Scope of Cell Therapy Market
With the economy showing signs of the financial crisis, COVID-19 has influenced several industries. Market Research Future highlights the developments in the global cell therapy market 2020 amid the ongoing COVID-19 crisis. While studying, the analysts find that the market would record its growth rate at 22.36%. At this pace, the market will reach worth USD 20,217.00 Million by 2023. The entire growth process is estimated to take place in the forecast duration from 2018 to 2023.
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Cell Therapy market Boomers & Drivers
MRFR states that government institutes and industry players have announced various steps to deal with the ongoing situation COVID-19 to maintain the growth track of the global cell therapy market. The investment in technological advancements for manufacturing therapy is likely to benefit market growth significantly. For instance, Miltenyi Biotec contributed to the decentralization in manufacturing through its CliniMACS Prodigy device. The device is an automated manufacturing system that exhibits the capability of manufacturing various cell types.
Recent developments in cell therapy market have also been an influential factor in the growth trajectory of the market. In the case of point, Thermo Fisher announced its plan to open a cell therapy development collaboration centre in Princeton. The development was as part of a USD 475 million investments by the company in its biopharma capabilities in 2019. Besides, Univercells announced the launch of contract development and manufacturing organization (CDMO), Exothera. Remarkably, the CDMO was also launched to support cell therapy developers with process development and the production of viral vectors. These activities got into the nerves of the market and considerably facilitated growth.
At the same time, numerous players have also announced the development of cell therapy-based programs for the treatment of COVID-19. The developments of potential cell therapy-based solutions in COVID-19 have been beneficial for the market to maintain its growth trajectory for the forecasted period. Furthermore, a rise in demand for supply chain management solutions in cell therapy market due to adoption of digital solutions by players has also motivated the global cell therapy market to witness its optimum growth in the future.
In MRFR reports, analysts identified more than 160 innovative software-enabled systems that have been developed for managing the cell and advanced therapies supply chain.
Cell Therapy Market Segmental Analysis
In the segmental study, the autologous segment might lead the market and record a generous CAGR to reach USD 11,554.67 million by 2023. The allogeneic segment is expected to demonstrate the peak CAGR of 22.85% from 2018 to 2023.
By the segment of the product, the market includes consumables (vessel/media/serum/reagent), software & other services, and equipment.
By the segment of technique, the market includes Chondrocyte Cell Therapy, Cell Vaccine, Stem Cell Therapy, Fibroblast Cell Therapy, and Adoptive Cell Transfer (ACT).
By the segment of technology, the market includes cell immortalization technology, viral vector technology, and genome editing technology.
By the segment of cell source, the market includes adipose tissue, bone marrow, and umbilical cord blood-derived cells.
By the segment of application, the market includes Wound Healing, Cardiovascular Disease (CVD), oncology and orthopaedic.
By the segment of End User, the market includes regenerative medicine centres, hospital & clinics, and research institutes.
Cell Therapy Market Regional Framework
The incidence of leading universities such as the Stanford University, Institute for Stem Cell Biology and Regenerative Medicine, and Yale Stem Cell Center that support research activities in U.S. is one of the primary factors influencing the market for cell therapy in North America. Moreover, strapping regulatory and financing support from the federal bodies in the U.S. as well as Canada is thrusting the market growth.
In the Asia Pacific, the market might emerge as a productive source of revenue owing to the accessibility of therapies at lesser prices coupled with upward awareness among the healthcare entities and patients about the probability of therapies in chronic disease management. Japan is leading for cell therapy, which can be attributed to its swift growth as a hub for research on regenerative medicine. Moreover, the Japan government has documented regenerative medicine and cell therapy as a leading contributor to its economic growth. This has optimistically influenced the attention of global players towards the Asian market, thus driving marketing operations in the region.
Cell Therapy Market Top Players
Top companies operating in this market for cell therapy are AlloCure, Athersys Inc., Arteriocyte Medical Systems, Bone Therapeutics, Cell Medica, Celgene Corporation, Cellerant Therapeutics, and Forticell Bioscience.
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