Growth in Cell Expansion market is largely driven by the rising global prevalence of cancer, growing awareness regarding cell-based therapies, and increasing government funding cell-based studies. On the other hand, the ethical concerns regarding research in cell biology is the major factor that is expected to restrain the growth of this market during the forecast period.
What the Market Looks Like?
Predicted to grow at a CAGR of 15.4% during the forecast period, the global Cell Expansion market is estimated to reach USD 26.0 Billion by the end of 2024. Asia Pacific to register the highest growth rate during the forecast period.
Based on type, the market is segmented into consumables and instruments. In 2018, the consumables segment accounted for the largest share of the market. This is mainly due to its high demand during the production of regenerative medicine and rising research activities on stem cells in the biopharmaceutical companies. Apart from this, rising awareness regarding advanced treatment therapies such as personalized medicine is also another driving factor for this segment.
Based on cell type, the market is segmented into human cells and animal cells. The human cells segment includes stem cells and differentiated cells. These cells are used for therapeutic and research purposes. In 2018, the human cells segment accounted for the larger share of the market majorly due to the increasing investments by public and private organizations for research on human cells such as stem cells, growing application areas of human stem cells, and the growing awareness regarding stem cell therapies.
Based on end users, the cell expansion market has been segmented into research institutes, biotechnology & biopharmaceutical companies, cell banks, and other end users (includes hospitals, diagnostic centers, and laboratories). In 2018, biotechnology & biopharmaceutical companies were the largest end users in the cell expansion market, and the trend is the same throughout the forecast period. Increasing production of regenerative medicine and rising awareness regarding advanced treatment methods such as personalized medicines and other cell-based therapies are the major driving factors for this segment.
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What Drives the Market?
The growth of the global market for Cell Expansion is primarily influenced by the following factors:
Geographical growth scenario of Cell Expansion Market
Geographically, the Cell Expansion market has been studied for North America, Europe, Asia Pacific (APAC, and the Rest of the World (RoW). North America accounted for the largest share of the cell expansion market in 2018. The large share of this segment can primarily be attributed to the rising incidence of cancer, increasing government funding, rising research activates on stem cell therapies, growing awareness regarding advanced treatment methods, growing geriatric population, and the strong presence of industry players in the region.
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Leading market players and strategies adopted
The prominent players in the Cell Expansion market include Getinge Thermo Fisher Scientific, Inc. (US), Becton, Dickinson and Company (US), Terumo BCT (Japan), Merck KGaA (Germany), Danaher Corporation (US), Miltenyi Biotec (Germany), Lonza Group Ltd. (Switzerland), STEMCELL Technologies Inc. (Canada), GE Healthcare (US), and Corning, Inc. (US).
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