Mice Model Market to Rise at a CAGR of 6.0% from 2015 to 2023
Posted by Aman Jaiswar on November 29th, 2019
Over the past decade, the biomedical research increased significantly in various economies, both developed and emerging, finds Transparency Market Research (TMR) in a new research report. Animal models, especially mice models, are an important part of biomedical research and, thereby, are witnessing massive demand. This, in turn, is propelling the global mice model market remarkably.
According to a research report by Transparency Market Research (TMR), the opportunity in the global mice model market is expected to rise at a CAGR of 6.0% during the period from 2015 to 2023. The overall valuation of this market is anticipated to reach US.79 bn by the end of the forecast period. Another factor that has been boosting the demand for mice models is the continual improvements being made in mice models. With these improvements, not only their utility in current applications has increased, but also the overall scope of their usage in applications has enhanced. Nowadays, mice models find extensive usage in the research on increasingly complicated diseases, such as ALS disease and lung injury repair, notes the market study.
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Key Players Focusing on Growth Strategies for Business Development
The competitive landscape of the global mice model market looks relatively consolidated due to the presence of only a few market players. However, the rivalry between these players is intense, which makes the business landscape highly competitive. At present, the market is led by Harlan Laboratories Inc., Deltagen Inc., Crescendo Biologics Ltd., Charles River Laboratories, and GenOway S.A. These companies are taking on various organic and inorganic growth strategies for the further rise in their business. The number of regional companies is increasing in this market, which is expected to fuel the completion further, states the research report.
North America Dominates Global Mice Model Market
In terms of the geography, the global mice model market is segmented into Asia Pacific, Europe, Latin America, North America, and the Middle East and Africa. Currently, North America leads the global market, which is closely followed by Europe. The presence of an advanced biosciences research sector and a well-established pharmaceutical industry is the key driving force behind the growth of these regional markets. North America, with a high demand for mice models, used in advanced medical research and drug discovery procedures, is likely to retain its dominant position in the near future. The regional market is expected to account for approximately 45% of the overall market by the end of the forecast period.
The mice model market is also expected to gain considerable momentum in Asia Pacific over the period of the forecast. This regional market may even establish itself as the main revenue generator in the global market over the next few years. This region is demonstrating a significantly high demand for transgenic and knockout mice models. Around 50% of the entire business of these types of mice models has been taken over by Asian countries, such as China, India, Singapore, and Malaysia. The Latin America and the Middle East and Africa mice models markets are likely to benefit from the increasing financial support by the governments for R&D in the biopharma sector over the forthcoming years, states the research report.
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About the AuthorAman Jaiswar
Joined: May 14th, 2019
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