Report ID: SQMIG35I2208
Report ID:
SQMIG35I2208 |
Region:
Global |
Published Date: March, 2024
Pages:
219
|
Tables:
108 |
Figures:
76
In 2022, North America emerged as the dominant region in the global fetal bovine serum (FBS) market, capturing a significant share of 38.0%. This growth can be attributed to the increasing government expenditure on research and development (R&D) activities. The United States, in particular, is renowned for having one of the strongest R&D ecosystems globally. Notably, the biotechnology industry in the U.S. witnessed a substantial 94% growth in R&D expenditure from 2016 to 2021, reaching a total of USD 88.6 billion, as reported in a July 2022 news article. Additionally, factors such as the growing focus on developing biopharmaceutical products, the presence of established market players, and robust healthcare infrastructure further contribute to the market's expansion in the region.
Asia Pacific is expected to experience the highest growth rate, with a projected compound annual growth rate (CAGR) of 15.6% from 2023 to 2030. This growth is primarily driven by the increasing number of biopharmaceutical manufacturers in developing countries like India, South Korea, and China. These companies are rapidly expanding by catering to domestic and regional markets. Additionally, the presence of a growing number of academic institutes and clinical research organizations within the region further supports market growth.
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Report ID: SQMIG35I2208