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At 13.7% CAGR, South Korea Cell Culture Market to Garner $606.4 million by 2027

May 14, 2022 2:28 AM ET

At 13.7% CAGR, South Korea Cell Culture Market to Garner $606.4 million by 2027

Rise in adoption of cell culture technique, increase in research funding, and prevalence of cancer drive the South Korea cell culture market. However, high capital investment and lack of infrastructure hinder the market growth. On the contrary, advancements in technologies is estimated to open lucrative opportunities for the market players in the future.

The South Korea cell culture market size was valued at $216.3 million in 2019, and is projected to reach $606.4 million by 2027, registering a CAGR of 13.7% from 2020 to 2027.

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Covid-19 scenario:

  • The Covid-19 outbreak has increased the need for vaccines, which fueled demand for cell culture products for clinical trials.
  • Researchers have been trying to understand the Covid-19 disease at a molecular level to develop therapeutic interventions. This has increased the demand for cell cultures across South Korea.

The South Korea cell culture market is segmented on the basis of product, application, and end user. Based on product, the market is divided into consumables and instruments. The consumables segment held the lion’s share in 2019, accounting for more than two-thirds of the market. In addition, the segment is estimated to register the highest CAGR of 14.3% during the forecast period.

Similarly, other instruments such as petri dishes are used to hold growth medium, in which cells can be cultured, roller bottles are revolved slowly, which bathes the cells that are attached to the inner surface with medium. In addition, consumables such as media, sera, reagents, and others are also involved in the cell culture technique. For instance, sera serves as a source of growth and adhesion factor for the culture of cells in basal media. Moreover, cell culture instruments and consumables are used in pharmaceutical & biotechnology companies, research laboratories, and others.

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The South Korea cell culture market report includes an in-depth analysis of the major market players such as Merck KGaA, Thermo Fisher Scientific Inc., Bio-Rad Laboratories Inc., Danaher Corporation (Cytiva), FUJIFILM Holdings Corporation (FUJIFILM Irvine Scientific, Inc.), Sartorius AG, Avantor, Inc. (VWR International, LLC), Corning Incorporated, STEMCELL Technologies Inc., and Miltenyi Biotec B.V. & Co. KG.

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