The Serum Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Serum Global Market Report 2024, The serum market size has grown rapidly in recent years. It will grow from $1.29 billion in 2023 to $1.43 billion in 2024 at a compound annual growth rate (CAGR) of 10.9%. The growth in the historic period can be attributed to medical diagnostics, clinical research, drug development and testing, disease monitoring, therapeutic applications.
The serum market size is expected to see rapid growth in the next few years. It will grow to $2.15 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%. The growth in the forecast period can be attributed to precision medicine advances, rise in personalized healthcare, expanded applications in oncology, global health initiatives, increasing geriatric population. Major trends in the forecast period include adoption of customizable serum solutions, use of fermented ingredients for skin health, introduction of CBD-infused serums, application of niche ingredients such as retinol alternatives, emphasis on inclusive beauty and diverse formulations.
The rise in awareness about age-related skin issues is expected to propel the growth of the serum market going forward. Age-related skin issues refer to skin conditions common among aging people, such as wrinkles, facial movement lines and others. Serum treats age-related skin conditions like dullness, hyperpigmentation, dehydration, wrinkles, and loss of firmness as well as evens out skin tone, lightens it, reduces visible flaws, and leaves skin nourished. For instance, according to the Cosmetic Executive Women (CEW), a US-based non-profit organization promoting the cosmetics, fragrance, and personal care industry, on average, in the 12 months ended June 2021, there were 943,500 monthly searches for aging-related skin care issues in the USA. Therefore, a rise in awareness about age-related skin issues is driving the growth of the serum market.
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The serum market covered in this report is segmented –
1) By Type: Bovine Serum, Fetal bovine serum (FBS), Other Types
2) By Inactivation Technique: Heat Inactivated, Non-Heat Inactivated
3) By Application: Biological Products, Research, Cell Culture, Biopharmaceutical Drugs, Vaccine Products, Diagnostic Products, Other Applications
Major companies operating in the serum market are focused on introducing advanced solutions, such as ultrasensitive biomarker detection, to gain a competitive edge in the market. Ultrasensitive biomarker detection is the ability to detect and measure biomarkers at extremely low concentrations for earlier disease detection. For instance, in July 2023, Quanterix, a US-based company that provides digitizing biomarker analysis, launched the LucentAD Biomarker Blood Test. LucentAD Biomarker Blood Test is a test that measures an isoform of phosphorylated tau protein in plasma and is designed to aid physicians in the diagnosis of Alzheimer’s disease in patients. This test uses a serum sample, and the results are interpreted in conjunction with other diagnostic tools. This test improves the accuracy and efficiency of Alzheimer’s disease diagnosis, ultimately benefiting patients and healthcare providers.
The serum market report table of contents includes:
1. Executive Summary
2.Serum Market Characteristics
3.Serum Market Trends And Strategies
4.Serum Market analysis
5.Serum Market Size And Growth
6.Serum Segmentation
7. Serum Regional And Country Analysis
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27. Serum Competitive Landscape And Company Profiles
28.Serum Key Mergers And Acquisitions
29.Serum Future Outlook and Potential Analysis
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