The cell therapy industry was estimated at $7.75 Billion in 2019, and is expected to hit $48.11 billion by 2027, registering a CAGR of 25.6% from 2020 to 2027.
NE WIN SIVERS DRIVE, PORTLAND, UNITED STATES, November 2, 2021 /EINPresswire.com/ — The global cell therapy market size was estimated at $7.75 Billion in 2019, and is expected to hit $48.11 billion by 2027, registering a CAGR of 25.6% from 2020 to 2027. Rise in adoption of human cells over animal cells for cell therapeutics research, technological advancements in field of cell therapy, and the increase in incidence of diseases such as cancer, cardiac abnormalities, and others are the key factors that drive the growth of the market.
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Drivers, restraints, and opportunities-
Technological advancements in the medical field, rise in number of cell therapies in clinical studies, and increase in adoption of regenerative medicines fuel the growth of the market for global cell therapy. On the other hand, high costs of the therapy impede the growth to some extent. However, high growth potential in emerging markets is expected to pave the way for numerous opportunities for the key players in the sector.
• Covid-19 has made biopharmaceutical reformers across the world come forward in regards to the human response to the pandemic which, in turn, has impacted the global cell therapy market positively. Also, several biotech organizations have started taking the very initiative to examine the virus’s genome so that they can come up with a sustainable vaccine.
• At the same time, the use of cell therapy has become quite predominant in the development of several regenerative medicines.
• Nonetheless, during the first phase of the lockdown, most clinics across the globe stopped undertaking new cases of stem cell therapy, organ transplants, and other treatments for the next few months which, in turn, hindered the market growth to some extent.
The stem cell segment to lead the trail by 2027-
Based on cell type, the stem cell segment contributed to nearly three-fifths of the global cell therapy market share in 2019 and is expected to retain its dominance by 2027. The same segment would also grow at the fastest CAGR of 26.1% throughout the forecast period. Increase in awareness regarding storage of stem cells have a positive effect on the market. Also, the number of stem cell banks is increasing in the developing nations. These factors fuel the growth of the segment.
The allogeneic segment to maintain the lion’s share-
Based on therapy type, the allogeneic segment accounted nearly three-fifths of the global cell therapy market revenue in 2019 and is anticipated to lead the trail from 2020 to 2027. Prevalence in cases of cancer relapse propels the segment growth. The autologous segment, on the other hand, would register the fastest CAGR of 26.0% by the end of 2027. Rise in incidences of chronic diseases such as autoimmune diseases, cancer, and blood disorders drives the segment growth.
North America to dominate in terms of revenue-
Based on region, North America generated the highest share in 2019, holding around half of the global cell therapy market. Huge amount of funding by governments and private firms for clinical trials boosts the market growth in the province. Simultaneously, Asia-Pacific would manifest the fastest CAGR of 31.6% from 2020 to 2027. Presence of large untapped opportunities such as expanding healthcare budgets and increase in disposable income of people in the region drive the market growth.
Key players in the industry-
• Osiris Therapeutics, Inc.
• Stemedica Cell Technologies, Inc.
• JCR Pharmaceuticals Co. Ltd.
• NuVasive, Inc.
• Cells for cells
• Kolon Tissue Gene, Inc.
• Medipost Co., Ltd.
• Mesoblast Ltd.
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Source: EIN Presswire