The global microcarriers market is expected to reach USD 1.61 billion by 2023 from USD 1.20 billion in 2018, at a CAGR of 6.0%. Growth in this market is driven by the rising demand for cell-based vaccines, technological advancements, and the availability of public and private funding for cell-based research.
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Based on product, the microcarriers market is segmented into equipment and consumables. The equipment market is further segmented into bioreactors, culture vessels, cell counters, filtration devices, and accessories. The consumables market is subsegmented into media, reagents, and microcarrier beads. The consumables segment is projected to register the highest CAGR during the forecast period. The continuous consumption of various microcarrier beads, media, and reagents for different culture processes and applications is the major factor driving the growth of this segment.
On the basis of application, the market is segmented into vaccine manufacturing, cell therapy, and other applications. The cell therapy segment is expected to grow at the highest rate during the forecast period. The high growth of this segment is attributed to increasing demand for stem cell therapies and the need for scaling-up the production of stem cells.
Based on end user, the microcarriers market is segmented into pharmaceutical and biotechnology companies, research institutes, and CROs. The pharmaceutical and biotechnology companies segment is expected to grow at the highest CAGR in the forecast period. The growth in this segment can be attributed to the growing use of single-use technologies in vaccine production, increasing demand for cell-based vaccines, widening application areas of microcarriers, and increasing pharmaceutical R&D expenditure.
Geographically, the market has been segmented into North America, Asia Pacific, Europe, And the Rest of the World (RoW). The RoW is expected to register the highest CAGR during the forecast period. The US accounted for the largest share of the microcarriers market in the North American region, while China is expected to grow at the highest CAGR in the forecast period. Increasing initiatives for discovery-based research activities are likely to boost the growth of the microcarriers market in China during the forecast period.