South Korea Bovine Serum Albumin Market SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (undefined)

South Korea Bovine Serum Albumin Market is Segmented By Form (Dry and Liquid), By Grade (Technical & Diagnostic Grade, Research / Reagent Grade, and Food Grade), By Application (In vitro Diagnostics, Vaccine Production, Biochemical Assays, and Others), By End User (Life Science Industry, Food Industry, Research Institutes, and Others). The report offers the value (in USD million) for the above-mentioned segments.

South Korea Bovine Serum Albumin Market Size

Market Size in USD

CAGR3.4%

Study Period2024 - 2031
Base Year of Estimation2023
CAGR3.4%
Market ConcentrationHigh
Major PlayersProliant, Kraeber & Co., GmbH, Lake Immunogenics, Gemini
*Disclaimer: Major players are listed in no particular order.
*Source: Coherent Market Insights
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South Korea Bovine Serum Albumin Market Analysis

The South Korea bovine serum Albumin market size is expected to reach US$ 7.90 Mn by 2031, from US$ 6.00 Mn in 2023, growing at a CAGR of 3.4% during the forecast period 2024-2031. The South Korea bovine serum albumin market has been witnessing steady growth over the past few years supported by the increasing demand from the biopharmaceutical and life science industries. Bovine serum albumin or BSA finds wide application as a blocking agent and stabilizing protein in techniques like ELISA (enzyme-linked immunoassay), western blotting, and immunohistochemistry. The growing biopharmaceutical industry in South Korea focusing on the development of biosimilars and biologics has boosted the consumption of BSA substantially.

South Korea Bovine Serum Albumin Market Drivers

  • Rising research and development activities: South Korea has seen significant growth in its research and development activities over the past few years, which has positively impacted the bovine serum albumin market in the country. Research labs and pharmaceutical firms have substantially ramped up their R&D efforts focused on developing new biologic drugs, vaccines, and therapies using bovine serum albumin. Bovine serum albumin finds wide applications in vaccine production as it helps stabilize the vaccines and boost their efficacy. It is also used in cell culture media that are essential for developing cell-based therapies and transgenic technologies.
  • The growth in R&D is also propelled by the government through various programs and initiatives. The South Korean Ministry of Science and ICT has undertaken several projects to promote biosciences, regenerative medicine, bio manufacturing, and novel bio therapeutic approaches. It has set aside large grants under the Bio Health Technology Development Project to support the work of national research institutes, universities, and private labs. This is encouraging more organizations to ramp up their research capabilities and investments in facilities, which has translated to greater consumption of allied products like bovine serum albumin. Government projections indicate that research outlay in biologics and new drug development will further rise by 12-15% annually over the next 5 years.
  • Increasing applications in cell culture media: The use of bovine serum albumin in cell culture media has been expanding rapidly in South Korea. Cell culture is an important technique used in various biopharmaceutical and biotechnology applications such as vaccines, stem cell therapy, and cancer research. It allows mass cultivation of animal and human cells outside of their natural environment, enabling controlled testing and production of materials like antibodies, vaccines, stem cells, and other therapeutic proteins. Many public and private institutions in South Korea have been investing heavily in building out cell culture facilities to support R&D in these sectors. For Instance, the Korea National Institute of Health recently spent $30 million to double the size of its new cell culture research building that now contains over 50 labs. As cell culture activities increase, so too does the demand for critical components of cell culture media like bovine serum albumin which acts as a nutrient rich supplement essential for cell growth. This rapid growth in cell culture is expected to continue accelerating the bovine serum albumin market in the coming years. According to projections by the United Nations Population Division, South Korea's population is predicted to decline slightly from 2023-2030 as birth rates remain low. This raises concerns about workforce availability and is driving government initiatives to invest in biotechnology to support an aging society. Cell and gene therapies as well as regenerative medicine are seen as promising areas that could alleviate health burdens.

