How Will The Growth Factors Market Propagate With Global Taking The Lead?

Posted by Merin John on May 21st, 2021

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.

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Company Profiles

Thermo Fisher Scientific

Merck KGaA

Hoffmann-La Roche Ltd.

Abcam PLC.

Lonza Group Ltd.

Meridian Bioscience Inc.

General Electric Company

GenScript Biotech Corp

Randox Laboratories Ltd.

Applied Biological Materials (abm) Inc.

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.