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South Korea Cell Culture market Expected
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.
PORTLAND, OREGON, UNITED STATES, July 18, 2022 /EINPresswire.com / -- According to the report published by Allied Market Research, 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. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
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Growth in awareness related to use of cell culture technique in research and increase in research-related funding and rise in cancer-related research are the major driving forces of the global cell culture market. Furthermore, expected rise in demand for advanced cell culture technologies notably contribute toward the growth of the market. The governments in South Korea have increased research funding for various fields, which involve the use of cell culture techniques. The 50% government funding of biotechnology R&D is relatively high compared with the 20% of total investment in all industries in Korea. Thus, this boosts the growth of the cell culture market.
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.
On the basis of application, the market is classified into stem cell technology, cancer research, drug screening and development, tissue engineering & regenerative medicine, and others. The tissue engineering & regenerative medicine segment held the largest share in 2019, contributing to nearly two-fifths of the market. However, the cancer research segment is estimated to register the highest CAGR of 14.8% during the forecast period.
Based on end user, the market is categorized into research institutes, pharmaceutical & biotechnology companies, and others. The pharmaceutical & biotechnology companies segment dominated the market in 2019, accounting for more than three-fifths of the market. Moreover, the segment is anticipated to manifest the highest CAGR of 14.5% during the forecast period.
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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.
We also Offers Regional and Country Reports-
Japan Cell Culture Market
South Korea Cell Culture Market
Singapore Cell Culture Market
China Cell Culture Market
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Australia Cell Culture Market
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About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of 'Market Research Reports' and 'Business Intelligence Solutions.' AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
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Allied Analytics LLP
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