- Growth Factors for Cell therapy and Ex Vivo Manufacturing
By End User
- Growth Factors for Pharmaceutical and Biotechnology Companies
- Growth Factors for Research Centers & Academic Institutes
- Growth Factors for CMOs and CDMOs
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