According to the latest market report published by PMR on the growth factors market during 2014 – 2018 and forecast for 2019 – 2029, the global growth factors market is projected to reach ~ US$ 2.5 Bn by the end of 2029. The growth factors market is expected to grow with a CAGR of ~ 8 % during the forecast period 2019-2029.
Growth factors are gaining high demand for cell culture-based research in the field of oncology, wound management, cardiovascular, and other medical fields. The growth factors market is expected to grow at a significant rate due to the growing demand for stem cell biology research.
Increasing Life Science Research Funding Favors the Growth of the Market
Growth factors & cytokines play an important role in life science-based research. Various government, private, and commercial organizations are providing funding for life science-based research for the development of new products to reduce illness and economic burden. Investments in R&D are likely to increase in countries such as China, India, and South Korea.
Moreover, the increasing demand for growth factors in tissue regeneration and regenerative medicines is also expected to propel the growth of the global growth factors market. The global growth factors market is expected to witness significant growth over the forecast period due to increasing oncological and stem cell biology research funding, and the development of new products for wound management. However, the high cost of some growth factors and lack of skilled professionals are among the major factors hindering the growth of the growth factors market.
Interleukins to Gain Significant Market Value Shares in the Global Growth Factors Market
Based on product type, the global growth factors market has been segmented into Interleukin (ILs), Epidermal Growth Factors (EGFs), Transforming Growth Beta Factor (TGF-beta), Fibroblast Growth Factors (FGFs), Insulin-Like Growth Factors (IGFs), Platelet-Derived Growth Factors (PDGFs), Hepatocyte Growth Factors (HGFs), Vascular Endothelial Growth Factors (VEGFs), Tumor Necrosis Factors (TNFs), and others. In terms of revenue, the Interleukins (ILs) are expected to hold a prominent share in the growth factors market revenues, through the end of forecast period.
Based on application, the global growth factors market has been segmented into oncology, dermatology, cardiovascular disease & diabetes, hematology, wound healing, cell culture, and others. Cell culture will remain the most prominent application area of growth factors, as indicated by PMR’s study. By end user, the global growth factors market continues to witness a strong boost through the growing demand from contract research organizations, pharmaceutical & biotechnology companies, and research centers & academic institutes.
North America Holds a Prominent Revenue Share in the Global Growth Factors Market
Geographically, the global growth factors market has been segmented into East Asia, South Asia, Oceania, North America, Latin America, Europe, and the Middle East & Africa. North America holds a prominent revenue share in the global growth factors market as of 2018. The East Asia growth factors market is expected to grow with a significant growth rate over the forecast period. Countries such as the U.S., China, Germany, Japan, the UK, France, and India accounted for a significant revenue share in the global growth factors market in 2018.
Strategic M&A to be the Key for Key Stakeholders Looking to Expand
The report tracks some of the key companies operating in the growth factors market such as Merck KGaA, Hoffmann-La Roche Ltd., Thermo Fisher Scientific, Abcam PLC., Meridian Bioscience Inc., Lonza Group Ltd., GenScript Biotech Corp, General Electric Company, Randox Laboratories, and Applied Biological Materials (ABM) Inc., Ltd.
Key market players are focusing on the expansion of cell line, reagent, and growth factors product portfolio through acquisitions. For instance, in October 2018, Thermo Fisher Scientific acquired Becton Dickinson and Company's advanced bioprocessing business to add cell culture products, which helped expand the bioproduction offerings of the company. In November 2015, Merck KGaA acquired Sigma-Aldrich and became a leading player in the cell culture market.
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