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(Health-NewsWire.Net, August 08, 2020 ) 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.
Cell Therapy Technologies Market by Product (Consumables, Equipment, Software), Cell Type (Human Stem & Differentiated, Animal), Process Stages (Cell Processing, Distribution, Handling, QC), End User, and Region – Global Forecast to 2023
What Drives the Market?
1. Rising Government Investments in Cell-Based Research
2. Large Number of Oncology-Oriented Cell-Based Therapy Clinical Trials
4. Affordability and Sustainability of Advanced Cell Therapy Instruments
Based on cell type, the market is segmented into human cells and animal cells. In 2018, the human cells segment is expected to account for the largest share of the cell therapy technologies market. The rising adoption of human cells over animal cells for cell therapeutics research, technological advancements, and the rising incidence of diseases such as cancer and cardiac abnormalities are the key factors driving the growth of this segment.
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By product, the cell therapy technologies market is segmented into consumables, equipment, and systems & software. The consumables segment is expected to account for the largest share of the market in 2018. Factors such as increasing investments by companies to develop advanced products as well as government initiatives for enhancing cell-based research are contributing to the growth of the cell therapy consumables market.
Based on end user, the cells therapy instruments market is segmented into life science research companies and research institutes. The life science research companies segment is expected to dominate the market in 2018 as well as grow at the highest CAGR during the forecasted period.
The geographical regions mapped in the report are:
1. North America
2. Europe
3. Asia-Pacific (APAC)
4. Rest of the World
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.
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Some key players mentioned in the research report are:
Key players in this cell therapy technologies market include 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).
Recent Developments:
# In 2018, Thermo Fisher Scientific launched a new series of compact refrigerators.
# In 2018, Thermo Fisher Scientific launched an advanced laboratory management system for data integrity and complete regulatory compliance.
# In 2018, Lonza opened its Collaborative Innovation Center in Haifa, Israel.
# In 2018, Sartorius will offer current and future Lonza media and buffers on a non-exclusive basis as part of its extensive portfolio of products for cell-based development and manufacturing.
# In 2017, GE Healthcare acquired Asymptote (UK) in order to strengthen its cell therapy portfolio with a suite of technologies for the cryopreservation of cellular materials.
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