Growth Factors Market 2022
Growth Factors Market is bound to witness a CAGR of 7% and US$ 1.8 Bn at present. The current scenario is such that technology is making inroads into the healthcare vertical, which is, in turn, reducing the cumbersome, in-person interactions with the caregiver. Telehealth is expected to outlive physical meetings in the forecast period. This would be the state of the healthcare vertical going forward.
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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).
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.
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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.
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.
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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.
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