The global cell expansion technologies market, valued at approximately US$13.5 billion in 2021, is expected to experience robust growth with a projected compound annual growth rate (CAGR) of 12% during the forecast period. The markets expansion is primarily driven by the increasing prevalence of chronic diseases and the growing adoption of regenerative medicine practices.
Rising Chronic Disease Prevalence Driving Growth
Cell expansion technologies play a crucial role in the field of regenerative medicine and pharmaceuticals. With the rising prevalence of chronic diseases such as cancer, diabetes, and osteoarthritis, the demand for advanced cell expansion technologies has surged. These technologies find applications in drug screening, medical research, and the development of therapeutic solutions for chronic conditions. Additionally, government and commercial investments in research and development (R&D) projects further contribute to the markets growth. However, challenges such as a shortage of skilled professionals and high setup costs pose constraints to market expansion.
Impact of COVID-19 on Cell Expansion Technologies Market
The COVID-19 pandemic has highlighted the potential of cell-based therapies in addressing health challenges. Mesenchymal stromal cells (MSCs) have shown promise in mitigating the negative effects of COVID-19 infection by aiding tissue healing and reducing inflammation. Numerous clinical investigations of MSC-based cell therapies have been initiated, pointing to the growing potential of stem cell-based treatments in the fight against the pandemic. This demonstrates the relevance and versatility of cell expansion technologies in advancing medical solutions.
Growing Applications of Cell Therapy Techniques
The adoption of cell therapy techniques in various sectors, including pharmaceuticals, vaccines, antibiotics, and therapies, is propelling the demand for cell expansion technologies. The biopharmaceutical industrys growth, coupled with advancements in bioprocessing technology, is further driving the expansion processes used during bioproduction. As single-use technologies gain traction in the production of cellular therapies, the cell expansion technologies market is poised for substantial growth.
Ethical Considerations Impacting Market Growth
While cell expansion technologies offer tremendous potential, ethical concerns related to the use of animal and human cells for research are influencing the markets growth. Stricter regulations have been established globally to oversee the ethical use of cells in research, which can impact cell biology research and the development of new cell-based therapies.
Regional Market Insights
North America is expected to dominate the cell expansion technologies market, driven by a rising incidence of cancer, government funding, and increased research activities in stem cell therapy and regenerative medicine. The regions commitment to innovation and advancements in bioprocessing technology positions it as a key player in the cell expansion landscape. Asia Pacific is anticipated to experience rapid growth, fueled by increasing efforts by local pharmaceutical and biotechnology companies to develop and market cellular therapies.
Cell Expansion Technologies Market: Leading Players
Key players in the cell expansion technologies market, including Danaher, Corning Inc., Sartorius Stedim Biotech, Thermo Fisher Scientific Inc., Merck KGaA, Becton, Dickinson and Company, Lonza, Terumo Corporation, Getinge AB, and Miltenyi Biotec, are actively engaged in product innovation, partnerships, and expansions to strengthen their market presence.
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_438952334/2840/2023-08-24T06:35:38
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