Growth Factors Market 2022
The global Growth Factors Market is expected to go great guns in the next 10 years. It is slated to reach US$ 3.6 Bn by the year 2031. The CAGR would be 7.2%. With mixed reality in the foray, virtual objects could be integrated with the real-life ambience, thereby rendering simultaneous manipulation of digital twins. In other words, digital twinning is expected to be the future of healthcare vertical in the forecast period.
As per Persistence Market Research’s latest revised industry analysis, the global growth factors market was valued at over US$ 1.7 Bn in 2020, and is expected to exhibit a CAGR of close to 7% over the forecast period (2021-2031).
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According to the World Health Organization (WHO), cancer caused around 9.9 million deaths worldwide in 2020. In addition, around 19.2 million people across the world were suffering from cancer. Also, increasing occurrence of autoimmune disorders is anticipated to drive demand for growth factors.
Rising prevalence of autoimmune diseases and cancer and the benefits of cytokine and growth factors therapy in the treatment of these diseases are expected to complement market growth over the coming years.
Growing research in the field of wound healing and skin regeneration is also expected to favor expansion of the global growth factors market. However, high cost associated with GMP grade growth factors is estimated to hamper market growth.
Acquisitions, collaborations, and partnership agreements are rife in this landscape:
- PPD, Inc., a leading clinical research organization, was acquired by Thermo Fisher Scientific in April 2021, expanding the company’s service offerings to pharma and biotech customers.
- Merck and BioMed X Institute extended their collaboration to continue novel oncology and autoimmunity research in 2021.
- In 2021, Lonza and ValenzaBio entered into a manufacturing agreement to rapidly advance VB421, an anti-IGF-1R antibody for autoimmune diseases.
Company Profiles:
- Thermo Fisher Scientific
- Lonza Group AG
- Merck KGaA
- General Electronics Company
- F. Hoffmann-La Roche Ltd
- Applied Biological Materials (abm), Inc.
- Abcam plc.
- Cell Signaling Technology, Inc.
- Meridian Bioscience Inc.
- Sartorius CellGenix GmbH
- Bio-Techne.
- Proteintech Group, Inc.
- Miltenyi Biotec
- Creative Bioarray
- Akron Biotech
- Sino Biological Inc.
- Repligen corporation
- LEADGENE BIOMEDICAL, INC.
- PeproTech Inc.
- Others
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Key Takeaways from Market Study
- By grade, NON-GMP grade products hold around 70% market value share, globally, primarily due to increasing focus on oncology research and growing contract research activities.
- Based on product, interleukins are leading with over 21% market share. Strong product pipelines by various key players are positively driving demand for interleukins among growth factor products.
- Cell therapy and ex vivo manufacturing are estimated to dominate the market by application. This segment accounted for approximately 29% share of the market, primarily due to increase in acceptance of growth factors in cancer and autoimmune therapies
- Pharmaceutical and biotechnology companies dominate with a market share of 48%. Growing number of R&D activities and increasing preference toward growth factors for gene therapy have had a positive impact on the market.
- North America is set to dominate the global market with a value share of around 41%. Europe is slated to be the second-largest region with a value share of 30%.
“Rising prevalence of cancer, preference toward use of regenerative medicines, and new product launches & approvals are expected to drive market growth over the coming years,” says an analyst of Persistence Market Research.
Demand-side Drivers:
- Increasing focus on oncology research
- Growing demand for growth factors and cytokines in stem cell biology
- Increasing demand for growth factors in regenerative medicine
Market Opportunities:
- Shift toward fast growing Asia Pacific market
- Limited number of companies with sole focus on GMP grade products
Market Competition
New product approvals, launches, collaborations, agreements, and partnerships have emerged as the main growth strategy implemented by leading players. By focusing on these strategies, key market players are strengthening their existing product portfolios to expand their geographic footprints.
- In 2020, the humankind human cell-expressed growth factor of Proteintech Group, Inc received an ISO 13485 Certificate.
- In 2020, Akron Biotech signed an agreement to acquire Cytiva. This acquisition helps enhance its cGMP-compliant solutions and support the development of advanced therapy.
What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the growth factors market in its latest study, presenting a historical demand assessment of 2016 – 2020 and projections for 2021 – 2031.
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The research study is based on the product (transforming growth factors (TGF), epidermal growth factors (EGFs), platelet-derived growth factors (PDGFs), fibroblast growth factors (FGFs), insulin-like growth factors (IGFs), vascular endothelial growth factors (VEGFs), hepatocyte growth factors (HGFs), tumour necrosis factors (TNFs), interleukins, and others), grade (GMP grade and NON-GMP grade), application (oncology research, haematology research, wound healing research, dermatology research, cardiovascular disease & diabetes, cell therapy and ex vivo manufacturing, and others), and end user (pharmaceutical and biotechnology companies, research centres & academic institutes, and CMOs & CDMOs), across seven key regions of the world.
Key Questions Answered in the Growth Factors Market Report
How is the Growth Factors Market expected to grow over the projected period?
What direction is the Growth Factors Market expected to take in terms of volume and value during the forecast period?
What is the impact of macroeconomic factors on the Growth Factors Market in future?
What are the key market drivers in the Growth Factors Market?
What are significant opportunities and improvement areas for Growth Factors Market manufacturers?
What are the key developments and trends taking over the Growth Factors Market?
Which are the emerging countries that are expected to create significant growth opportunities in the Growth Factors Market?
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