The global cell expansion technologies market, which was valued at approximately US$13.5 billion in 2021, is expected to experience a remarkable compound annual growth rate (CAGR) of 12% during the forecast period. This robust growth is primarily driven by several key factors, including the increasing prevalence of chronic diseases, advancements in cell-based research, and substantial investments in research and development (R&D) projects by both governmental and commercial sectors.
- Rising Chronic Disease Prevalence Drives Market Growth
The escalating prevalence of chronic diseases such as cancer, diabetes, and osteoarthritis, coupled with the demand for drug screening tools and medical research, continues to be a significant growth influencer for the cell expansion technologies market. Regenerative medicine, offering effective solutions to patients, is also contributing to the markets expansion.
- Technological Progress and Product Innovation Propel Market
Technological advancements and product innovation in cell expansion technologies are expected to play a pivotal role in market growth. However, challenges such as the lack of advanced instruments and 3D cell expansion technologies could pose potential threats to progress.
- COVID-19 Impact and Stem Cell Research
The COVID-19 pandemic has highlighted the importance of cell-based therapies, particularly mesenchymal stromal cells (MSCs), in mitigating the effects of the virus. The emergence of stem cell-based treatments has shown great potential, as evidenced by ongoing clinical investigations worldwide.
- Growing Applications in Cell Therapy Techniques
The market is benefiting from the increasing utilization of cell therapy techniques in the development of pharmaceuticals, vaccines, antibiotics, and therapies. The growth of the biopharmaceutical industry is expected to further boost market expansion.
- Ethical Concerns Pose Challenges
Ethical considerations surrounding cell biology research, particularly the use of animal and human cells, have led to strict regulations in many countries. These regulations could limit the markets growth potential.
- Consumable Sector Thrives
The consumables sector holds a dominant market share, driven by high demand during the development of regenerative medicine and stem cell research. The availability of a wide range of commercial media and reagent products tailored to specific cell types contributes to the sectors substantial revenue share.
- Human Cell Research Drives Growth
Increasing investments in human cell research, the expanding use of human stem cells, and the rise in diseases like cancer are driving the growth of the human cells market category.
- North America Leads Market
North America is expected to account for the largest revenue share in the cell expansion technologies market due to factors such as a high incidence of cancer, government funding, and a significant presence of industry players.
- Asia Pacific Shows Strong Growth Potential
The Asia Pacific region is anticipated to experience stable revenue growth throughout the forecast period, driven by the efforts of local pharmaceutical and biotechnology companies and rapid economic development.
- Key Players in the Market
Prominent players in the global cell expansion technologies market include Danaher, Corning, Inc., Sartorius Stedim Biotech, Thermo Fisher Scientific, Merck KGaA, Becton, Dickinson and Company, Lonza, Terumo Corporation, Getinge AB, and Miltenyi Biotec.
The global cell expansion technologies market is poised for significant growth, driven by factors such as the rising burden of chronic diseases, technological advancements, and the increasing use of cell therapy techniques. Despite challenges related to ethical considerations, the market is expected to expand steadily in the coming years.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/cell-expansion-technologies-market
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COMTEX_442430687/2840/2023-10-25T09:54:59
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