Cell Expansion Market to Reach US$26 Billion by 2024, Says TMR
ALBANY, New York, December 11, 2018 /PRNewswire/ --
As per the report published by Transparency Market Research, the global cell expansion market is likely to progress at an excellent 14.70% CAGR over the forecast tenure 2016 to 2024. By progressing at this rate, the market might touch US$26 bn by the end of the tenure. In 2015, the market valuation was US$7.7 bn.
Based on type of cell, the human stem cell segment leads the global market in 2016 by holding larger number of share. Support from the government and growing incidence of various chronic diseases increased the demand for this segment. In terms of revenue, this segment held 58.1% share in the global market. With respect to geography, North America led the market in 2016 by holding 39.3% share. Presence of prominent companies and high research and development spending drives the growth of this region.
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High Government Investment to Fuel Market Performance
Globally, the demand for cell expansion has grown largely on the account of rising demand for regenerative and cell-based therapies. Well-informed and aware patients prefer to go for cell-based therapies, which will expand the growth potential for the market. Rising investments in cell expansion by various private and government organization is also likely to drive the demand in this market. Moreover, increasing reach and development activities by various pharmaceutical companies and government organization will further fuel the market growth.
Adding to the key growth factors, rising prevalence of cancer and other chronic diseases is another factor driving demand in this market. Cost effective instruments for cell based research and technological advances in cell expansion devices might boost the growth in the market.
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Strict Rules and Regulation to Deter Demand in Cell Expansion Market
On the contrary, high maintenance and operation cost might deter the demand in this market. Number of the people are not economically strong to afford such expansive procedures. In addition, strict rules and regulations related to cell expansion products and application have also restricted the growth of the market.
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The global cell expansion market is consolidated as a few players operates in the global market. Key players in the market are making conscious efforts in research and development to develop advanced cell expansion applications. It will also help them in getting a firm hold in the market and expanding their reach in the regional and international market. Collaboration, mergers and acquisition, and partnership are some other strategies used by them. On these bases, competition is expected to rise in the forthcoming years. Dickinson and Company, PeproTech, Inc., Eppendorf AG, Becton, STEMCELL Technologies, Merck Millipore (Merck KGaA), Thermo Fisher Scientific, Inc., and Cell Signaling Technology, Inc. are few vendors mentioned in the report.
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The information presented in this review is based on a TMR report, titled "Cell Expansion Market (Cell Type - Human Cells (Stem Cells and Differentiated Cells) and Animal Cells; Product - Instruments, Consumables, and Disposables; End User - Hospitals, CMO & CRO, Biotechnology & Pharmaceutical Companies, and Academic & Research Institutes) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024."
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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