Rise in adoption of cell culture technique, increase in research funding, and prevalence of cancer drive the South Korea cell culture market. However, high capital investment and lack of infrastructure hinder the market growth. On the contrary, advancements in technologies is estimated to open lucrative opportunities for the market players in the future.
According to the report published by Allied Market Research, the South Korea cell culture market was accounted for $216.3 million in 2019, and is estimated to reach $606.4 million by 2027, growing at a CAGR of 13.7% from 2020 to 2027. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
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Growth in awareness related to use of cell culture technique in research and increase in research-related funding and rise in cancer-related research are the major driving forces of the global cell culture market. Furthermore, expected rise in demand for advanced cell culture technologies notably contribute toward the growth of the market. The governments in South Korea have increased research funding for various fields, which involve the use of cell culture techniques. The 50% government funding of biotechnology R&D is relatively high compared with the 20% of total investment in all industries in Korea. Thus, this boosts the growth of the cell culture market.
Covid-19 scenario:
- The Covid-19 outbreak has increased the need for vaccines, which fueled demand for cell culture products for clinical trials.
- Researchers have been trying to understand the Covid-19 disease at a molecular level to develop therapeutic interventions. This has increased the demand for cell cultures across South Korea.
The South Korea cell culture market is segmented on the basis of product, application, and end user. Based on product, the market is divided into consumables and instruments. The consumables segment held the lion’s share in 2019, accounting for more than two-thirds of the market. In addition, the segment is estimated to register the highest CAGR of 14.3% during the forecast period.
The growth of the cell culture market is driven by various factors such as surge in prevalence of cancer and rise in adoption of cell culture technique. In addition, other factors that contribute toward the growth of the market include growth in awareness related to use of cell culture technique in research as well as increase in research-related funding in South Korea. Furthermore, surge in cancer-related research is another major factor that fuels the growth of the market.
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Market participants are implementing growth strategies, namely, new product launches, operational expansion, acquisitions, and partnerships and collaborations to gain a competitive advantage. For instance, in April 2020, Danaher Corporation launched Cytiva in South Korea, which aims to completely rebrand the General Electric’s Healthcare LifeScience business.
The South Korea cell culture market report includes an in-depth analysis of the major market players such as Merck KGaA, Thermo Fisher Scientific Inc., Bio-Rad Laboratories Inc., Danaher Corporation (Cytiva), FUJIFILM Holdings Corporation (FUJIFILM Irvine Scientific, Inc.), Sartorius AG, Avantor, Inc. (VWR International, LLC), Corning Incorporated, STEMCELL Technologies Inc., and Miltenyi Biotec B.V. & Co. KG.
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.