Overview and Scope
Serum refers to the clear and liquid portion of blood that remains after blood cells and clotting proteins have been eliminated. It is used as a supplement to the basal growth medium in cell culture applications.
Sizing and Forecast
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.
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Segmentation & Regional Insights
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
North America was the largest region in the serum market in 2023. The regions covered in the serum market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the serum market report are Merck Group, Thermo Fisher Scientific Inc., Danaher Corp, Corning Incorporated, VWR International LLC, Sartorius AG, Bio-Techne Corporation, Takara Bio Inc., Atlas Biologicals Inc., Proliant Health & Biologicals, Seracare Life Sciences Inc., Lampire Biological Labs Inc., Altogen Labs, Innovative Research Inc., Lee Biosolutions Inc., Bovogen Biologicals Pty. Ltd., Caisson Labs Inc., Gemini BioProducts Holding Inc., Valley Biomedical Products & Services Inc., Equitech-Bio Inc., Rocky Mountain Biologicals, PAN-Biotech GmbH, BIOWEST SAS, Moregate Biotech, Tissue Culture Biologicals, Kerafast Inc., Access Biologicals LLC, Animal Technologies Inc., Cell Applications Inc., Cell Sciences Inc.
The serum market report table of contents includes:
1. Executive Summary
2. Serum Market Characteristics
3. Serum Market Trends And Strategies
4. Serum Market – Macro Economic Scenario
5. Global Serum Market Size and Growth
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31. Serum Market Other Major And Innovative Companies
32. Global Serum Market Competitive Benchmarking
33. Global Serum Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Serum Market
35. Serum Market Future Outlook and Potential Analysis
36.Appendix
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