Growth factors have gain immense importance in the field of stem cell biology with ongoing research about theirs efficacy in various medical treatments. Today, recombinant growth factors have become an integral part of cell proliferation and development processes. The awareness about the effectiveness of cell culture in a wide range of medical treatments and applications is increasing rapidly, and this will further bolster research & development activities in the growth factors landscape in the coming years.
A recent study published by Persistence Market Research (PMR) assesses the macro and microeconomic growth parameters of the growth factors market in the past five years, to predict how the market will grow in the coming decade. The study finds that the global market for growth factors grew at an impressive rate though 2014-2018, and with an upsurge in research activities in development of more effective growth factors, the market is likely to reach around US$ 2.5 billion by 2029.
According to the PMR study, the demand for growth factors is mainly concentrated in the cell culture landscape as the adoption of various types of growth factors is increasing dramatically in applications in stem-cell biology for research & development activities based on cell culture. Taking this into consideration, leading players in the growth factors market are focusing on introducing growth factors with high purity, better biological activity, and proven compatibility, in order to offer high-quality proteins for improving stability in cell culture conditions. The adoption of various types of cytokine growth factors such as interleukins, Epidermal Growth Factors (EGFs), Fibroblast Derived Growth Factors (FGFs), and Tumor Necrosis Factors (TNFs) is likely to increase significantly in cell culture R&D activities in the coming years.
Versatile Medical Applications Create New Opportunities; South and East Asia Remain Top Markets
The PMR study finds that the growing adoption of growth factors in a wide range of medical applications is not only fostering the growth of the market but also shaping the future trends in this landscape. The demand is mainly concentrated in the field of oncology, as the alarming rise in the prevalence of cancer is triggering R&D activities in the field. The combination of oncogenes and growth factor families is emerging as one of the most popular catalysts in cancer research as it helps to understand carcinogenesis, creating new opportunities for research in chemotherapy.
Furthermore, the applications of growth factors are increasing for expediting wound healing in surgical procedures, which is ultimately resulting in growth factors gaining critical importance in the wound management landscape. Thereby, the PMR study projects that future research possibilities with recombinant growth factors in the wound healing process is expected shape emerging trends in the growth factors market in the coming years.
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The PMR study also finds that foraying into the industrial areas in South and East Asian countries can help stakeholders to capitalize on the lucrative growth opportunities in these regions. Increasing growth of the pharmaceuticals industry and the healthcare sectors in these regions will continue to create new avenues of growth for stakeholders, opines the PMR study.