(Health-NewsWire.Net, June 06, 2020 ) The increasing incidence of chronic diseases, government investments for cell-based research, growing focus on personalized medicine, increasing focus on R&D for cell-based therapies, and increasing GMP certifications for cell therapy production facilities.
How much is the Cell Expansion Market worth?
The cell expansion market is projected to reach USD 26.0 billion by 2024 from USD 12.7 billion in 2019, at a CAGR of 15.4% during the forecast period. North America is expected to register the highest growth rate during the forecast period mainly due to the government funding for cancer research, increasing awareness regarding advanced treatment theories, and the strong presence of industry players in the region.
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The media segment accounted for the largest share of the consumables segment in the cell expansion market in 2018.
On the basis of product type, the consumables market is segmented into media, reagents, sera, and disposables. In 2018, the media segment accounted for the largest share of the consumables segment in the cell expansion market.
The large share of this segment can be attributed to its high requirement during the production of pharmaceutical products and rising R&D investments on cell-based therapies.
Increasing production of regenerative medicine in biotechnology & biopharmaceutical companies.
Based on end users, the cell expansion market has been segmented into research institutes, biotechnology & biopharmaceutical companies, cell banks, and other end users (includes hospitals, diagnostic centers, and laboratories).
In 2018, biotechnology & biopharmaceutical companies were the largest end users in the cell expansion market, and the trend is the same throughout the forecast period. Increasing production of regenerative medicine and rising awareness regarding advanced treatment methods such as personalized medicines and other cell-based therapies are the major driving factors for this segment.
Human cells accounted for the largest share of the cell expansion industry market in 2018
Based on cell type, the cell expansion market is segmented into human cells and animal cells. The human cells segment includes stem cells and differentiated cells. The stem cells segment is further classified into adult stem cells, ESCs, and iPSCs. These cells are used for therapeutic and research purposes.
In 2018, the human cells segment accounted for the larger share of the cell expansion market majorly due to the increasing investments by public and private organizations for research on human cells, growing application areas of human stem cells, and the growing incidence of diseases such as cancer.
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North America accounted for the largest share of the cell expansion market in 2018.
Geographically, the cell expansion industry market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. North America, which includes the US and Canada, accounted for the largest share of the cell expansion in 2018.
Thermo Fisher Scientific, Inc. (US), Becton, Dickinson and Company (US), Terumo BCT (Japan), Merck KGaA (Germany), Danaher Corporation (US), Miltenyi Biotec (Germany), Lonza Group Ltd. (Switzerland), STEMCELL Technologies Inc. (Canada), GE Healthcare (US), and Corning, Inc. (US).
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Mr. Aashish Mehra