Growth Factor Market

Growth Factor Market Study by Epidermal, Platelet-Derived, Fibroblast, Insulin-like, Vascular Endothelial, Hepatocyte, Tumor Necrosis, Interleukins, and Others from 2024 to 2034

Analysis of Growth Factor Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more

Growth Factor Market Outlook (2024 to 2034)

The growth factor market size is estimated to be valued at US$ 2,277.6 million in 2024. Projections indicate a remarkable expansion with a CAGR of 7.0% through 2034. Anticipated growth is set to propel the market to an impressive size of US$ 4,494.1 million by 2034. The surging world population and the rising awareness of the benefits of growth factors in the general demographic have contributed to this exponential market growth.

The growth factor market generated an estimated revenue of US$ 1,645.2 million in 2019. In five years, the market grew at a pace of 6.72% and added a staggering revenue of US$ 632.4 million. Several factors can be attributed to this growth, including:

  • The growing reliance of the biopharma industry on growth factors for various applications, including cell culture, bioprocessing, and regenerative medicine
  • Advances in biotechnological processes, such as improved production methods and genetic engineering techniques, enhancing the efficacy and availability of growth factor
  • Expanding applications of growth factor in agriculture, contributing to increased crop yields and plant productivity, in agriculturally rich countries like India and China
  • Ongoing technological innovations in the field of life sciences and biotechnology led to the development of new growth factor products with improved effectiveness and specificity.
  • Growth in funding for biopharmaceutical and biotechnology research fueling innovation and product development in the growth factor market.
  • The growth in the world population was creating demand for therapeutic approaches for various medical conditions in the medicare sector.
  • Rising demand in the regenerative medicine industry, where growth factor are used to stimulate cell growth and tissue repair

Apart from these factors, several others have contributed to the remarkable expansion of the growth factor market. The growing trend toward personalized medicine, which involves tailoring medical treatment to individual characteristics, has also contributed significantly to the growth factor market. Growth factors are essential components in cell culture processes used in biopharmaceutical manufacturing. With the booming pharmaceutical industry, post-pandemic, the use of growth factor in cell culture applications is very likely to rise.

Report Attributes Details
Estimated Market Value (2024E) US$ 2,277.6 million
Forecasted Market Value (2034F) US$ 4,494.1million
Global Market Growth Rate (2024 to 2034) 7.0%CAGR
Non-GMP Grade Segment Growth Rate (2024 to 2034) 6.7%
Pharmaceutical Segment Growth Rate (2024 to 2034) 7.40%
North America Market Share (2024) 42.0%
East Asia Market Share (2024) 11.0%
Key Companies Profiled
  • Thermo Fisher Scientific
  • Lonza Group AG
  • Merck KGaA
  • General Electronics Company
  • F. Hoffmann-La Roche Ltd
  • Applied Biological Materials (ABM), Inc
  • Abcam plc.
  • Cell Signaling Technology, Inc.
  • Meridian Bioscience Inc.
  • Sartorius CellGenix GmbH
  • Bio-Techne.
  • Proteintech Group, Inc.
  • Miltenyi Biotec
  • Creative Bioarray
  • Akron Biotech
  • Sino Biological Inc.
  • Repligen corporation
  • PeproTech Inc.

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Which Factors Have Driven the Global Surge for Growth Factor Demand?

“Diverse Applications in Biopharmaceuticals and Biotechnology to Amplify Growth”

In the last couple of decades, particularly after the pandemic, the biopharmaceuticals industry worldwide has experienced tremendous momentum. Growth factors are one of the essential components in this industry due to their diverse applications, such as cell culture, bioprocessing, and regenerative medicine. Growth factors are essential for stimulating and regulating cellular activities, ensuring the optimal growth and viability of cells used in the production of biopharmaceuticals.

Apart from this, advancements in biotechnological processes have significantly impacted the efficacy and accessibility of growth factor. Improved production methods and genetic engineering techniques are enhancing the quality and diversity of growth factor available for various applications. All these factors have led to an exponential expansion of growth factor in the medical industry.