South Korea Bovine Serum Albumin Market Restraints

  • Availability of alternatives: Availability of alternatives is significantly restraining the growth of the South Korea bovine serum albumin market. Bovine Serum Albumin (BSA) is a blood derivative extracted from bovine blood and is used extensively in life sciences research and biopharmaceutical development and manufacturing due to its stability and abundance. However, due to ethical concerns around extracting blood from livestock, sustainable and animal-free alternatives to BSA are being increasingly adopted. One of the major alternatives gaining traction is recombinant human serum albumin (rhSA) which is produced through microbial fermentation instead of being extracted from blood. Leading South Korean biotech firms such as Samsung Biologics and Celltrion have started offering microbial-derived rhSA solutions to their biopharma clients. Several global pharma giants such as Pfizer and GSK have also started exploring rhSA over animal-derived BSA for their biologics production needs according to recent news reports. The South Korean government is also actively promoting the development of sustainable and ethical alternatives to traditionally blood-derived products through funding programs as per its 12th Basic Plan for Science and Technology launched in 2021.
  • Stringent regulations for serum collection: Stringent regulations for serum collection are indeed restraining the growth of the South Korea bovine serum albumin market. The country has implemented very strict protocols to ensure animal welfare during the extraction process. For instance, as per guidelines issued by the Ministry of Agriculture, Food and Rural Affairs in 2020, calves younger than 20 months cannot be bled for serum collection. The calves need to weigh a minimum of 150 kg before the collection procedure. Furthermore, the number of times a calf can be bled is strictly limited to 3 times in a year, with at least 2 months gap between each collection. This helps minimize pain and stress for the young calves. The guidelines also specify stringent procedures to be followed during the actual collection. Calves must be handled very gently and quickly. The site of blood collection on the neck needs to be properly disinfected and numbness ensured before piercing the skin with a needle. Post collection, the site needs to be properly cleaned and disinfected again. Calves are also carefully monitored for several hours after the procedure to check their health and recovery. All these regulations have increased operational costs and complexity for serum collection facilities in South Korea.

South Korea Bovine Serum Albumin Market Opportunity

  • Technological advancements: Technological advancements present a vast opportunity for growth in the South Korea bovine serum albumin market. As the country is at the forefront of innovation in areas such as 5G, AI (artificial intelligence), biotechnology, and renewable energy, applying new technologies can help organizations transform various processes and achieve greater efficiencies.
  • For instance, synthetic biology and gene editing technologies are allowing scientists to modify bovine serum albumin at a molecular level to give it improved stability and functionality. Researchers at the Korean Research Institute of Bioscience and Biotechnology have been working on projects to genetically engineer bovine serum albumin with superior heat resistance and pH stability. If successfully developed, such customized albumin products could meet specific needs of biopharmaceutical applications and gain a competitive edge. Similarly, advances in cell culture media are reducing reliance on animal-derived albumin. A few start-ups are developing plant-based or microbial alternatives that have identical properties to the bovine version. This has the potential to open up new application areas and offer more sustainable options to consumers.
  • Growing biopharmaceutical industry: The biopharmaceutical industry in South Korea has shown great potential for growth in the coming years. South Korea has a well-established healthcare infrastructure and a highly skilled workforce capable of supporting advanced biologics manufacturing. Several global pharmaceutical companies already have manufacturing facilities located in South Korea taking advantage of these capabilities. The government has also introduced initiatives to promote innovation in bio therapeutics and build clusters of biotech firms. This thriving biopharmaceutical environment makes the South Korea Bovine Serum Albumin market well-positioned for expansion. As the biopharma sector continues to flourish in South Korea, the demand for raw materials like BSA will likely increase significantly. BSA is a key component used in cell culture media essential for the production of vaccines, therapeutics and other medical solutions. It acts as a protein building block and growth supplement for cells during the culturing and fermentation processes of bio manufacturing. With more biopharma plants coming online and existing ones ramping up output, the requirement for stable and high-quality cell culture reagents like BSA will continue growing.