Culture Media Market Analysis
The culture media market is set to witness a spend growth of over USD 3 billion with spend momentum to accelerate at a CAGR of more than 8% between 2019-2024. The substantial increase in investments done in livestock gene mapping and the development of improved crop varieties that are pest and disease tolerant/resistant is propelling the growth in the biotechnology industry. This growth is favoring the spend momentum in the culture media market. The focus on developing specialty drugs to treat rare diseases is acting as a source of investment from the pharmaceutical industry in this market.
Top Spending Regions in the Culture Media Market
North America and Europe are emerging as the dominant regions in terms of spend share in the global culture media market with the former expected to claim the largest share during the forecast period.
North America
The US is home to a flourishing biotechnology industry that observes extensive R&D activities on a regular basis. This is increasing demand in the culture media market in this region. Favorable government policies are resulting in the sanction of more funds to conduct R&D activities that are aimed at developing new medicines. This is improving prospects of growth for the culture media suppliers in the region.
Europe
Huge investments done on R&D activities to identify and develop treatments for rare diseases are driving spend growth in the culture media market in Europe.
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What are the Key Price Trends in this Market?
- Supply of raw materials such as amino acids, chemicals, and other nutrient supplements that are mostly sourced from China is decreasing. The implementation of ICH norms in the country in 2017 resulted in the shutdown of most of the chemical manufacturing facilities due to non-compliance. This is limiting the supply of raw materials which is impacting the production of culture media. According to the culture media price trends, this will have an inflationary impact on the market price of the product.
- Increase in the wages of labor globally is increasing suppliers' employee expenses. This is propelling their OPEX which will be ultimately compensated by buyers in the form of excess procurement spend.
- Rise in fuel prices globally will increase suppliers' transportation cost during the forecast period.
Download the free sample of this report to know what the key culture media procurement best practices that you must adopt to address price dynamism in this market.
Insights Offered in this Culture Media Market Report
- Global and regional spend potential for the culture media market for the period of 2019-2024
- Supplier relationship management practices in the culture media market
- Supplier margins and selection criteria in the culture media market
- Top culture media suppliers and their cost structures
- Top culture media suppliers in the US and their cost structures
- Culture media market spend analysis in the US
- Culture media price trends, and forecasts
- Cost drivers influencing the culture media prices
Insights into Culture Media Supply Market
- The supply market for culture media is highly fragmented with a large number of chemical manufacturing organizations and specialty chemical providers supplying some or all types of culture media.
- The global culture media suppliers are developing ready-to-use culture media in a large variety of formulations, formats, and batch sizes. These products are compliant with the Japanese, European, and US pharmacopeia and GMP standards. They are also known to invest in the expansion of their production capacities owing to the rising demand for cell culture media globally.
- Culture media suppliers are entering into long-term strategic partnerships with raw material suppliers such as agar and chemical suppliers by blocking their plant capacities. This will help buyers obtain supply assurance during drops in production volumes, which is a regular phenomenon in the culture media market.
Insights into Some of the Leading Culture Media Suppliers
The supply market dynamics hint at a substantial hike in suppliers' OPEX which will drive buyer's procurement spend. Keeping such dynamics in mind, strategic selection of suppliers and maintaining an effective supplier relationship management are observed to facilitate buyers with optimized procurement expenditure and better category management in the culture media market. This culture media market procurement intelligence report has enlisted the top suppliers and their cost structures, SLA terms, best selection criteria, and negotiation strategies for the top culture media suppliers. The top culture media suppliers highlighted in this report include:
- Merck & Co. Inc.
- Thermo Fisher Scientific Inc.
- Corning Inc.
- General Electric Co.
- Lonza Group Ltd.
- Becton, Dickinson and Co.
Criteria to select suppliers in this dynamic culture media market is subject to change based on the day-to-day market outlook. Get a free demo of our procurement platform to gain immediate access into real-time insights to the changing suppliers selection criteria.
