Growing Demand in Cancer and Stem Cell Research Driving Growth in 3D Cell Culture Worth $1,846 million by 2024

Pune, India, 2020-Jul-10 — /EPR Network/ —

According to the new market research report “3D Cell Culture Market by Product (Hydrogel, Hanging Drop, Bioreactor, Microfluidics, Magnetic Levitation), Application (Cancer, Stem Cell, Toxicology, Tissue Engineering), End User (Pharmaceutical, Biotech, Cosmetics), Region – Global Forecast to 2024“, published by MarketsandMarkets™, is projected to reach USD 1,846 million by 2024 from USD 892 million in 2019, at a CAGR of 15.7%.

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The growth in this market is primarily driven by the increasing focus on developing alternatives to animal testing, growing focus on personalized medicine, increasing incidence of chronic diseases, and the availability of funding for research. On the other hand, the lack of infrastructure for 3D cell-based research and the high cost of cell biology research are expected to limit market growth during the forecast period.

The cancer & stem cell research segment is expected to grow at the highest CAGR during the forecast period

Based on application, the 3D cell culture market is segmented into cancer & stem cell research, drug discovery & toxicology testing, and tissue engineering & regenerative medicine. The cancer & stem cell research segment accounted for the largest share of the market in 2018 and is expected to register the highest CAGR during the forecast period. The increasing prevalence of cancer and significant funding for cancer research are major factors driving the growth of this application segment.

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“Based on end user, the pharmaceutical & biotechnology companies segment is projected to grow at the highest CAGR during the forecast period.”

Based on end user, the market is segmented into pharmaceutical & biotechnology companies, research institutes, the cosmetics industry, and other end users. In 2018, the pharmaceutical & biotechnology companies segment accounted for the largest share of the 3D Cell Culture Market share. This segment is also projected to grow at the highest CAGR in the forecast period. Strong manufacturing and R&D activity in pharmaceutical & biotechnology companies, the increasing R&D expenditure, and growing focus on alternatives to animal testing models are the key factors driving the growth of this segment.

“North America dominates the global 3D Cell Culture Market.”

Based on region, the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). In 2018, North America commanded the largest share of the market. The increasing incidence of cancer and the presence of a well-established pharmaceutical & biotechnology industry are some of the key factors supporting the growth of the North American market.

The 3D Cell Culture Market is marked by the presence of several big and small players. Some of the prominent players offering 3D cell culture products include Thermo Fisher Scientific (US), Corning Incorporated (US), Merck KGaA (Germany), Lonza AG (Switzerland), REPROCELL Incorporated (Japan), TissUse (Germany), InSphero (Switzerland), Synthecon (US), 3D Biotek (US), CN Bio (UK), Hamilton Company (US), MIMETAS (Netherlands), Emulate (US), HìREL Corporation (US), QGel SA (Switzerland), SynVivo (US), Advanced BioMatrix (US), Greiner Bio-One International (Austria), and PromoCell (Germany).

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These players adopted various growth strategies, such as product launches & upgrades, expansions, acquisitions, partnerships, agreements, and collaborations to further expand their presence in the global market.

Thermo Fisher Scientific dominated the 3D cell culture market in 2018. The company’s leading position can be attributed to its strong brand image and robust product portfolio. The company has a strong foothold in the market with its established brand AlgiMatrix. The company focuses on R&D activities and product launches to further strengthen its position in the market. In 2018, the company invested USD 967 million in R&D activities. It also adopts organic and inorganic growth strategies such as expansions and acquisitions in order to maintain its position in this market.