The global Transforming Growth Factors Market is expected to grow at a stupendous rate In Upcoming Years. Today calls for prediction tools that are powered by AI to optimize the usage of the resources available. This could also help in crisis management. As such, key market participants are likely to invest in predictive analytics for condoning unforeseen circumstances. These would be preventive steps taken by the enterprises on the whole.
As per Persistence Market Research’s latest industry analysis, the global transforming growth factor market was valued at US$ 315.5 Mn in 2020, and is expected to exhibit a CAGR of 7.7% over the forecast period (2021-2031)
Cell therapy plays an important role in vascular and hematopoietic, neural, skeletal, pancreatic, periodontal, and mucosal tissue regeneration. Platelet-derived growth factors and bone morphogenetic factors are gaining high demand for diabetic neuropathic ulcers and periodontal defects, and tissue regeneration at sites of tibia fractures.
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Stem cell research continues to expand due to high adoption of stem cell treatment. Therefore, bone morphogenetic proteins (BMPs) and TGF-beta proteins are gaining demand and supporting the clinical development of cellular therapies. Cell culture has helped the most in oncology research as cancer cells are more responsive to culture in vitro, which, in turn, is drive demand in research areas.
Increasing healthcare R&D expenditure further improves the chances of breakthrough treatment options. Rapidly growing healthcare expenditure is resulting in new molecule discovery, evaluation of various molecules for possible disease treatment, and adoption of innovative approaches in these studies.
Key manufacturers of transforming growth factor are focusing on the development of technology to cater to specific research requirements.
For instance, in 2021, Bio-Techne Corporation, developing innovative tools and technologies for cell and gene therapy research and manufacturing, partnered with Autologous to implement a first-of-its-kind electronic batch record system – AutoloMATETM, at the Bio-Techne’s GMP cellular manufacturing center.
The COVID-19 pandemic affected health services for other diseases such as hypertension, cancer, diabetes, and cardiovascular diseases. Selective procedures such as orthopedic joint replacement were impacted. Shifted focus of healthcare professionals from these diseases to address the COVID-19 crisis negatively impacted the overall healthcare industry.
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However, the transforming growth factor space did not see any long-term adverse effect on its business. A short-term impact of COVID-19 has been seen on the market due to disruptions in the supply chain and research activities during lockdowns. The market is projected to experience smooth growth over the coming years.
Key Takeaways from Market Study
By grade, the GMP segment is fast-growing at CAGR of 9.3%, on the back of rise is demand for supreme quality growth factors across regions.
Based on product, bone morphogenetic proteins (BMPs) is leading with over 43% market share.
Oncology research is estimated to lead the market by application. This segment accounted for approximately 22% share of the market.
Pharmaceutical and biotechnology companies lead demand for transforming growth factors with a market share of 48%.
By region, North America is set dominate the global market with a value share of around 41%. Europe is slated to be the second-largest leading region with a value share of 32%.
“Increasing drug discovery and stem cell research is expected to drive market expansion of transforming growth factors over the next ten years,” says an analyst of Persistence Market Research.
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Agreements, collaborations, and partnerships have emerged as the key growth strategy adopted by industry players. By focusing on these strategies, key stakeholders are expanding their geographic footprints and strengthening their existing product portfolios.
In February, 2019, Roche entered into a definitive merger agreement to acquire Spark Therapeutics.
In 2021, Bio-Techne Corporation) and Catamaran Bio expanded their collaboration for the development of cell engineering and cell process technologies for use by Catamaran in the manufacturing of CAR-NK cell therapy products.
What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the transforming growth factor market in its latest study, presenting historical demand assessment of 2016 – 2020 and projections for 2021 – 2031.
The research study is based on the product (activin, bone morphogenetic proteins (BMPs), TGF-beta proteins), grade (GMP grade, NON-GMP grade), application (oncology research, haematology research, wound healing research, dermatology research, cardiovascular disease & diabetes, cell therapy and ex vivo manufacturing, others), end user (pharmaceutical and biotechnology companies, research centres & academic institutes, CMOs and CDMOs), across seven key regions of the world.