LONDON, June 22, 2023 (GLOBE NEWSWIRE) — As per The Business Research Company’s Serum Global Market Report 2023, the market will grow from$1.1 billion in 2022 to $1.2 billion in 2023, at a compound annual growth rate (CAGR) of more than 10%. Further, the market will reach $1.8 billion in 2027 at a CAGR of more than 9%. North America was the largest region in the serum market in 2022.
One of the driving factors behind the growth of the serum industry is the increasing awareness about age-related skin issues. These skin conditions commonly affect aging individuals and include concerns such as wrinkles, facial movement lines, and other related problems. Serums have emerged as an effective solution for treating age-related skin issues, addressing problems like dullness, hyperpigmentation, dehydration, wrinkles, and loss of firmness.
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Major serum companies are Thermo Fisher Scientific Inc., Merck KGaA, Cytiva, Bio-Techne Corporation, Atlas Biologicals Inc., Rocky Mountain Biologicals, Takara Bio Inc., PAN-Biotech GmbH, Sartorius AG, Corning Incorporated, Bovogen Biologicals Pty Ltd., BIOWEST SAS, Caisson Labs Inc., and Gemini Bio Products.
A key trend of product innovation is gaining prominence in the serum industry. Major companies operating in this market are actively engaged in developing innovative serum formulations to cater to a broader range of skincare and beauty applications. These innovations are pursued not only to meet consumer demands but also to gain a competitive edge in the market.
For instance, the launch of HA Immerse Serum by Galderma, a Swiss-based pharmaceutical company specializing in dermatological treatments and skincare products. This new addition to their ALASTIN Skincare lineup aims to hydrate the skin’s surface while enhancing the skin’s natural ability to produce hyaluronic acid deep within, resulting in fuller and more youthful-looking skin over time. By incorporating ALASTIN’s patented Octapeptide-45, the serum assists the skin in boosting its own high molecular hyaluronic acid production deep within the skin, providing long-term skin plumping, anti-aging, and hydration effects.
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The global serum market 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
The serum market report provides an in-depth analysis of the market, highlighting its projected growth, key driving factors, major players, product innovation trends, and regional dynamics. The report emphasizes the significance of the serum market in addressing age-related skin issues and the increasing awareness among consumers and empowering stakeholders to make informed decisions and drive sustainable growth in this dynamic market landscape.
Serum Global Market Report 2023 by The Business Research Company provides insights on the serum market size, serum market segments, serum market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
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