Rockville , Jan. 22, 2024 (GLOBE NEWSWIRE) -- The global growth factor market is estimated at US$ 2,277.6 million in 2024, and it is projected to grow steadily with a 7.0% CAGR through 2034. The market is projected to surpass a valuation of US$4,494.1 million by 2034.
Post-pandemic, the medicare sector, especially the biopharmaceuticals and biotechnology industries has gained tremendous traction in countries like the United States, Japan, Germany, and India. These industries extensively use growth factor to develop innovative treatments, therapies, and vaccines. The demand for growth factors in these sectors is skyrocketing as they play a crucial role in cell culture, bioprocessing, and regenerative medicine.
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Growth factors are not only used in medical industries but also find their applications in various sectors. In the agricultural sector, it enhances crop yields and promotes plant growth. They are also used in the cosmetics industry to encourage skin regeneration, reduce wrinkles, and improve overall skin health.
In the past few years, growth factor have been readily accepted in gene therapy for their role in treating or preventing diseases by modifying or repairing an individual's genes. This has significantly augmented its prominence in the international marketplace.
| Report Attribute | Details |
| Value Projection (2034) | US$ 4,494.1 Million |
| Growth Rate (2024-2034) | 7% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 32 Tables |
| No. of Figures | 160 Figures |
“A considerable amount of industries, especially in the medicare sector, in the developing and underdeveloped economies are still unaware of the benefits of growth factor. Brands involved in the manufacturing of growth factor must plan their marketing strategies accordingly. They can collaborate with research institutes to broaden their consumer base," opines a Fact.MR analyst.
Key Companies Profiled in This Report
- 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.
Key Takeaways from the Market Study
- The global growth factor market is projected to expand at a CAGR of 7.0% through 2034.
- The North American growth factor market is expected to evolve at an average CAGR of 4.6% through 2034.
- The growth factor industry in the United States holds a dominant share of 91.4% in 2024. The United States dominates the global growth factor market, valued at US$ 875 million in 2024.
- The growth factor industry in China is expected to rise at a CAGR of 5.1% through 2034.
- Based on end use, the pharmaceutical segment held a 47.7% market share in 2024.
- The non-GMP grade segment dominates the growth factor market with a 69.1% share in 2024.
In 2024, the non-GMP grade segment is projected to dominate the market with a substantial 69.1% share based on grade. Concurrently, the GMP grade segment is expected to hold a noteworthy 30.9% share, contributing significantly to the market's resource diversity and stability. In terms of end-use, the pharmaceutical segment asserts its dominance in the growth factor industry, capturing a substantial 47.7% share in 2024.
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Competitive Landscape
Despite their potential benefits, growth factors have yet to be widely accepted by the general population, possibly due to the presence of cheaper alternatives or a lack of widespread awareness regarding their applications. Smaller companies in the growth factor market face challenges in competing with industry giants, struggling to establish a significant market share. Despite challenges, smaller companies contribute to the industry's innovation by bringing fresh perspectives and novel ideas.
The market for growth factors is still in its early stages of adoption, with only a few countries actively incorporating them for scientific purposes. Leading companies like Thermo Fisher Scientific, Merck KGaA, and Abcam plc. have established a significant presence in the global growth factor market.
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