Market Research Future (MRFR) collected data on several factors including implications of COVID 19 Impact on Cell Therapy Market and demographic challenges, showed how it could move forward in the coming years.
Cell Therapy Market Analysis
Cell therapy has evolved as a recent phase of the biotechnological revolution in the medical sector. The key aim of cell therapy is to target various diseases at the cellular level by restoring a specific cell population as carriers of therapeutic cargo. Besides, cell therapy is used in combination with gene therapy for the treatment of several diseases.
Potential applications of this therapy include treatment of urinary problems, cancers, autoimmune disease, neurological disorders, and infectious disease. In the future, cell therapy will also be used for rebuilding damaged cartilage in joints, repairing spinal cord injuries, and improving the immune system.
The global cell therapy market size is proliferating rapidly. Factors predominantly driving the growth of the market include the rising prevalence of chronic diseases and disorders, increasing geriatric population, increasing government assistance, and replacement of animal testing models. Besides, technological advancements transpired in the field of biotechnology are escalating the market on the global platform.
Acknowledging the increasing traction that the market is garnering currently, Market Research Future (MRFR) in its recently published analysis asserts that the Global cell therapy market is expected to register a CAGR of 22.36% to reach USD 20,217.00 Million by 2023.
Additional factors pushing up the growth of the market include the growing number of neurological disorders and the improvement in the regulatory framework. Other dominant driving forces behind the growth of the global cell therapy market are the regulation of tissue engineering and the exciting possibilities that this therapy is offering in the field of therapeutics.
Conversely, factors such as the challenges that occurred during research and development activities impede the growth of the market. Also, the high cost associated with the development and reconstruction of cells is hampering the market growth especially in the developing and under-developed countries.
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Global Cell Therapy Market – Segmentation
For enhanced understanding, the market has been segmented into six key dynamics:
By Type: Autologous and Allogeneic
By Technology: Somatic Cell Technology, Cell Immortalization Technology, Viral Vector Technology, Genome Editing Technology, Cell Plasticity Technology, and Three-Dimensional Technology among others.
By Source: Induced Pluripotent Stem Cells (iPSCs), Bone Marrow, Umbilical Cord Blood-Derived Cells, Adipose Tissue, and Neural Stem Cell among others.
By Application: Musculoskeletal, Cardiovascular, Gastrointestinal, Neurological, Oncology, Dermatology, Wounds & Injuries, and Ocular among others.
By End-users: Hospital & Clinics, Regenerative Medicine Centers, Diagnostic Centers, and Research Institutes among others.
By Regions: North America, Asia Pacific, Europe, and the Rest-of-the-World.
Global Cell Therapy Market – Regional Analysis
The North American region, heading with the successful advancements in therapies dominates the global cell therapy market with a significant share. The market is further expected to grow phenomenally, continuing its dominance from 2017 to 2023. Moreover, the growing number of patients suffering from chronic diseases such as cancer and cardiovascular disorders and well-defined per capita healthcare expenditure are acting as major tailwinds, driving the growth of the regional market.
The US, backed by its huge technological advancements, accounts for the major contributor to the cell therapy market in North America. Furthermore, an increasing number of care facilities offering cell therapies alongside the advanced devices contribute to the growth of the regional market. Also, factors such as the presence of the well-established players, availability of funding for the development of new therapeutics, and treatment positively impact the growth of the market.
The cell therapy market in the European region accounts for the second largest market, globally, expanding at a phenomenal CAGR. The resurging economy in Europe is undoubtedly playing a key role in fostering the growth of the regional market. Additionally, factors such as the availability of technologically advanced devices and the proliferation of quality healthcare along with the increasing healthcare cost contribute to the market growth in the region. Besides, the accessibility to the advanced technology and increasing government support for the R&D activities, propel the market growth in the region.
The Asia Pacific cell therapy market is rapidly emerging as a profitable market, globally. Factors such as the support provided by the government and private entities for research & development will drive the market in the region. Moreover, factors such as the vast advancements in biotechnology and cell reconstructive methods are fostering the growth in the regional market. Furthermore, the rapidly growing healthcare sector led by improving economic conditions positively impacts the regional market. Also, developing healthcare technology and the large unmet needs will foster the growth of the market in the region.
Cell Therapy Market – Competitive Analysis
Highly competitive, the cell therapy market appears to be widely expanded and fragmented characterized by several small and large-scale players. To gain a competitive edge and to sustain their position in the market, these players incorporate various strategic initiatives such as partnership, acquisition, collaboration, expansion, and product launch.
The structure of the market is changing due to the acquisition of local players by multinational companies. Because of the increasing competition in the market, multinational companies are using the strategy of acquisition, which increases the profit of the company while significantly reducing the competition.
Cell Therapy Market Major Players
Key players leading the global cell therapy market include GlaxoSmithKline plc, Novartis AG, MEDIPOST, PHARMICELL, Osiris, NuVasive, Inc., Anterogen.Co., Ltd., JCR Pharmaceuticals Co., Ltd, CELLECTIS, Cynata, BioNTech IMFS, Cognate, EUFETS GmbH, Pluristem, Genzyme Corporation, Grupo Praxis, and Advanced Tissue among others.
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Cell Therapy Industry, Innovation & Related News
March 12, 2019 —- Cell Medica Ltd. (the UK), a leading global company engaging in the development, manufacture, and commercialization of cellular immunotherapy products for the treatment of cancer and viral infections announced the receiving of a grant of USD 8.7 MN from the Cancer Prevention and Research Institute of Texas (CPRIT – the US) to accelerate off-the-shelf CAR-NKT cell therapy.
In addition to being available “off-the-shelf,” the new cell-based therapy CMD-502 uses donor-derived natural killer T-cells to fight cancer and is expected to have a better safety profile than current chimeric antigen receptor (CAR) T-cell therapies. The therapy is being developed and refined in collaboration with the Baylor College of Medicine (BCM – Texas, the US).