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(Health-NewsWire.Net, September 09, 2020 ) Dallas, TX -- The global cell expansion market size is estimated to be USD 14.9 billion in 2020 and projected to reach USD 30.1 billion by 2025, at a CAGR of 15.1% says a 354 Pages Report.
What drives the market?
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
Increasing GMP certifications for cell therapy production facilities
Growth in this market is driven mainly by the increasing incidence of chronic diseases, government investments for cell-based research, the growing focus on personalized medicine, increasing focus on R&D for cell-based therapies, and growing GMP certifications for cell therapy production facilities.
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Opportunity: Emerging markets
The emerging markets are expected to become a focal point for the growth of the cell expansion market. In the last few years, the biotechnology and pharmaceutical industries in countries such as India, Brazil, and China have grown significantly, and this trend is expected to continue during the forecast period. According to India Brand Equity Foundation (IBEF), the biotechnology industry in India is projected to reach USD 100 billion by 2025 from USD 11 billion in 2016, at a growth rate of 30.46%. According to the same source, the pharmaceutical industry in India is projected to reach USD 55 billion by 2020 from USD 36.7 billion in 2016. In Brazil, the pharmaceuticals market is expected to reach USD 29.9 billion by 2021 from USD 25.3 billion in 2016 (Source: Advantage Business Marketing). Growth in the biotechnology and pharmaceutical industries in these countries is expected to increase the demand for cell expansion products for R&D and the production of pharmaceutical products.
North America accounted for the largest share of the cell expansion market in 2019.
North America accounted for the largest share of the cell expansion market in 2019. The large share of this segment can primarily be attributed to the rising incidence of cancer, increasing government funding, rising research activates on stem cell therapies, growing awareness regarding advanced treatment methods, growing geriatric population, and the strong presence of industry players in the region.
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Key Players
The global cell expansion market is dominated by a few globally established players such as Thermo Fisher Scientific (US), Danaher (US), Becton, Dickinson and Company (US), Lonza (Switzerland), Corning (US). Merck (Germany), Miltenyi Biotec (Germany), STEMCELL Technologies Inc. (Canada), Sartorius Stedim Biotech (France), and Terumo (Japan). Start-up companies include REPROCELL (Japan), iXCells Biotechnologies (US), Neuromics (US), G&G technologies (US), and Celltainer Biotech (Netherlands).
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Mr. Aashish Mehra
1-888-600-6441
raviraj.tak@marketsandmarkets.com
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