Australia and New Zealand Fetal Bovine Serum Market Expected to Reach $35 Million by 2030

According to a new report published by Allied Market Research, titled, “Australia and New Zealand Fetal Bovine Serum Market by Application and End User: Opportunity Analysis and Industry Forecast, 2021-2030,” the Australia and New Zealand fetal bovine serum market size was valued at $20 million in 2020, and is projected to reach $35 million by 2030, registering a CAGR of 5.2% from 2021 to 2030. Biotechnology is the branch of science that deals with the study of living organisms and their use to make technological innovations. Media is a nutrient growth substance provided in laboratory and research settings for growth, proliferation, maintenance, and storage of microorganisms and other cell types such as stem cells, mammalian, and other cell lines. Different culture media are available in the market for various cell cultures to survive and grow in their incubation environment such as lysogeny broth, serum free media, classical media, and chemically defined media. In addition, sera are used as additional growth supplement factors owing to the presence of hormones necessary for cell growth, proliferation, and differentiation of cells.

By application, cell culture segment accounted for the majority of market share of the market in 2020. This is attributed to the fact bovine serum is used majorly as an additional supplement in the cell culture media. Furthermore, another factor that contributes to the growth of this segment in Australia and New Zealand include the presence of major key players that offer FBS for cell culture techniques. These include Merck KGaA (Sigma Aldrich), Thermo Fischer, and others that provide specialty FBS for use in cell culture.

By end user, the biotechnology & pharmaceutical company segment generated the maximum revenue of in 2020. This segment is anticipated to exhibit prominent growth rate, due to significant rise in R&D for the development of biopharmaceutical drugs and cancer research.

Other major factors that drive the overall FBS market in Australia and New Zealand include increased funding by the government agencies and rise in focus to develop biopharmaceuticals.

KEY FINDINGS OF THE STUDY

• By application, the cell culture segment held the largest Australia and New Zealand fetal bovine serum market share in 2020 and is expected to remain dominant during the forecast period.
• By end user, the biotechnology & pharmaceutical segment held the largest market share in 2020 and is expected to remain dominant during the forecast period.
• By application, biopharmaceutical is expected to experience market growth at the highest rate during the forecast period.