Global Cell Therapy Market Can Attain an Impressive 10.6% CAGR during the Forecast Period (2017-2023): Reports MRFR
The Global Cell Therapy Market is gaining ground with path-breaking technological advancement in biotechnology. Its ability to work at a cellular level by repopulating cells as carriers of therapeutic cargo to counter various diseases has increased its intake in the healthcare sector. The global cell therapy market is anticipating a nifty 10.6% CAGR over the forecast period (2017-2023), claims Market Research Future (MRFR) in an extensive study.
Despite so many factors, the cell therapy market can get crippled by daunting challenges it can face in research & development. Its manufacturing cost is considerably higher owing to which the cell therapy market growth can slow down during the forecast period. On the other hand, the poor healthcare system in many middle-income countries can dampen the market prospect.
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The Cell Therapy Market can be segmented by type, technology, cell source, application, and end-user.
Type-wise, the cell therapy market is segmented into autologous, and allogeneic.
Technology-wise, the cell therapy market includes somatic cell technology, cell immortalization technology, viral vector technology, genome editing technology, cell plasticity technology, and three-dimensional technology. Viral vector technology is sub-segmented into Ex vivo gene modification of cells and In vivo gene modification of cells.
Based on cell source, the cell therapy market comprises induced pluripotent stem cells (iPSCs), bone marrow, umbilical cord blood-derived cells, adipose tissue, and neural stem cell.
Application-based, the cell therapy market consists musculoskeletal, cardiovascular, gastrointestinal, neurological, oncology, dermatology, wounds and injuries, ocular, and others.
Based on end-users, the cell therapy market is segmented into hospital & clinics, regenerative medicine centers, diagnostic centers, research institutes, and others.
Merger, acquisition, collaboration and other strategic methods often play an important role in taking the cell therapy market forward. For instance, Pfizer and Cellectis have confirmed that their collaboration with Allogene Therapeutics, a biotechnology company, is to continue. Sanofi is taking over Bioverativ, hemophilia expert and Celgene is buying Juno Therapeutics to improve their cancer portfolio.
Some of key the players in the cell therapy market are, GlaxoSmithKline plc, Cynata, Grupo Praxis, MEDIPOST, Osiris, PHARMICELL, Pluristem, JCR Pharmaceuticals Co., Ltd, ANTEROGEN. CO. LTD., CELLECTIS, NuVasive, Inc., BioNTech IMFS, EUFETS GmbH, Cognate, Novartis AG Genzyme Corporation, Advanced Tissue, and others.
Region-specific analysis of the cell therapy market includes the Americas, Europe, Asia Pacific (APAC), and the Middle East and Africa (MEA).
The Americas is leading the cell therapy market and is expected to remain so in coming years. The awareness among people regarding cell therapy is growing. Increasing healthcare expenditure, along with superior infrastructure, is further promoting the market by engaging researchers in coming up with favorable results.
Europe assumes the second position, and it can be attributed to its market factors that resemble the drivers of the Americas. Reimbursement policies are also experiencing sea-change owing to which further improvement in the market is possible.
The APAC region is the fastest growing cell therapy market. With technological advancements and revamped healthcare sector, this market can expect further growth in coming years. Whereas, the MEA market can only expect moderate growth as the region lacks technical knowledge and available medical facilities are not of great standard.
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