Rising government investments for cell-based research, the increasing number of GMP-certified production facilities, and the large number of oncology-oriented cell-based therapy clinical trials are the key factors driving the growth of this market. China, India, Japan, Korea, and Brazil are emerging markets for cell therapy instruments.
The global cell therapy technologies market is projected to reach USD 19.9 billion by 2023 from USD 10.2 billion in 2018, at a CAGR of 14.4% during the forecast period.
What Drives the Market?
1. Rising Government Investments in Cell-Based Research
2. Large Number of Oncology-Oriented Cell-Based Therapy Clinical Trials
3. Affordability and Sustainability of Advanced Cell Therapy Instruments
China, India, Japan, Korea, and Brazil are emerging markets for cell therapy instruments. These markets boast comparatively lenient standards and government regulations as opposed to developed markets in North America and the EU, and thus offer significant growth potential for providers. However, the high cost of cell-based research and the low success rate is expected to restrain market growth to some extent during the forecast period.
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Cell processing segment to witness the highest growth during the forecast period
Based on process, the cell therapy technologies market is segmented into cell processing; cell preservation, distribution, and handling; and process monitoring and quality control. The cell processing segment is expected to account for the largest market share in 2018 and is projected to witness the highest CAGR during the forecasted period.
The geographical regions mapped in the report are:
1. North America
4. Rest of the World (RoW)
North America to dominate the cell therapy technologies market during the forecast period
The market is segmented into four major regions, namely, North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America is expected to dominate the market in 2018 owing to the high burden of chronic diseases and increasing R&D activities in the pharmaceutical and biotechnology industries. The Asia Pacific region is expected to register the highest CAGR during the forecast period. The increasing demand for cell therapy instruments and products from China, India, and Japan primarily due to the increasing research funding for vaccine development and changing disease profiles is supporting the growth of the market in the Asia Pacific.
Some key players mentioned in the research report are:
Beckman Coulter (US), Becton, Dickinson and Company (US), GE Healthcare (US), Lonza (Switzerland), Merck KGaA (Germany), Miltenyi Biotec (Germany), STEMCELL Technologies, Inc. (Canada), Terumo BCT (US), and Thermo Fisher Scientific (US).
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