The Global Market for Bovine Blood Plasma Derivatives reached a value of USD 1.59 billion in 2019 and is projected to experience a Compound Annual Growth Rate (CAGR) of approximately 6% throughout the forecast period, aiming to achieve a valuation of USD 2.46 billion by 2027.Bovine blood plasma derivatives possess unique attributes, delivering palatability not achievable through alternatives such as plant-extracted proteins and synthetic nutrient elements. Among commercially available bovine-derived protein fractions, Bovine Immunoglobulin G (IgG) holds significance, alongside others like thrombin and fibrinogen. Currently, the market for bovine blood plasma derivatives is gaining traction due to increased utilization across various industries such as pharmaceuticals, medical diagnostics, cosmetics, the food industry, and cell culture media, with the highest demand stemming from the latter.
The primary driver of the bovine blood plasma derivatives market is the growing usage of blood plasma products in the food industry, driven by the increasing demand for nutritionally rich food products. Technological advancements in blood collection and processing, coupled with enhancements in the supply chain and distribution network by vendors, contribute to the market's demand globally.
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Key players in the bovine blood plasma derivatives market include LAMPIRE Biological Laboratories, Inc., Sigma-Aldrich Co. (Merck KGaA), Rocky Mountain Biologicals Inc., Proliant Inc., Bovogen Biologicals Pty Ltd., Thermo Fisher Scientific, Inc., Kraeber & Co GmbH, Auckland BioSciences Ltd., and Lake Immunogenics, Inc.
Segmentation of the bovine blood plasma derivatives market includes immunoglobulin, fibrinogen, serum albumin, fetal bovine serum, thrombin, transferrin, newborn calf serum, and others, including BGG. In 2019, the thrombin segment dominated demand due to increased usage in surgeries and diagnostics. Bovine serum albumin is expected to maintain its position as the second-leading segment, finding applications in drug formulation, the food industry, and as a component of cell culture media.
Application-wise, the market is divided into the pharmaceutical industry, diagnostic industry, cell culture or biotechnology, research and development, the food industry, cosmetic industry, and others, including nutrition supplements. In 2019, the cell culture or biotechnology and the food industry collectively accounted for a demand share of 42%, expected to remain the most profitable application segments until 2027.
Geographically, North America and the Asia Pacific emerge as lucrative regions. The North American market is projected to grow at a CAGR of 6.9%, reaching USD 588.86 million by 2027, while the Asia Pacific market is estimated to surpass USD 495 million by the same year. These two regions are expected to contribute more than 60% of the total opportunities and revenue in the market.
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