Cell Therapy Processing Market To Grow Value $12,062 Million By 2026 | Latest Research Report
Pune, Maharashtra, India, February 17 2021 (Wiredrelease) Allied Analytics –:According to the report published by Allied Market Research, the global “The cell therapy processing market was valued at $1,695 million in 2018, and is projected to reach $12,062 million by 2026, registering a CAGR of 27.8% from 2019 to 2026.”
Cell Therapy Processing Market by Offering Type (Products, Services, and Software), and Application (Cardiovascular Devices, Bone Repair, Neurological Disorders, Skeletal Muscle Repair, Cancer, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026.
Prime determinants of growth
Increase in the incidence of cardiovascular diseases and surge in the demand for chimeric antigen receptor (CAR) cell therapy propel the global cell therapy processing market. However, poor demand from underdeveloped countries hinders the market growth. On the other hand, emerging markets are expected offer lucrative opportunities in the near future.
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The skeletal muscle repair segment to maintain its lion’s share in terms of revenue by 2026
Based on application, the skeletal muscle segment accounted for the largest market share of the global cell therapy processing market in 2018, accounting for more than one-fifth of the total market share in 2018. Moreover, the neurological disorders segment is estimated to grow at the highest CAGR of 29.7% from 2019 to 2026. The use of fetal neural tissue for cell therapy presented the first unambiguous proof that such grafts can be used to grow, evolve, and recover functional defects in rodents to varying degrees, which boosts the growth of the segment.
The growth of the cell therapy processing market is attributed to increase in the incidence of cardiovascular diseases. Furthermore, rise in the demand for chimeric antigen receptor (CAR) t cell therapy, and increase in the development of stem cell therapy approaches globe are the other factors that contribute to the growth of the cell therapy processing market.
Based on offering type, the market is categorized into products, services, and software. Presently, products dominates the cell therapy processing market, and is anticipated to continue this trend over the forecast period. The key factors that driving the market growth are rise in the incidence of cardiovascular diseases, increase in demand for cell therapy processing, surge in adoption of allogeneic cell therapy, and introduction of novel technologies for cell therapy processing drives the market growth of this segment.
North America to maintain its dominance during the forecast period
Based on region, North America accounted for the highest market share in terms of revenue, accounting for nearly two-fifths of the global cell therapy processing market in 2018, and is estimated to maintain its dominance during the forecast period. This is attributed to presence of well-established healthcare infrastructure, higher buying power, and surge adoption of advanced medical therapies. In addition, rise in prevalence of osteoporosis coupled with surge in geriatric population fuels the growth of the market in this region. Moreover, Asia-Pacific is expected to maintain the highest CAGR of 29.0% from 2019 to 2026, owing to presence of huge patient base, increase in research and development expenditure, and surge in usage of cell therapy processing products.
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Leading market players
Cell Therapies Pty Ltd
Merck & Co., Inc (FloDesign Sonics)
North America accounted for approximately one-half of the global cell therapy processing market share in 2018 and is expected to remain dominant throughout the forecast period. This was attributed to increase in the popularity of stem cell research, rise in patient awareness towards stem cell therapies, and well developed healthcare infrastructure. On the other side, Asia-Pacific is expected to experience the highest growth rate during the forecast period majorly due to improvement in healthcare infrastructure, rise in number of hospitals equipped with advanced medical facilities, the developing R&D sector, rise in healthcare reforms, and technological advancements in the field of healthcare.
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