“Growing Prevalence of Chronic Diseases and the Booming Regenerative Medicine Industry to Play an Important Part”

Growth factors in the regenerative medicine industry help stimulate cell growth and facilitate tissue repair. Their demand in this industry witnessed considerable growth as they act as molecular signals that orchestrate cellular activities, promoting the regeneration of damaged tissues. Key players in this industry are increasingly experimenting with growth factor to enhance their efficacy in promoting tissue regeneration and repair. This has elevated the recognition of growth factor in the regenerative medicine market.

Besides this, the rise in people with chronic diseases, such as hypertension, diabetes, and obesity, has augmented the need for growth factors in therapeutic interventions. Growth factors play a pivotal role in promoting cell proliferation, differentiation, and survival. All these elements are crucial in the development and maintenance of tissues and organs, thus expanding the overall market value.

Which Factors Present Challenges to the Expansion of the Growth Factor Market?

“Perishability, High Costs, and Potential Side Effects to Slow Down Market Growth”

The production of high-quality recombinant growth factor is expensive. This is one of the main reasons why it has limited accessibility, particularly in regions with scarce financial resources. Some growth factors exhibit limited stability and a short shelf life, which can pose challenges in terms of storage, transportation, and overall product viability for the companies involved in the manufacturing. There are also concerns regarding its side effects among the general population. These misconceptions and myths might deter a considerable amount of individuals from consuming growth factors regularly.

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Country-wise Insights

The East Asia growth factor market is poised for exceptional growth, projecting a modest CAGR of 7.1% through 2034. The surge is primarily attributed to increasing demand for growth factor in key countries, notably China and Japan. In 2024, Japan will dominate the industry with an estimated 47.7% market share. Meanwhile, North American is anticipated to exhibit substantial progress, aiming for a 4.1% CAGR in 2024. In this region, the United States emerges as the key player in the industry, commanding a significant share of 91.4% in 2024.

Why is Japan Leading the Growth Factor Market in the East Asia?

“Robust and Advanced Healthcare Infrastructure and Geriatric Population to Drive Market Growth in Japan”

The East Asian market stood at US$ 251 million in 2024, acquiring a revenue share of 11%, and is further projected to expand at a CAGR of 7.1% through 2034. The Japan growth factor industry is estimated to be worth US$ 120 million in 2024. The demand for growth factors in Japan is projected to rise at a CAGR of 8.4% through 2034.

Japan is home to an advanced healthcare infrastructure coupled with a well-established biopharmaceutical industry. Growth factors play a crucial role in the fields of regenerative medicine and biotechnology, which have been booming since the last pandemic. Besides this, the growing prevalence of the geriatric population in the country has led to an increasing demand of advanced medical solutions, including those involving growth factor.

Why is the United States Commanding the Global Growth Factor Market?

“Expansive Healthcare Infrastructure and a Large Patient Population to Help Market Expansion”

The United States growth factor industry is estimated to be worth US$ 875 million in 2024, garnering a share of 91.4% in the North American region. The sales of growth factors are likely to record a CAGR of 4.7% through 2034.

The United States also has a robust healthcare system known for its strong emphasis on research, clinical trials, and the adoption of novel therapies. This substantially aids in the promotion of biotechnological solutions like growth factors in the medicare industry. Besides this, the United States has numerous leading pharmaceutical companies, research institutions, and biotech firms that heavily invest in research and development activities. These entities extensively use growth factor for their experiments, further augmenting the market expansion.

Category-wise Insights

The non-GMP grade segment is estimated to hold a 69.1% market share in 2024 based on the grade. Simultaneously, the GMP grade segment is anticipated to secure a noteworthy 30.9% share, contributing significantly to the market's resource diversity and stability. Based on end-use, the pharmaceutical segment marks its dominance in the growth factor industry, with a share of 47.7% in 2024.

