Cell Therapy Market Insights
Global cell therapy market size is expected to register a CAGR of 22.36% to reach USD 20,217.00 million by 2023. according to Market Research Future’s latest report on the subject. Cell therapy has emerged as a transformative field in biotechnology due to its use for the targeting of various diseases at a cellular level. The above-average growth expected by this market will primarily be due to the rapidly advancing healthcare sector and growing breakthrough research and development activities.
Cell therapy is finding a growing number of applications in healthcare and is often used in combination with gene therapy. Presently, applications of cell therapy include urinary problems, cancers, autoimmune disease, and infectious disease among several others. The growing prevalence of chronic and lifestyle diseases is an important driver for the cell therapy market. Cell therapy is also being developed in regenerative medicine which carries massive potential once it clears the research phase. Increasing geriatric population with health issues and technological advancements are some other factors governing market growth. government assistance for research and improvements being made in existing regulatory frameworks are expected to pave the way for future market opportunities.
However, it should be noted that the high cost of manufacturing at present and the lack of awareness or appropriate healthcare infrastructure are expected to challenge market growth.
Cell Therapy Market Competitive Analysis:
Leading players in the global cell therapy market include AlloCure, Arteriocyte Medical Systems, Athersys Inc., Baxter Healthcare Corporation, Bone Therapeutics, Celgene Corporation, Cell Medica, Cellerant Therapeutics, Fibrocell, and Forticell Bioscience.
In August 2019, MIT researchers came up with a method to improve the outcomes of a CAR T-cell therapy for oncological applications. Using a vaccine to boost the number of anti-cancerous T cells, the new method has been shown to be effective against solid tumors.
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Cell Therapy Market Segmentation:
The global cell therapy market is segmented on the basis of type, product, technique, technology, cell source, application, end use, and region.
By type, the global cell therapy market is segmented into autologous and allogeneic. The autologous segment is likely to dominate the global cell therapy market over the forecast period.
By product, the global cell therapy market is segmented into consumables, equipment, and software and other services.
By technique, the global cell therapy market is segmented into stem cell therapy, cell vaccine, adoptive cell transfer, fibroblast cell therapy, and chondrocyte cell therapy.
By technology, the global cell therapy market is segmented into viral vector technology, cell immortalization technology, and genome editing technology.
By cell source, the market is segmented into bone marrow, adipose tissue, and umbilical cord blood-derived cells.
By application, the global market is segmented into oncology, CVD, orthopaedic, and wound healing.
By end use, the global cell therapy market is segmented into hospitals and clinics, regenerative medicine centers, and research institutes.
Cell Therapy Market Regional Analysis:
Global cell therapy market is likely to be dominated by the Americas regional segment over the forecast period due to the increasing demand for cell therapy in the highly advanced healthcare sector in North America. North America is likely to dominate the global cell therapy market over the forecast period due to the growing development in the field of cell therapy and the increasing demand for advanced remedial solutions such as cell therapy. The presence of leading players in the cell therapy market in the region is also a major driver for the cell therapy market in North America and is likely to propel smooth growth of the market in the region over the forecast period.
The Americas region accounted for a dominant 37.6% of the global cell therapy market in 2017 and is expected to exhibit a robust 21.45% CAGR over the forecast period.
Europe is also likely to exhibit smooth growth in the global cell therapy market in the coming years due to the increasing demand for advanced healthcare methodologies such as cell therapy. Cell therapy requires the use of highly advanced genetic engineering processes in order to make the full use of the technology’s potential, leading to the presence of several leading market players in the region to be manifested as a major driver for the cell therapy market in Europe. The Europe market for cell therapy is expected to rise to USD 6,357.79 million by 2023, exhibiting rapid progress due to the growing healthcare expenditure in the region and the presence of a strong healthcare infrastructure.
Asia Pacific is also likely to exhibit smooth growth in the cell therapy market over the forecast period due to the growing demand for the highly advanced medical procedures involved in cell therapy in leading countries such as China, Japan, South Korea, and India. These countries have been the leading lights for the healthcare sector in Asia Pacific and are likely to host increasing technological advancements in the healthcare sector in the coming years, enabling smooth progress of advanced medical therapies such as cell therapy.
The Middle East and Africa is not likely to account for a major share in the global cell therapy market over the forecast period due to the lack of spending capacity among consumers in the region.
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