Cell Therapy Market Synopsis
Global cell therapy market 2020, according to MRFR, is anticipated to register a CAGR of 22.36% to secure up to USD 20.21 billion by 2023.
Cell Therapy Market Highlights
The global market for cell therapy is expected to grow as a result of the rise in a number of clinical studies related to cell therapy development , increasing regenerative medicine adoption, and the introduction of new platforms and technologies. In addition , the rising ageing population of patients, the increase of cell therapy transplantations globally and the increasing understanding of illness fuel the development of the global demand for cell therapy. The development of precision medicine and advances in Advanced Therapies Medicinal Products (ATMPS) in terms of their efficiency and manufacturing are poised to be the main market drivers.
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Doctors’ inclination towards therapeutic use of autologous and allogeneic cord blood coupled with increased awareness of the use of cord cells and tissues across different therapeutic areas is driving revenue generation. Moreover, automation in the processing and storage of adult stem cells and cord blood are key technological advances that have supported the growth of the cell therapy market. Investment in technological advances to decentralize manufacturing of this therapy is expected to significantly benefit the market. Rising infrastructural funding and innovation to enable the start of new companies is anticipated to fuel the growth in organic revenue in the cell therapy market. Strict regulatory policies can, however, impede market growth.
Cell Therapy Market Segment Overview
The global demand for cell therapy market was categorized, by form, as autologous and allogeneic. Autologous cell therapy is set to retain considerable market share against allogeneic cell therapy, recording a significant CAGR reaching USD 11.55 billion by 2024.
The global market for cell therapy was classified, based on product, as equipment , consumables (media / vessel / serum / reagent), software & other services. Increasing incidences of infectious diseases are the major factor that is likely to drive consumer segment growth over the forecast period. The global cell therapy market was classified as fibroblast cell therapy, cell vaccine, adoptive cell transfer (act), and chondrocyte cell therapy, stem cell therapy, based on technique.
The global market for cell therapy has been classified by technology as viral vector technology, technology for cell immortalization and technology for genome editing.
The global cell therapy market, based on cell source, has been classified as cells derived from the adipose tissue, the bone marrow, and umbilical cord blood. The growing demand for bone marrow transplantation is projected to fuel market growth in the treatment of ischemic heart diseases.
The global cell therapy industry has been categorized on application as cardiovascular disease ( CVD), oncology, orthopedic and wound healing.
The global demand for cell therapy was also divided into hospitals & clinics, regenerative medicine centres, and academic institutes, depending on end-users.
Cell Therapy Market Regional Overview
The global market for cell therapy has been geographically segmented into North America, Europe , Asia-Pacific (APAC), Middle East and Africa .(MEA) and Latin America (LATAM)
North America has the largest demand for cell therapy in 2017, according to the MRFR report, and is predicted to stay the leader over the study period.
Europe had a significant market share and over the forecast period is expected to be the second-largest market. The increase in demand for oncology care cell therapy is an significant contributing force in the expansion of the European industry for cell therapy.
Cell Therapy Market Competitive Dashobard
The eminent players in the global cell therapy market are Vericel Corporation, Osiris Therapeutics, Inc, Mesoblast Ltd, NuVasive, Inc., Holostem Terapie Avanzate S.r.l., JCR Pharmaceuticals Co., Ltd, Pharmicell Co., Ltd, RTI Surgical Holdings, Inc., AlloSource, Medipost Co., Ltd, among others.
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