Why is the Non-GMP Grade Growth Factor Gaining Popularity in the International Marketplace?

“Increasing Demand for Research and Development Activities in the Biopharmaceutical and Academic Sectors”

Non-GMP (Good Manufacturing Practice) grade growth factors are bioactive molecules used in research and preclinical studies. These are in great demand as researchers and scientists, particularly in academic institutions and smaller biotech companies, find them cost-effective and suitable for experimental purposes. Experiments done with non-GMP-graded growth factor are the first step before progressing to GMP-grade materials for clinical applications.

Non-GMP-graded growth factors are also in great demand due to the flexibility and accessibility they provide. These products are readily available from multiple suppliers, offering a broader range of options to researchers and facilitating quicker access to essential biological reagents. As a result, the international scientific community, especially in regions where resource constraints may limit the adoption of GMP-grade materials, is increasingly turning to non-GMP-grade growth factor to support diverse research endeavors.

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Competitive Landscape

The growth factor industry globally is filled with a multitude of companies, such as Thermo Fisher Scientific, Thermo Fisher Scientific, Merck KGaA, Abcam plc., etc. These companies have a strong foothold in the international marketplace due to their prolonged presence in the industry. The market for growth factor is still in its nascent stages, as very few countries have readily adopted it for scientific purposes. Growth factors have not been actively accepted by the general population due to their cheaper alternatives. Smaller companies, too, exist in the market. They have to face challenges due to the dominance of industry giants. Despite these challenges, they do bring an innovative spirit to the industry.

  • Abcam plc (Nasdaq: ABCM), one of the leading companies in the growth factor market, announced shareholder approval for its acquisition by Danaher Corporation (NYSE: DHR) in August 2023.
  • In July 2023, Thermo Fisher Scientific Inc. (NYSE: TMO) successfully acquired CorEvitas, LLC, a prominent provider of regulatory-grade real-world evidence for approved medical treatments and therapies, previously owned by Audax Private Equity.

Key Segments of the Growth Factors Industry Research

  • By Product:

    • Transforming Growth Factors (TGF)
      • Activin
      • Bone Morphogenetic Proteins (BMPs)
      • TGF-beta Proteins
    • Epidermal Growth Factors (EGFs)
    • Platelet-Derived Growth Factors (PDGFs)
    • Fibroblast Growth Factors (FGFs)
    • Insulin-like Growth Factors (IGFs)
    • Vascular Endothelial Growth Factors (VEGFs)
    • Hepatocyte Growth Factors (HGFs)
    • Tumour Necrosis Factors (TNFs)
    • Interleukins
    • Others
  • By Grade:

    • GMP Grade
    • NON-GMP Grade
  • By Application:

    • Oncology Research
    • Hematology Research
    • Wound Healing Research
    • Dermatology Research
    • Cardiovascular Disease & Diabetes
    • Cell therapy and Ex vivo manufacturing
    • Others
  • By End User:

    • Pharmaceutical and Biotechnology Companies
    • Research Centres & Academic Institutes
    • CMO and CDMO
  • By Region:

    • North America
    • Latin America
    • Europe
    • Asia Pacific
    • The Middle East & Africa

- FAQs -

What was the Value of the Growth Factor Market in 2019?

The global growth factor market was worth US$ 1,645.2 million in 2019.

What is the Sales Outlook for Growth Factor in 2024?

The sales outlook for the growth factor is likely to be valued at US$ 2,277.6 million in 2024.

What is the Demand Forecast for Growth Factor for the Decade?

Demand for growth factor is projected to reach a market value of US$ 4,494.1 million by the end of 2034.

What is the Adoption Growth Projection for the Growth Factor?

The adoption of growth factor is projected to rise at a CAGR of 7.0% through 2034.

At What Rate Is the Market in North America Predicted to Grow?

The North American market for growth factor is forecast to expand at a CAGR of 4.6% through 2034.

Growth Factor Market

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